Back to School: What to Learn this Year in WealthTech


As students (and parents) get back into the groove of another school year, the hard work of learning, studying and practicing has begun. The long haul of the school year is upon us as the new backpacks start to show wear and homework fights ring out across the land..

And just as those students (and parents) move into a fall semester marked by term papers and tests, wealth management procurement directors and decision-makers need to study up on what is new and will drive the best results for their firms for the remainder of the year.

We asked three wealth and fintech experts what wealth management decision-makers should learn more about this year.

Here’s what they told us:

Sindhu Joseph, CEO and Founder, CogniCor

Financial advisors face several challenges around efficiently growing their businesses without investing a disproportionate amount of time and money to perform core business tasks. To efficiently scale their business or successfully integrate after acquisition, firms need to study up on technological solutions, adopt a tech enabled assistants that put time back into advisors’ and employees’ workdays. Such a practice eliminates errors, mitigate costs and provide enhanced experiences for wealth management employees, advisors and their clients.

The recent advancements in large language models, knowledge graphs and other critical technology have enhanced the utility of tools like AI enabled assistants. For example, our Meeting Assistant now schedules client review meetings, automatically builds an agenda that is contextually relevant and personalized to the client household and even transcribes meeting notes to drive follow up actions. These tools can further orchestrate and automate most client servicing activities such as updating client addresses or opening a new account through firm’s approval workflows and custodial integrations.

But advisors must study up about the critical considerations while adopting AI into their practice, and how to ensure data privacy and protections are in place.

The recent shift in perception around these tools makes the second half of 2023 an incredible time to consider AI-enabled solutions. More people understand the value of AI and have played with the open-source platforms online. We expect to see less resistance to adoption due to these changes in public perception.

Ryan George, Chief Marketing Officer, Docupace

As wealth management firms go back to school, they should consider studying several key areas to enhance their services and offerings. Key among those study sessions should be continuing their digital transformation. Embracing digital tools and technologies is crucial for wealth management firms. They should study trends in fintech, robo-advisors, and online platforms to improve client experiences, streamline operations, and reduce costs. While not all firms will need all these tools, understanding the range of solutions in the space can help leaders better position their firms for growth. Specifically, AI-enabled data analytics can provide valuable insights into client preferences and market trends. Wealth management firms should explore how to use these technologies to improve decision-making.

Additionally, the regulatory compliance landscape is changing dramatically and staying abreast of changing financial regulations is essential. Firms need to understand and adapt to new rules and compliance requirements to ensure they are operating within legal boundaries. And as always client relationship management remains paramount. Studying effective communication, personalized service, and client retention strategies can help firms build long-lasting trust.

Wealth management firms should adopt a proactive approach to learning and adapting in today’s rapidly changing financial landscape. Staying informed about these key areas will help them provide better services, manage risks, and meet the evolving needs of their clients.

Ashley Bete, CEO and Founder, Leap Analytics

Back to school season is the perfect time for wealth management decision makers to consider providing training on Home Equity Agreements (HEA). These deals allow homeowners to leverage the equity in their home for capital. While traditional investment strategies will continue to dominate wealth management, the evolving financial landscape makes a compelling case for including HEA in their repertoire. HEA offers diversification, financial flexibility, and valuable tax benefits that can enhance client portfolios and improve overall financial planning.

By teaching their financial advisors about HEA, firms enable advisors to help clients explore alternative investment options that often behave independently of traditional investments.

Wealth managers who understand the intricacies of Home Equity Agreements can help clients utilize their home equity for various financial goals, such as funding education, home improvements, or debt consolidation. These strategies can provide clients with valuable financial options and potentially improve their overall financial well-being.

The tax advantages associated with HEA can be substantial and may help clients optimize their financial strategies, potentially leading to significant tax savings. This knowledge is particularly relevant in a constantly changing tax landscape.

By embracing the opportunity to learn about HEA, wealth managers can adapt to evolving client needs, stay ahead in their field, and provide more comprehensive financial guidance.