Chris Bendtsen, Senior Analyst Celent Wealth Management Survey The WealthTech Podcast

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Mark Wickersham: All right.

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Mark Wickersham: just right here.

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Mark Wickersham: All right, Chris, welcome to the wealth tech podcast. I'm excited to have you on the show kind of going in through recent wealth management technology survey, getting into the data always excited to see when when people have have data and some unique insights. Would you mind kind of giving a brief introduction of yourself, and and talk a little bit about the survey.

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CBendtsen@celent.com: Yeah, absolutely. So, thanks, Mark, I'm really excited to be here. I appreciate you having me on. So I'm an analyst at Sellent. And we are a global research and advisory firm specializing in financial services technology. So we write research reports and we advise financial institutions and the the tech

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CBendtsen@celent.com: vendors that support them on technology decision making. And I cover wealth management. So every year we conduct a global survey of wealth management, senior executives that have influence over technology decision making. And we call this our dimensions

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CBendtsen@celent.com: survey on it pressures and priorities. So these are leaders across wealth, managers, wire houses, broker dealers, banks, private banks, family offices and rias. And we asked them about their technology priorities, their tech spending budgets where they're investing and where they're seeing growth

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CBendtsen@celent.com: in tech spending. So that that includes you know, front middle and back office software technologies like AI and and cloud computing, for example,

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CBendtsen@celent.com: and also some broader trends like alternative investments. And for this conversation I'd like to focus on our North America survey. So that's the Us. And Canada. And then, just to give you a couple of quick survey demographics. We had 78 respondents. So these senior leaders at these wealth management firms, 80% of those are from the us and the remaining 20% from Canada.

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CBendtsen@celent.com: Firms have at least a billion in assets under management. So not not too small. And that goes all the way up to a trillion plus in aum of some of the largest brokerages, and then.

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Mark Wickersham: Some of the big wire houses to multifamily offices. Basically.

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CBendtsen@celent.com: Yes, yep, absolutely and then, yeah, just wanted to to show that this survey was run from December of 2024, through January of 2025.

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Mark Wickersham: Okay? And let's get to the straight to the headlines. What were some of the kind of the big takeaways from the survey.

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CBendtsen@celent.com: Yeah, absolutely so let me pull a slide up for for the the video viewers on the screen here. So I'll give you 2 big takeaways. I know we can dive a little bit deeper throughout the rest of the conversation.

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CBendtsen@celent.com: One change. The business technology spending is rising for wealth management firms in North America. So we asked respondents, what percentage of your it spending is allocated to run the business costs versus change the business spending. And you could think of run the business as it equipment computers, system, maintenance, necessary software.

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Mark Wickersham: That kind of stuff, right?

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CBendtsen@celent.com: Yeah, absolutely security regulatory tech and you could think of change the business spending as replacing legacy systems migrating to the cloud implementing new tech like AI new platforms like alternative investments. And leveraging open Apis. All are examples, right and.

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Mark Wickersham: Like innovation is.

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CBendtsen@celent.com: This is neat.

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Mark Wickersham: Yeah, okay, so you're seeing a big uptick in

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Mark Wickersham: not only overall tech spend, but that that increase is going towards innovation.

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CBendtsen@celent.com: Yes, so

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CBendtsen@celent.com: change the business, spending as a percentage of all it spending. It rose from an average of 43% of of tech budgets last year up to 49% of budgets in this year's survey. So that's actually now, basically a 50 50 split between, you know, mandatory tech spending and innovation. And and we have, we actually have not seen that before.

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Mark Wickersham: Okay, so this is the 1st year this, this has popped up.

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CBendtsen@celent.com: Absolutely yep.

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CBendtsen@celent.com: And then another second big takeaway I wanted to share, and I think it's related to what I just said is that over 3 quarters of wealth management firms in North America are either live piloting or experimenting with generative AI, and that Gen. AI. Adoption. It jumped from 63% of firms in our 2024 survey

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CBendtsen@celent.com: up to 77% this year. And I knew that adoption rate would go up. But I didn't expect it to reach 3 quarters of our audience already.

