Shaping the Future of Digital Wealth Management
Established in 2021, the Wealthtech platform is a commitment of the PIMFA membership to drive strategic digital transformation and build a marketplace and network to catalyse industry engagement around the adoption of new technologies.
PIMFA WealthTech is led by a C-Suite and expert Advisory Council that covers the breadth of the wealth management and advice industry. The platform and Advisory Council connect directly to the heart of the PIMFA trade association and membership: over 7,500 firms that provide personal investment management services and financial advice, employ over 63,000 people, and look after £1.65 trillion in private savings and investments.
- Demographic, market and legislative changes are driving digital transformation in the wealth management and advice sector. The Pandemic accelerated the pace of change
- PIMFA is responding by using its unique market position to deliver a comprehensive, industry-wide digital platform and market network to offer more systematic and structured engagement between the wealth management, advice, and Fintech sectors
- PIMFA WealthTech operates as a digital ‘marketplace’ allowing the industry to better connect and collaborate with FinTechs
PIMFA WealthTech: Embracing the Change for our Industry
PIMFA WealthTech is working with the full range of industry participants – wealth managers and advisors, platforms, data providers, technology and professional service firms, fintechs – to drive future technology change
- Reshaping industry value chains with new AI applications and API-enabled ecosystems
- Replacing pre-crisis operating models with new digital architecture for more agile product and service development
- Making software cloud-native, enabling the proliferation of digital partnerships and more efficient delivery of non-core services
- Increasing platform-based marketplaces that are growing share of business and consumer distribution
- Applying tech-based workflows to reduce and eliminate routine tasks with more consumer self-service
- Emergence of leaner organisations as roles evolve
