9JULY 2020investment pots could suddenly have better control of their financial future. This empowerment could have a broad range of effects, from reshaping the way that pensions are built, to the way we save for a holiday.And the potential for change could be particularly significant in Asia, which is on course to become the largest creator of wealth world-wide. Asia's middle-class base and average household income are expected to more than double by 2030, which would put two-thirds of the world's middle class in the region. We're also at the beginning of a significant transfer of wealth from the baby boomers to younger generations.The mindset of the future investor Those who are now finding the barriers to entry for investing disappearing are often younger and more digitally savvy, and these Gen X and Gen Y investors have a different mindset from previous generations. As a report by Deloitte recently noted the investor of the future is becoming "re-wired", showing a number of key traits, including: wishing to be seen as a unique individual rather than as part of a segment; more sceptical of authority, meaning they tend to seek advice from multiple sources, including friends; and a feeling of being entitled to access the same products as more wealthy peers.New platforms are beginning to enhance access, while in our recent future of banking report we noted that data is beginning to rapidly bring about hyper-personalisation of banking services. Meanwhile, longer term there's an opportunity to bring social aspects of investing into investment platforms too--such as the need to speak to a friend for advice.We know there will always be a human element to wealth management. As Accenture also notes, some "wealth managers have been launched with pure-play robo-adviser offerings--but they've tended to struggle, partly because some clients prefer human interaction when making major investment decisions." A successful future in wealth management is likely to involve a blended approach, bringing together the best of both people and technology.But overall, it's clear that the wealth management industry is in a period of accelerated evolution, reshaped by ongoing technological innovation and profound changes in customer expectations. The opportunity is there for both existing banks and new players to capture this, but it's also an opportunity for consumers, particularly those who've not yet been able to invest. These people may see themselves interacting with their money and building wealth in ways never before imaginable. A successful future in wealth management is likely to involve a blended approach, bringing together the best of both people and technology
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