How technology is changing wealth management

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Preece says technology has also served to mean individuals can have low-cost portfolios and trade using apps, which both serves to heap cost pressure on wealth managers, but also to mean the investors with small pots of assets have a new, alternative, route to building up a pot of assets. 

But Wilson says that technological advances can also help incumbent wealth management companies solve the small pots problem.

He says: “I think there can be cost efficiencies that will help firms work with a broader range of clients.” 

David Thorpe is special projects editor of FTAdviser