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CBendtsen@celent.com: and I think that jump can be explained by the fact that wealth tech vendors are now launching Gen. AI. Products and product features. So firms no longer have to go directly to an Llm. Provider. We're seeing Gen. AI. Features from vendors across prospecting, onboarding. Meeting. Note takers is A is a huge trend in early 2025 Crm. And and financial planning.

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Mark Wickersham: Was hearing us out, that the note taking alone is saving up the 4 HA week of

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Mark Wickersham: of a of advisor, of a producer's time, which is, which is pretty significant. Right? If you think about it, you're not talking about just admin you're talking about, you know, people with with significant salaries and and production targets are are being able to free up quite a bit of time. But what are some other examples of of generative AI adoption that that firms are rolling out.

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CBendtsen@celent.com: Yeah. So we we asked about you know, what are the most common use case that you're live in production with, and actually, code, generation and code management was was number one. And I think that's really seen across all industries, not not just wealth management. So I think that that was interesting. And then, yeah, the number 2 answer

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CBendtsen@celent.com: for you know what what firms are are live with. Is is really that sort of idea of an AI assistant. For data analysis and and information analysis. I think the meeting note takers are are probably influencing that

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CBendtsen@celent.com: survey answer quite a bit.

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Mark Wickersham: What are some of the other? What are the core priorities? There was 3 core priorities are identified in the survey. Can you touch on those.

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CBendtsen@celent.com: Yes, let me see if I can take

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CBendtsen@celent.com: sorry, just trying to stop the share here.

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Mark Wickersham: Take your time, I'll we'll clean it up.

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CBendtsen@celent.com: Yeah.

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CBendtsen@celent.com: oh, it's on the wrong. Okay, apologies about that. Alright.

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CBendtsen@celent.com: So, yeah. So we gave our respondents a long list of topics and themes, and we asked them to indicate if they considered that these were core priorities in 2025. So, for example, some of the topics were, were pretty broad, like personalizing client experiences, and then some were pretty specific, like like direct indexing, for example.

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CBendtsen@celent.com: and the 3 most common answers that wealth managers said, were their core priorities this year, or I guess 4, because there was a tie.

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CBendtsen@celent.com: are one enabling access to alternative and private market investments.

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CBendtsen@celent.com: Number 2 engaging in open ecosystems. So open data integrations, Apis wealth as a service providers, and then number 3. It was a tie between streamlining and automating advisor workflows and data privacy.

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Mark Wickersham: Workflows with, I assume, new account set up being a a big focus.

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CBendtsen@celent.com: Yeah, yeah, onboarding definitely. A new account opening. And and you know the the meeting note takers are are probably in there as well right streamlining some advisor manual work.

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Mark Wickersham: In the alternative investment. I assume you this is taking a look at maybe some of the the wire houses that are servicing

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Mark Wickersham: high net worth individuals, mass affluent, that try to push down access to alternatives within those segments.

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CBendtsen@celent.com: Yeah, of course. Yeah, alternatives. Definitely a hot topic in this space. And I think that, yeah, this answer, it. It covers the fact that firms are are just trying to kind of do step one enable access, but I think it also

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CBendtsen@celent.com: covers the fact that firms are trying to incorporate this as part of their firm, wide portfolio construction processes that includes making operations and management much more efficient from pre-investment, sourcing through subscription Doc processing through the post investment management and reporting. And I know that you've spoken with a couple of firms recently on the pod about about all that. So?

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CBendtsen@celent.com: And I think that another big trend we're seeing in the alt space now is the unification of public and private investments. And and that's happening through hybrid funds, through hybrid model portfolios, and then also kind of merging the public and private portfolio performance reporting. So we're seeing a lot of tech providers doing that as well.

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Mark Wickersham: Yeah, obviously, some big challenges there. I know a lot of brokerage firms are.

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Mark Wickersham: The accounting systems aren't necessarily set up for the accounting that's specific to to alternatives. I think you know, performance and time weighted returns versus Irs can kind of come into play there. So it's great to see

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Mark Wickersham: firms trying to address that. And so with the combination of 2. And the fund structure is that like a Uma structure that combines

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Mark Wickersham: both Alts and publix, and into a same kind of unified a management approach.

