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HNWs Would Use Amazon for Wealth Management

September 29, 2017

The majority of high net investors would turn to Google, Apple, Facebook and Amazon for wealth management, Bloomberg writes

If one of the four tech giants were to enter the advice space, 56.2% of wealthy individuals would entrust them with their money, according to a Capgemini survey of 2,500 individuals with a net worth of $1 million or more in North America, Latin America, Europe and Asia-Pacific cited by the news service. And among people under 40, more than 81% would use one of the four tech firms, according to the survey.

The tech companies have the speed, agility and ability to use data to personalize services while driving transparency better than traditional advisors are able, according to Brian Sullivan, global head of financial services market intelligence at Capgemini, Bloomberg writes.

The good news for traditional advisors, according to Sullivan, is that the tech giants aren’t likely to be direct competitors, the news service writes. Instead, they would likely look for some form of collaboration or partnership, Sullivan tells Bloomberg.

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Regardless, the industry’s future will be tied to artificial intelligence — which is where the tech giants shine, David Wilson, head of Asia wealth management at Capgemini Global Financial Services, told CNBC.

By Alex Padalka
  • To read the Bloomberg article cited in this story, click here.
  • To read the CNBC article cited in this story, click here.