digital, technology, fintech, wealth

What are the Wealth Management Digital and Talent trends for 2023?

ByHanover Team
Posting date: 29 November 2022

The wealth management sector has undergone massive change over the last few years, and it’s not over yet. Economic, legislative and social change - coupled with a global pandemic - are key driving forces. The other underlying factor is demographics - by 2030, 75% of the US population will be classed as Millenial or Generation Z. Winning the next generation of digitally savvy, high net worth clients is a major priority.


And all this change is driving innovation and disruption. New trends are starting to emerge, especially from a digital and talent perspective, that have the potential to revolutionise the sector and make a positive impact.  Many wealth management firms are investing in digital and data as their leading strategy for client acquisition and retention in wealth management.


So, what are these trends, and how can you meet them and maximise their potential for your business? Let’s take a look.

Top digital trends in wealth management

1. Technology and digital are customer acquisition accelerators

Digital interactions are expected across the board, and they must be compelling. State-of-the-art apps, CRM and data management are setting firms apart from their competitors, with Millennials and Gen Z in particular responding to tech-based acquisition strategies.

2. Financial advisors expect high quality of digital tools

It isn’t only your customers who want to interact with you digitally. Hybrid advice, digital onboarding, omni-channel and app-based interactions are also the new normal for financial advisors. Wealth management firms are starting to create more adaptive and personalised experiences for IFAs.

3. Strength in data science

Machine learning, deep learning and natural-language processing are going to be ‘must-have’ capabilities for wealth management firms. Think gamification and sentiment analysis for determining positive, negative and neutral tone.

4. Looking beyond the sector for digital talent & technology

Firms are looking outside of the industry for top talent, best practices and new technologies for workflow management and sales enablement. Recruiters specifically are starting to find talent from the retail or ecommerce space, as well as the gaming industry, aeronautical engineering for data analytics specialists and high tech manufacturing firms. 

5. Personal digital branding

If you’re a leader in the wealth management sector, you’ll need a strong digital brand. This doesn’t stop at a good LinkedIn profile (although that is still important). A strong personal digital brand, covering social media and guesting on blogs and podcasts, highlights your online communication skills and can be a strong professional asset.

6. Digital tools that enhance the workplace

Another key digital trend is an increased acceptance of digital tools for both employee engagement and employee productivity. As younger people come up through the workforce, there’s a growing expectation that digital tools are simply the norm.

7. Investing in digital assets is becoming mainstream

Despite the disaster of the FTX scandal, increased investment in digital assets, such as cryptocurrencies, NFTs and even real estate in the metaverse is being driven by asset managers who want to find innovative ways to provide better returns.

8. Striking the balance between legacy & new tech

With all this focus on digital technologies that drive businesses forward, create a strong working culture or maximise investments, IT leadership in wealth management firms needs to continue to balance legacy technologies with digital transformation plans.


But it isn’t just in the digital sphere that we’re seeing some really strong trends coming through. Roles and recruitment are also changing...

Top talent trends in wealthtech

1. Competition for digital talent remains fierce

We are seeing dramatic increases in the number of wealth management tech vacancies.  These roles are required to support the digital trends I’ve highlighted above, and it means that firms are fighting over top talent. Two outcomes are salary inflation and shortened selection processes. Firms need to work harder to “sell” the role to candidates in terms of their vision and strategy, plus the quality and variety of their digital capabilities.

2. Everyone needs digital skills

All talent, regardless of function or business activity, must have a high level of digital acumen. Again, this is being driven by the general rise in digital and tech, but one outcome could be that people (or companies) who don’t embrace digital technologies get left behind.

3. Diversity is a strategic factor

Wealth management firms must focus on diversity in digital and technology appointments. Only 25% of executive tech roles are currently filled by women, but diversity and inclusion are proven to boost long-term business performance.

4. Hiring digital talent from outside the sector

Wealth and asset managers are increasingly hiring digital specialists from outside the industry, including CX experts, digital marketing and mobile app-product experts to grow Millennial and Gen Z engagement.

5. Leadership roles are changing

With the emergence of new technologies comes the requirement for new positions to manage them, and manage new teams. For example, Chief Marketing Officers are turning into Chief Data Officers and Head of Digital Propositions is a new and important function to the industry.

6. Strength in data analytics is critical

Wealth management firms need candidates who are talented in the field of data analytics, such as data scientists and machine learning experts. And you pay for quality. According to, a data scientist role carries a median salary of $164,500, with an 8% year-on-year increase - but the ROI for this wage inflation is valid as it’s such a critical skill.

7. Reduced but more skilled workforces

Sales and distribution teams will move to a reduced but better-skilled headcount. Talent in these teams needs to be skilled at working through digital partners, such as Capgemini, Deloitte and Azure.

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