Google, Amazon and Facebook: the future of wealth management?
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Google, Amazon and Facebook: the future of wealth management?

According to consulting firm Capgemini, more than half of high-net-worth individuals would let Amazon, Google and Facebook manage their money. Researchers said that 56.2% of the world’s richest detailed in their World Wealth Report 2017 would consider using the technology giants as wealth managers if they offered such a service. If you narrow down the age range of people questioned to under 40, as much as 81% would consider it – and in Asia Pacific, as much as 72.5%. Clearly, the Silicon Valley mindset is very much in vogue.

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Capgemini was interested in finding out just how under threat traditional wealth management firms are from online wealth management tools, and polled more than 2,500 high-net-worth individuals with investible assets of over $1 million across North America, Latin America, Europe and Asia Pacific.

Big Tech has outperformed in 2017, year to date

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SOURCE: Yahoo Finance

Brian Sullivan, Capgemini’s global head of financial services market intelligence, said that technology companies could use “their agility, their speed to market, their ability to leverage data, to personalize, to drive transparency,” but added “it’s less likely that Big Tech will be a direct competitor and steal clients away, but you are probably more likely to see some partnerships and collaboration.”

Disclosure

Dominion holds Amazon, Alphabet (the parent company of Google) and Facebook in its Global Trends Ecommerce Fund.


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The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.