Tariq Khan, Objectway Director of Sales & Account Management, speaks to Stephen Wall, The Wealth Mosaic CEO & Founder, and uncovers top business objectives for UK wealth managers in next three to five years.
Tariq highlights five main areas of improvement:

Retaining existing clients while managing costs has become just as vital as acquiring new ones. At the same time, there’s a push to enhance the productivity of front office teams, empowering advisors to do more with less, while maintaining the high-touch experience clients expect.

Innovation can’t wait and when it comes to AI, 8 out of 10 UK wealth management firms are planning to change theirs operating systems. AI’s applications are increasing and the majority of them are going to implement GenAI to streamline internal processes from automating administrative tasks to optimizing investment strategies.

The opportunities are real, states Tariq, but challenges remain. Ethical concerns and governance, Data Privacy and Cybersecurity demand from companies mature AI solutions tailored for wealth management.

At the same time, the survey’s results exposed by Tariq show that 18% of wealth managers do not plan to use AI. This arises because AI is an enabler, not a silver bullet. This is the reason why Objectway has developed an all-in-one advisor desktop platform, designed to enhance both efficiency and client engagement. A modular solution that can improve advisory productivity, ensure consistent client support and drive business growth in a growing competitive landscape.