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CBendtsen@celent.com: Exactly. Yeah. I've seen announcements, some with some firms like Geo. Wealth partnering with with Blackrock and I capital to make hybrid model portfolios within a Uma and I've seen some other providers working on that as well.

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Mark Wickersham: When you take a look at tech, spend and allocation the the innovation. Do you see this

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Mark Wickersham: continuing? Is this the beginning of a of a longer term trend, or or where is this? Is that innovation? Really? AI, or what? What's

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Mark Wickersham: where do you see this go? What's the what's kind of project out for me a little bit, Chris, on on this this change in spend.

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CBendtsen@celent.com: Yeah, sure. So so overall technology spending year over year from these firms. I think you alluded to. It's increasing. But it's not only increasing. It's accelerating.

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CBendtsen@celent.com: So based on our aggregated results, it spending in wealth management, North America, rising an average of 5.8% this year compared to last year, and that growth rate is higher than last year's growth rate, which was higher than the year before. We asked firms to project their spending growth of next year, and that's at an even higher growth

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CBendtsen@celent.com: rate. So I don't think this is just a 1 year trend. I think this is an acceleration of technology spending and again shifting towards that innovation or or change the business spending so

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CBendtsen@celent.com: that that it's not a 1 time thing it it. I think it's the future. And

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CBendtsen@celent.com: so we asked our respondents, what are your top drivers of your institution's tech spending over the next 18 months and the most common answer that firms ranked as their number one driver was product or proposition, innovation or enhancement. And I think that's really interesting, because

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CBendtsen@celent.com: in last year's survey, and the year before. That wasn't the number one answer. I think the number one answer was meeting compliance and regulatory requirements that's driving our it spending. Think of that as a little bit boring, but it also makes sense in a regulated industry, right? But now we're seeing innovation becoming the top driver, and kind of.

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CBendtsen@celent.com: you know, digging into that a little bit more. That is AI, that is you know. What products are you offering your clients. So alternative investments and direct indexing and and tax advantage strategies. And I think the number 2 driver of spending is

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CBendtsen@celent.com: enhancing the the customer experience. So

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CBendtsen@celent.com: that that's a bit of a broad answer. But I think

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CBendtsen@celent.com: couple of examples with technology that I think we're gonna see just more of in the future of investment. Streamlining the onboarding experience with automation, giving clients better data, visualizations and portfolio performance tools within their client portals.

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CBendtsen@celent.com: And you know we mentioned it before. But I think it's it's a topic to keep coming back to advisor meeting note takers helping the advisor be more present more focused on

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CBendtsen@celent.com: the meeting. That I'm in and then speeds up the post meeting process of automating assigning tasks and following up post meeting that all

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CBendtsen@celent.com: trickles down to the customer experience. Right? So I think this

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CBendtsen@celent.com: tech innovation spending only gonna increase in the future. And at the end of the day. It does come down to to better helping the client.

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Mark Wickersham: Think you you look at it with, you know it's not just the the meeting note takers the beginning of it. Then you have a genic. AI that can take off those from those notes. All the follow up tasks. And

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Mark Wickersham: you know the nice thing about an agent, is it? It doesn't. It doesn't forget about the task. It doesn't fall through the cracks it. It stays on it till the task is complete. Right? So do you see that this increase in spend and this increase focus and innovation?

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Mark Wickersham: Obviously, it, it's a bit of an arms race. Are we gonna create a, is it gonna be a bifurcated wealth management space where you're gonna haves and have nots where firms are gonna are gonna fall behind and then are not gonna be able to grow and sustain versus the ones that are investing in technology where this text and how how is that gonna lead to this better business results?

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CBendtsen@celent.com: I think competitive advantage comes from technology. I absolutely believe in that in terms of firms, you know, falling behind creating haves or haves nots. I think it just depends on the tech that we're talking about

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CBendtsen@celent.com: migrating to to cloud computing and cloud storage. We see that as as sort of a bedrock to innovation. So.

