Tech is now essential in the battle to recruit and keep wealth talent. Deutsche Bank and Morgan Stanley execs gave us their pitch.

August 13, 2019

wall street

In the wealth management industry, where competition for adviser talent is fierce, candidates looking to make a jump are grilling firms about their technology.
Wealth management executives and recruiters interviewed by Business Insider said client- and adviser-facing tech — from cloud offerings to video-conferencing capabilities — is becoming crucial.
Deutsche Bank is launching a new tool this summer to help bring wealth clients onboard more quickly, and Morgan Stanley in May rolled out online scheduling for clients and advisers to set appointments or video conferences.
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Technology has become a recruiting battleground in the wealth management industry, and it’s not just the tools clients see —firms also need to keep advisers happy behind the scenes.

Business Insider talked to executives in charge of digital platforms at Morgan Stanley and Deutsche Bank’s wealth management arms about how they build and pitch new technology, and what’s coming next.

Wealth management is a prized business for banks looking for stable fees to balance out more volatile businesses, and competition is fierce — especially as older advisers retire, options to go independent grow and the next generation of potential clients gravitate more to robo-advisers aimed at the “mass affluent.”

But even Deutsche Bank, which is undergoing a massive overhaul and axing 18,000 jobs in areas like equities trading and sales, has 3,000 wealth professionals and still wants to add 300 more around the world.

Prospective advisers are “very interested in our product capabilities, our technology capabilities,” Thomas Klemm, the global head of digital for Deutsche Bank’s wealth management arm, told Business Insider at the unit’s Manhattan offices. “Clients expect 24/7 access to their statements, their accounts — but also what happens behind the scenes?”

Deutsche Bank is launching a tool in the US this summer to improve its “know your client” …read more

Source:: Business Insider

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