Robos becoming more ambitious, says expert panel

In five years, the composition of the financial industry will shift: digital wealth managers will gain market share and, as a result, there may be fewer traditional bank roles, branches and services.

Read: Industry reacts to robos aligning with advisors

So said an expert panel at The Economist’s Canada Summit this week. That panel discussed fintech developments and the growing popularity of digital wealth managers, and included: Cameron Fowler, group head of Canadian personal & commercial banking at BMO Financial Group; Brett Huneycutt, co-founder of Wealthsimple; and Dino Trevisani, president of IBM Canada.

Read: Comparison of Canadian rob0-advisors

Fowler says Canada’s digital wealth industry is on the brink of expansion, similar to the U.K.’s three years ago. Around 2013, he notes, digital transactions accounted for 8% to 10% of activity in the U.K.’s financial industry, but such transactions now account for between 30% and 50%.

To remain conmpetitive, he adds, “banks need to disrupt themselves” and figure out how to work with robos.

Read: Fintech firms are battling banks–and the banks are winning

Assistant editor Katie Keir reported live from the session. So in case you missed Advisor’s live-tweets, we’ve brought them together for you here.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.