Wealth Tech Impact on Wealth Management Sector
Purpose: The goal of the research paper is to familiarize reader with both Wealth Tech concept and key trends regarding global wealth management sector. Design/Methodology/Approach: For the purpose of the paper, the following methods have been applied: critical analysis of literature including research papers, and comparative analysis of presented data. The goal of the research paper is to familiarize reader with both Wealth Tech concept and key trends regarding the global wealth management sector. Findings: Because of such rapid digital transformation, Wealth Tech was able to emerge as significant part of wealth management. With funding in billions of USD on new Wealth Tech companies, strong reliance on major technologies such as artificial intelligence, robo-advisory, big data or blockchain, it can be concluded that Wealth Tech role in wealth management will be more significant and it could attract more clients, which are both younger as well as less affluent. Practical Implications: Digital transformation is one of the key trends in wealth management industry, that was further fastened by COVID-19 outbreak. Originality/value: Rapid digital transformation in wealth management sector will enable Walth Tech to have stronger impact on overall wealth management.