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“How ADVSR Will Shape FinTech And Wealth Management” – Chris Henien

by Carla Becker
May 29, 2021
in Business
3 min read

According to PwC, 60% of asset and wealth managers fear losing part of their business to FinTech companies. Chris Henien is determined in reversing that fear with building a portfolio of proprietary FinTech toolkits.

In a race to developing and launching new fintech solutions, Henien strongly encourages those operating in the wealth industry to stay ahead of the curve before it is too late. FinTech oriented Asset & Wealth Management firms agree that technologically advanced solutions can bring fruitful opportunities. This can contribute to cost reduction, differentiation, and additional revenues.

It is no secret that Financial institutions are developing tools to complement their ecosystem. Henien believes that these fintech opportunities are on the rise and here to stay as 2020 proved to be an important year. Thanks to the deadly pandemic that took the world by surprise, we have found ourselves forced into a digital environment. This makes 2021 a crucial year for the evolution of this flourishing financial services industry.

Many new technologies and trends are centering the global financial marketplace. These new accelerated online platforms and applications can improve the customer experience by providing bespoke, affordable services to help investors. Such improvements relate to their investment goals, provide appropriate products or service; determined by their risk profile, and managing their investment portfolios. This popular service is known as “robo-advisory”.

Alternative business models may include crowdsourcing that encourage users to benefit from the collective wisdom of communities they nurture. Users could exchange insights, information, and investment algorithms to leverage collective intelligence.

Chris Henien, Executive Director of Virobel Wealth Management has his own experiences with financial institutions that many still do not engage, build or let alone acquire FinTech companies at all. There are many factors relating to this, some of which relate to the concern of IT security in addition to the full potential. Other factors are as simple as lacking courage to taking the first step. Turning a blind eye and ignoring the quick imminent rise of innovative products and services can be dangerous according to Henien. Manually operating without necessary technology in the asset and wealth management industry can always be quite a time consuming and difficult way to grow. It is not the wisest long-term approach in our industry.

Chris Henien FinTech toolkits are powered by ADVSR for the inspiring financial advisers composed of individuals and or teams wherever they may be and serve any client type will have access. Thanks to important advancements, ADVSR toolkit will include AI models coupled with machine learning capabilities to give recommendations to advisers on what their clients may participate in. Other tools will include the capability to plug in simplified widgets on their website, so their end-clients can search, structure and launch their products.

Henien envisions there will be monumental changes coming our way. The rise in legaltech, regtech and fintech platforms can always become catalysts for regulatory change too. Change is good for the financial ecosystem as it can pave modern policies for new entrants to take part in the growing space. At the end of the day, all participants want to provide end-users with a seamless, frictionless financial journey cost-effectively. The future of the industry may very well be in the combination of technology with the main areas of wealth management, insurance, legal, compliance and finance. Henien anticipates major focus in fintech for financial technology, regtech for regulatory technology and wealthtech for wealth management technology. Close collaboration amongst participants is key and the way forward when introducing more accessible, personal and optimized solutions for investors. Henien remains hopeful that financial advisers will continue to remain open and ready to undertake the necessary steps joining the technology revolution.

mm

Carla Becker

The idea of London Daily Post drove this engineer turned journalist from a multi-national company to the digital avenue. Carla brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for readers. Alongside managing the platform, she also contributes her expertise in the business niche.

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