This document discusses innovation in the wealth management sector. Two key forces driving transformation are the rise of fintech companies and tech-savvy clients seeking digital advice. Executive teams are tasked with understanding and applying fintech innovation. The document recommends taking a platform approach to support innovation needs and leveraging an ecosystem of third-party providers. It describes trends fueling fintech innovation like mobility, agility, flexibility and a focus on enhancing the client-advisor experience. A technology platform can help test and deploy innovations rapidly while an ecosystem of fintechs amplifies the platform.

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Part one of a three-part
series focusing on
the changing landscape
in wealth management
The wealth management sector is undergoing unprecedented transformation,
with much of the attention focused on reshaping the client-advisor experience.
Two forces are driving this transformation: the rise of innovative and disruptive financial
technology (fintech) companies and the emergence of a new kind of client, one who
is tech savvy, informed, and engaged — and for whom social, mobile, and digital
technologies are a given. These clients are seeking solutions across a broader range
of personal and financial concerns — and they expect advice to be delivered to them
digitally, in addition to traditional methods, via the advisor relationship.
Executive teams are increasingly charged with the task of understanding and, where
appropriate, applying the innovation emerging from the fintech sector to their own firms.
Yet how can they stay on top of the rapidly evolving fintech sector when that is not
necessarily their core competency? Moreover, in trying to gain access to these new
experiences, executive teams could jeopardize what is ultimately their firms’ primary goal:
providing sound financial advice and insights to clients and households.
To navigate these challenges, it is important to:
Understand the forces driving innovation
Consider taking a platform approach to support your requirements for innovation
Leverage an existing ecosystem of proven third-party providers to boost delivery
of innovation
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Copyright © 2016 Accenture. All rights reserved.

2. 2
Fintech Innovation: Trends and Forces
Innovation in the fintech sector is being driven by many
of the same trends that are behind the surge in consumer
technologies: mobile devices, analysis of big data,
sensors, and new customer acquisition models. These
forces are driving the fintech revolution and are powering
the explosion of investing into the sector: Global
investment in fintech companies topped $19 billion in
2015 and that number is predicted to double in 2016,
according to an Accenture report.1
Innovation is a broad and variously defined term.
Moreover, there are many different areas within fintech
where innovation is taking place. Our focus is on some of
the key areas in the value chain, including mobility, agility,
flexibility, access, and the client-advisor experience.
Mobility. The concept of mobility is sometimes
considered too narrowly, with the sole focus being
on convenience. But connectivity is just the starting
point in mobile innovation. The next stage is building
innovative mobile capabilities that will make wealth
management accessible, transparent, responsive, and
collaborative.
Agility. Innovation is a never-ending process, one
that calls for speed. Firms must be ready to act and
evolve faster. The process is an iterative one in which
firms must constantly revisit and improve. Firms
must always be asking themselves: How do we
evolve faster? How can we develop this innovation
differently? Have we examined the issue fully? What
are other industries doing?
Flexibility. Flexible architecture is the key
underpinning to delivering innovation at speed.
It allows you to try new features and ideas, and to
succeed — or fail — quickly.
Access. Firms must be able to sample new
capabilities and technologies. Access to the
innovations is key here. At the same time,
management teams should not try to turn
themselves into venture capitalists.
The Client-Advisor Experience. This is fast becoming
the most important front line in innovation and the
frontier where we see the most transformation,
encompassing everything from client onboarding to
toolkits for advisors, and from collaborative and
self-directed portfolio management tools to
goals-based advice. At stake is the deeper
understanding of the client as a person — or what is
sometimes referred to as the “360-degree view.”
Clients are demanding tools that can collaborate with
advisors, monitor performance, and communicate.
Also at stake is the connection between the advisor
and the firm. Advisors increasingly require the right
tools, technologies, and platforms if they are to meet
the needs of clients — and the issue of the right
technology has become as important as that of the
right compensation.
Innovation: The Platform Approach
Given the rapid need for innovation, having a proven
technology platform (a base upon which apps,
processes, or technologies are developed) in place
is critical. For management teams that struggle to create
innovative change, a platform can relieve a great deal
of stress. While it may not solve for every innovation
issue that a firm needs to address, the right platform
should allow management to focus on the core areas
of innovation instead of building the foundation,
plumbing, and electrical systems.
Such a platform should provide the following benefits:
Prebuilt capabilities to support typical use cases that
wealth management firms need to conduct business
An open API to enable integration with the
ecosystem of fintechs and supporting technologies
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Copyright © 2016 Accenture. All rights reserved.

3. 3
Rapid testing and deployment of innovation
Big data, mobile, and social capabilities
A curated view of the capabilities that matter most to your
value chain
Taking an Ecosystem Approach
Innovation doesn’t take place in a vacuum. Building a platform specific
to the needs of wealth management is just step one. What’s needed
is an ecosystem focused on the specific use cases being deployed to
the platform.
Two forces help drive innovation in the ecosystem:
The technology platform should foster innovation based on lessons
learned from the ways clients are using the platform, as well as
external requirements and considerations. These become available
as enhancements to the platform itself.
The ecosystem attracts technologies most commonly in use,
including fintechs, to amplify the platform.
Finally, as important as the ecosystem is in meeting the innovation needs
of today, its greatest strength lies in being in on tomorrow’s cutting edge
innovations. By drawing together the most innovative fintech startups
and letting innovation bubble up organically, the ecosystem creates an
agile environment that makes it easier to support demand for innovation
and more importantly keeps firms from having to reinvent the wheel. ■
1 Fintech and the Evolving Landscape: Landing Points for the Industry
http://www.fintechinnovationlablondon.co.uk/pdf/Fintech_Evolving_Landscape_2016.pdf
Salesforce for
Accenture
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Financial Services
From Main Street banking to Wall Street investing,
the financial services industry is being disrupted by
digital, social, and mobile innovation. Salesforce helps
companies switch from defense to offense with
ever-more personal customer interactions. Visit
www.salesforce.com/industries/financial-services
to learn how to supercharge advisor productivity
and create client relationships that last generations.
Special thanks to our
contributors:
Kendra Thompson, North America Managing
Director, Accenture Wealth Management Lead.
Kendra has over 17 years of broker dealer and
advisory industry experience.
Rohit Mahna, VP and GM of Financial Services,
Salesforce. Rohit is General Manager of Financial
Services at Salesforce, leading the company’s
strategy in the Wealth Management, Banking
and Insurance sectors.
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Copyright © 2016 Accenture. All rights reserved.