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Mark Wickersham: Stable stakes, right.

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CBendtsen@celent.com: Refusing to do that, I would say, you know, would fall behind in terms of AI. I think that we're gonna see iterations of AI improve from years to come. So you know, anybody not doing it today, isn't, you know, necessarily gonna fall behind. But I think you know eventually that that'll be true. So certainly depends on

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CBendtsen@celent.com: the type of tech but also sort of wanted to to mention everything we talk about with innovation and technology starts with data management, right? So making sure that your data is is clean, it's structured. It is accessible. It has the proper data, privacy guardrails.

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CBendtsen@celent.com: all the innovation starts with proper data management. And I think the firms that are not investing in that that will become become a problem.

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Mark Wickersham: I think that's a great point, Chris, that

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Mark Wickersham: you know, without a a clean, unified, well defined data management and governance structure. You can't apply these other tools to it, such as AI, or if you do, you're not gonna get the results that you want

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Mark Wickersham: And I think cloud adoption. I was kind of hoping that Covid put that that to bed right. That that's 1 of those trends that that needed to be completed. It is interesting to see on on the customer experience. Often the finance world wealth, management has been a bit of a lagger especially when you compare it to consumer technology. You look at

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Mark Wickersham: how people experience and interact with their phone. You know the Amazons of the world and how seamless some of these interactions are in terms of, you know, you don't have to flag down a taxi anymore. You couple of clicks on your phone and you have a ride taking you to the airport, and then you get the your wealth manager, and they're they're sending you a package for a wet signature. So talk to me a little bit about the the consumerization of it, and how this is forcing the wealth management firm to kind of modernize.

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CBendtsen@celent.com: Yeah, yeah, I think all all those examples are are great examples that I

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CBendtsen@celent.com: you know, I think of

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CBendtsen@celent.com: consumer in in retail. What some of these firms are doing with AI and AI assistance. I think, is going to

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CBendtsen@celent.com: you know, blend into what financial services do as well. So you know. Just a quick example. Home Depot launched a new generative, AI assistant. I think it's called Magic Apron, and it helps the buyer kind of go through a product, discovery and selection process. You can ask it questions and it pulls from home depot's massive database of product information and and even human expertise.

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CBendtsen@celent.com: and they call it a personal concierge

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CBendtsen@celent.com: for home improvement. So it makes me think, you know, why can't I have an AI personal concierge for

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CBendtsen@celent.com: my brokerage. And you're starting to see the b 2 c apps do things like this. So like Robinhood announced that they're going to launch an AI research assistant that helps you identify investment opportunities. There's a digital private bank called Arta Finance that launched agentic AI

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CBendtsen@celent.com: research assistants. A product specialists. That that help you with all the products of the that the private bank offers. And I think they they call it an investment analyst. Right. So I think that

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CBendtsen@celent.com: sort of you know, we're talking about AI helping the advisor with with efficiencies. I think that's step one, I think. Step 2. And again, it kind of starts from some of these retail AI assistants. I think we're gonna start to see generative AI investment research assistance. That, you know, can help the advisor and then ultimately, you know, potentially direct to the to the end investor as well.

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Mark Wickersham: I think it's a great point. I I do think, especially the you look at some of these investment teams that some of your highest paid

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Mark Wickersham: resources in there, and there's just a limited capacity of what a human could do. But when you start to apply

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Mark Wickersham: Agentic AI, you get this kind of multiplier effect, for these type of resources is not replacing these resources. But suddenly an analyst can consume, you know, the S. And p. 500, you know, calls and get all the key takeaways from all the analyst calls. And you know these things can sit on every every single call and read every single transcript and provide digest all that information for you really quickly. I think the other big one that that we're seeing there, too, is, is just

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Mark Wickersham: The improved communication advisor can have with their client be able to kind of customize that communication for individual to be able to kinda succinctly tell what happened to their portfolio over the past quarter, and and at least give that 1st draft of that advisor is extremely powerful. Where do you see, kind of the path forward, like what a quick and like more

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Mark Wickersham: multifamily offices which are even the big ones, could be smaller compared to some of these larger wealth management firms. But what can these firms on the say? The multifamily office side learn from from some of the largest wealth managers in terms of what's the path forward? What's the recommendations.

