Originally published on FundFire | By Danielle Verbrigghe | June 13, 2018

MyVest CEO Anton Honikman recently sat down with FundFire’s Danielle Verbrigghe to discuss the current and future state of wealth management. The first video in a series, here Anton addresses the opportunities wealth management firms have for tapping into their deep trove of client data, and the security risks they could face by doing so.

Highlights from Anton’s interview:

[Customer data] can help a financial institution transform into a modern era where they are providing holistic advice, understanding more about their customer, understanding how they stack up relative to their peers. Or understanding where they have outliers and what to do about that and getting early warning signals of either a risk deviation or a fee deviation in their book of business.

[Institutions] have a heightened responsibility when they’re gathering more data and potentially sharing that data with other financial institutions.

There’s so much firms can do if they harness the data at their disposal. I’d see that as a trend that’s starting now and is going to certainly be quite prevalent over the next five years or so and unlocks the use of artificial intelligence, business intelligence, marketing automation, and opportunities are quite exciting for the wealth management industry.

Watch the full interview below:

 

Originally published on FundFire. (Free FundFire subscription, or two-week trial, required to view content.)