The past two years of Covid chaos have been a bucket of cold water for wealth management. Not only has the pandemic indelibly changed how the industry does business – clients are reassessing how they invest their money.
The industry aims to bring surety and clarity to its clientele. However, it’s faced a challenging environment over the past year as it has shifted to remote working. Meanwhile, the explosion in meme stocks, trading platforms and cryptocurrencies means it faces huge competition in its ecosystem.
On the one hand, managers have led clients through the necessary data protection and security documents. On the other, they’ve listened as the same client outlines their investments in the unregulated and lawless world of cryptocurrencies and non-fungible tokens (NFTs).