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Fintech, Redefining Wealth Management: Millennials & Money: By Matt Britton (Gen Y Expert Speaker)

Name: Fintech, Redefining Wealth Management: Millennials & Money: By Matt Britton (Gen Y Expert Speaker)
Uploaded: 2019-01-21T12:29:22Z
Channel: Matt Britton
Description: Speaker argues that fintech and automation (examples: Mint for tracking, OpenFolio and Robinhood for investing/trading) are driving major change in…

21 Jan 2019

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Speaker argues that fintech and automation (examples: Mint for tracking, OpenFolio and Robinhood for investing/trading) are driving major change in wealth management, reducing fees and displacing large brokers (e.g., UBS, Goldman Sachs). The speaker predicts this shift will accelerate as millennials accumulate wealth and that recent deregulation will increase acquisitions of fintech firms by big financial companies.

I think big financial brokers, whether it be UBS or Goldman Sachs, whoever it may be, who really banked it, so to speak, with huge fees, that's going to change. This consumer is using Mint to track their finances and they're using tools like OpenFolio to invest. Robinhood is another great one which brings down tremendously the price of buying and trading stocks. Automation and data is really going to take over the wealth management and investment space and it's really going to have a huge impact on Wall Street. This is really going to happen. When the millennials get to be the point where they're 40 and they have the wealth that can really drive the industry, then these big companies like Goldman Sachs need to be jumping on this. Now one thing that actually goes in the advantage of the investment companies is in the past administration, the regulation was too much that a lot of the big financial companies stayed away from these acquisitions. But with the deregulation, you're gonna see more and more acquisitions of fintech companies.