The asset and wealth management industries are too complacent about the disruption of financial technology, with just 30 percent of firms partnering with fintechs, according to a new report by PwC. Yet, about four in 10 believe their customers are already conducting business with fintech companies, and six in 10 see wealth management activities at risk of moving to a fintech company. Asset and wealth managers are most likely to invest in technologies that will improve operational efficiency and increase innovation in research tools and analytical capabilities. “With the fintech mindset in its infancy in the AWM industry, achieving their expected ROI of 24 percent will be challenging,” the report said. “This is especially true as they’re not taking transformation growth seriously enough.”
In conjunction with Dalton Education, the Howard University School of Business is now offering two financial planning programs. Available immediately, the school is offering Virtual Classroom Certificate in Financial Planning and Self-Paced Online Certificate in Financial Planning programs. The virtual classroom certificate is a live online, instructor-led, financial planning education program that satisfies the education requirement to sit for the CFP exam, the school said in a statement. The self-paced certificate is designed for students who prefer self-paced learning but are too busy to commit to regularly scheduled class meetings. The certificate programs are just another way the CFP Board is aiming to boost diversity in the financial advisory industry. In conjunction with the CFP Board, Dalton Education launched a diversity initiative aimed at expanding the gender and racial diversity among financial planners. Included in the initiative is scholarships for women and minorities interested in a career in financial planning.
Americans’ net worth has risen to $98.7 trillion, thanks to a booming stock market and healthy gains in home prices, according to the Federal Reserve. The Fed reported that the value of stock portfolios jumped $1.3 trillion in the last quarter of 2017, compared with the prior three months. Home values also increased by $500 million in the same time period. Though the numbers are at record highs, they don’t include February’s market volatility. Still, stocks are up about 2 percent this year, ABC.com reports.