Wealth Management #CiscoChat recap

Last week I had the privilege to participate in the Wealth Management Cisco Chat with Dr. Nouriel Roubini (@Nouriel), NYU Stern economist and chairman of Roubini Macro Associates, Louis Celi (@Rthoughtlab), chief executive and founder of Roubini ThoughtLab, and Joseph Pagano (@joseph_pagano), Cisco financial services practice advisor.  The Twitter based chat stemmed from our recent research with Roubini ThoughtLab that predicts technological, economic, and demographic shifts in the coming years will transform the industry by 2021 — in about 4 years’ time from now.

Join the Conversation! @CiscoFSI #CiscoChat pic.twitter.com/r5ODqL14UU

— Danny Vicente (@Danny_Vicente77) October 18, 2016

We kicked the chat off by asking “Why was the research done and what made it unique, as well as any surprises that came out of it”.  The ball got rolling right away with some great insight from Dr Nouriel Roubini:

A1. The new abnormal: low growth, low interest rates and ageing. So finding high returns will become a challenge #ciscochat

— Nouriel Roubini (@Nouriel) October 18, 2016

A1. The new abnormal: low growth, rise of middle classes in emerging markets, rise in inequality, geopolitical risks #ciscochat

— Nouriel Roubini (@Nouriel) October 18, 2016

A1: wealth2021 – 1st research we have seen that combines economists, technologists, providers, and investors & at a critical time #CiscoChat

— Joe Pagano (IBM) (@joseph_pagano) October 18, 2016

A1: the entire wealth and asset management industry is up for grabs by 2021 & the digital battle lines are being drawn right now #CiscoChat

— Joe Pagano (IBM) (@joseph_pagano) October 18, 2016

A2: the fact that 48% of investors are willing to switch providers if they don't get the experience they want #CiscoChat

— Joe Pagano (IBM) (@joseph_pagano) October 18, 2016

 

A few surprises from the research:  investors want anytime anywhere device access (57%), integrated omni-channel (48%) and tech enabled planning (45%) and 63% of investors believe providers are prepared for cyber security but only 48% providers agreed.  These surprises flowed directly into the next series of questions around the main takeaways and key drivers for change. In a truly unique opportunity, Joe was joined in our New York office by Louis Celi to answer these questions as they came in:

https://twitter.com/CiscoFSI/status/788415117151113216

A3: 128% increase use of artificial intelligence to gain market differentiation
#ciscochat

— Danny Vicente (@Danny_Vicente77) October 18, 2016

A3: tech will make a difference 68% providers will grow use of telepresence &collaboration,77% web analytics &sentiment analysist #ciscochat

— Danny Vicente (@Danny_Vicente77) October 18, 2016

A3. Providers think they are moving fast, but the customer expectations and tech are changing faster #CiscoChat

— ESI ThoughtLab (@ESIThoughtLab) October 18, 2016

A4. $30 trillion of wealth will be transferred to millennials in the years ahead, the largest ever #CiscoChat

— ESI ThoughtLab (@ESIThoughtLab) October 18, 2016

A4: the regulatory bar is higher than it has ever been in the finance industry and this is increasing margin pressure #CiscoChat

— Joe Pagano (IBM) (@joseph_pagano) October 18, 2016

A5: so wealth advisors will need to elevate their role, find new ways to add value using tech to extend human advisor value prop #CiscoChat

— Joe Pagano (IBM) (@joseph_pagano) October 18, 2016

The US CFTC said the risk of cyberattack probability represents the single greatest threat to the stability and integrity of our markets, “by deploying risk data aggregation and cyber defense platforms advisors can lower operational risk substantially and meet future compliance and this can in turn improve the brand and trust with clients, turning cyber security into a business growth strategy”…  There were so many great insights given at such a rapid pace, Twitter’s platform allowed us to reach more people than ever with over 10.8 million impressions.

Key findings of the study are summarized on this #infographic #wealth2021 #ciscochat pic.twitter.com/7RGzsgIK0b

— ESI ThoughtLab (@ESIThoughtLab) October 18, 2016

thank you everyone for joining the #CiscoChat on wealth2021!! it has been an honor working with @Nouriel and Roubini ThoughtLab!

— Joe Pagano (IBM) (@joseph_pagano) October 18, 2016

Thanks for your help with #CiscoChat today! @AlexisADoherty #teamworkmakesthedreamwork pic.twitter.com/NZ2Kjbtfjg

— D'Auria Henry (@DAuriaEh) October 18, 2016

To read and get a copy of the full report visit Rhoubini Thought Lab.