Fi­nan­cial ser­vices in­dus­try must em­brace ini­tia­tives

The Pak Banker - - MARKETS/SPORTS - -AP

JERSEY CITY: The fi­nan­cial ser­vices in­dus­try has yet to fully em­brace ini­tia­tives that will make it rel­e­vant to the next gen­er­a­tion of in­vestors, as per A new sur­vey of fi­nan­cial pro­fes­sion­als re­leased by BNY Mel­lon's Per­sh­ing.

Fur­ther, reg­u­la­tory un­cer­tainty may be over­shad­ow­ing some of the longer-term chal­lenges fac­ing the in­dus­try. The ma­jor­ity (68 per­cent) of fi­nan­cial pro­fes­sion­als re­spond­ing to the sur­vey ac­knowl­edge that reach­ing new and un­tapped in­vestor seg­ments will be a key fac­tor in driv­ing growth and that de­vel­op­ing a dig­i­tal ad­vi­sory plat­form would help them ac­quire Gen Y clients (62 per­cent). Yet, about a quar­ter (24 per­cent) of re­spon­dents are not con­sid­er­ing lever­ag­ing a dig­i­tal ad­vi­sor plat­form. Fur­ther, only three per­cent are us­ing a dig­i­tal ad­vi­sor plat­form and a mere two per­cent say their prac­tice has made the de­ci­sion to launch one.

As per the study, ti­tled "Busi­ness Trans­for­ma­tion: Nav­i­gat­ing A Path For­ward," which was con­ducted for BNY Mel­lon's Per­sh­ing by the re­search and ad­vi­sory firm Aite Group, un­cer­tainty in the po­lit­i­cal and reg­u­la­tory land­scape is cited as the main chal­lenge to busi­ness by 71 per­cent of re­spon­dents, fol­lowed by the Depart­ment of La­bor (DOL) Fidu­ciary Rule (67 per­cent), and an ag­ing client base and dif­fi­cul­ties in reach­ing young clients (65 per­cent).

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