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CBendtsen@celent.com: Yeah, I think. So the 1st thing that we tell any of our clients, no matter the size, no matter the type of firm. And that's really the whole purpose of this survey is to align your tech strategies with where the industry is heading. In order to stay competitive. And I think

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CBendtsen@celent.com: at the very least, that's directionally right? So you know, we would tell. You know, family offices to assess their own spending allocations. Shifting tech budget toward innovation if you can. And that includes, you know, cloud solutions, data management platforms.

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CBendtsen@celent.com: and AI, as I mentioned, those are kind of like the 3 essential building blocks that that we say are are important for that. That future wealth manager, that that innovation? And I think that

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CBendtsen@celent.com: you know we would tell firms to to start experimenting with generative AI if they haven't already, and and get it in the hands of your advisors and your wealth managers to automate some of those manual tasks, and in in a compliant way, of course I you know, I hope that goes without saying, because there's there's plenty of compliant. First, st Gen. AI solutions out there. You know, we're not not talking about inputting any client data, into into your own chat.

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Mark Wickersham: Fired up, chat, gpt, and just having at it right.

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CBendtsen@celent.com: Yeah, no, no, not at all. But yeah, I think you know it, it starts with data management. And then, you know you can start start small with with experiments. And I think that you know, when we break down the percentage of firms that are using generative. AI, I think

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CBendtsen@celent.com: 27% of of all firms are really just in an experimenting phase. And that's okay. So yeah, I feel like, you know you got to start somewhere right.

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Mark Wickersham: I think that's I think that's that's great advice. And I, what I find really interesting about this survey is that

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Mark Wickersham: especially we, we take a look at some of the text trends that are impacting family office and multifamily offices. They're they're almost

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Mark Wickersham: dead on right? It's it's it's obviously AI dominates but

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Mark Wickersham: democratization of alternative investments taking the friction out of out of that particular process in terms of an operational standpoint, because a lot of family offices already in it. But there, there's a ton of friction in it, Apis, and and be able to to better connect and then customer experience. So it really falls in in line. With what we're seeing. I wouldn't call it the lower end of the market, maybe just more. The private end of the market.

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Mark Wickersham: Is there any anything else that you'd like to share from the survey? Chris.

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CBendtsen@celent.com: Yeah, I think. Just sort of talk a little bit more about that idea of the the open Apis and the

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CBendtsen@celent.com: like wealth as a service providers. And open data ecosystems. I think that was the the number 2 priority that that firms are investing in outside of the the alternatives. So definitely would would

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CBendtsen@celent.com: put that under that umbrella of change, the business spending. And you know, there's a lot of you know, wealth as a service is a big trend that we cover a lot which is essentially these vendors that are offering modularized or component products and services. Where you can. You know, you know. Buy tech across your test. Your tech stack in a a la carte

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CBendtsen@celent.com: way, for example. So I think that's becoming a bigger trend as opposed to kind of these all in one tech vendors. This a la carte spending, and it's really driven by by Apis. Right? I think that's becoming a bigger trend.

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Mark Wickersham: Best of breed where they're able to pick. You know.

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Mark Wickersham: modular components that they're very specific for whatever it may be, financial planning or or components versus these, all in one solutions. If people want to learn more about the survey, Chris, how can they find it? Where? Where can they get more info.

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CBendtsen@celent.com: Yeah, sellent.com. Yeah. Can check it out. And yet, you know, you can, you know. Look me up, Chris Benson, on on Linkedin as well. Try to post a lot about the different research that that we we put out there.

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Mark Wickersham: And we'll put a link to the survey results in the in this as well. So, Chris, I really appreciate you being on the show. This is great.

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CBendtsen@celent.com: Alright! Thanks for having me. I appreciate it.

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CBendtsen@celent.com: Alright!