The global HNWI net worth has increased over the last decade, leading to more stringent regulations and maintenance of technology infrastructure. It also gives birth to trends that are changing the wealth management landscape. Having said that, let’s take a look at some of these key trends shaping the future of wealth management. Cloud ComputingResistance to change can be the downfall of any industry and wealth management isn’t spared. It’s clear that the smart use of technology can be a source of competitive advantage. Taking cloud computing as an example, it can serve to offer hyper personalised digital services. Thanks to the rapid development of new technical functionalities, processing, and storage technologies, computing resources have become more affordable, more reliable, and more widely deployable.Furthermore, cloud computing can be employed via a modular approach, allowing Wealth Managers to address modernization challenges without having to rebuild their IT infrastructure entirely.Automated AdvisorsRobo-advisors - it’s all the buzz now. These online services use algorithms to perform and automate many investment tasks that were traditionally performed by a human financial advisor. While this doesn’t replace the need for a human financial advisor, it does help to increase efficiency by handling tasks such as assessing risk tolerance, analysing customer goals and recommend fund portfolio options. Additionally, robo-advisors also have the capability to automatically rebalance portfolios to maintain targeted asset allocations in a client’s portfolio.The reason why many wealth management firms are adopting robo-advisors is not necessarily to reduce manpower but to reduce the cost that goes into managing investments. This means that wealth managers are able to lower their fees and provide a lower starting point to reach out to a wider network of potential investors. Not only that, the intuitive interface of many robo-advisors offers better transparency for investors - empowering them to easily track and analyze how their investments are performing.Focus on Global ImpactAccording to a research by Capgemini and RBC Wealth Management, 92% of increased net worth personnel think that driving global impact is crucial in wealth management. In fact, more than half (54%) of the HNWI want even more help in setting clear social impact goals, determining which investments will affect the most change, structuring their investments, and measuring the impact of their social effort - valuing the social impact support they’re currently receiving from their wealth managers. With that in mind, wealth management firms are not only pushed to focus on their digital strategies but also refining their advice on social impact opportunities and approaches.Photo Source: bongkarn thanyakij from Pexels