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Cresto Narang Wealthfront.pdf


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transparent and easy to understand investment tools. In addition, people require 24/7
access to information and solutions.
Secondly, there is a growing lack of confidence in banks and existing providers of financial
services. This is especially true for millennials, who have lived through two market crashes in
the last years.
Thirdly, the new generations are more interconnected, informed, and very demanding.
Lastly, the number of high-net-worth individuals, those with more than US$1 million of
investable assets, continues to grow, especially in USA, where the number of entrepreneurs
is increasing exponentially. This is also true in Asia, especially in India and China.
3.1.1.1.1.4 TECHNOLOGICAL
There are several technological innovations that are shaping the international landscape,
and in particular the asset management industry.
Firstly, computers are faster and more interconnected. Internet increases access and
reduces costs to many solutions, especially in the financial sectors.
Secondly, the number and use of smartphones is increasing dramatically.
Lastly, a lot of research is going on regarding big data science and machine learning. In
addition, research on finance is proving that portfolio allocation techniques work as
expected in the long term. This doesn’t seem to be true for investment activities performed
in the short term (relevant for the hedge fund industry).
3.1.1.1.1.5 ENVIRONMENTAL
A growing number of funds are starting to take into consideration sustainability indices
when taking investment decisions. Apart from that, no trend seem to be so disruptive in the
environmental landscape that can shape the financial services industry.
3.1.1.1.1.6 LEGAL
The legal aspect is very important in the investment management industry. Firstly, “in
October 2013, the SEC opened private investments to the general public in response to the
crowd funding provision (Title III) of the JOBS Act. This will enable start-ups to reach a much
broader investment audience than securities laws used to allow” 1.
Secondly, “new rules on international compliance and transparency have radically changed
the climate for tax havens. The two most significant changes, so far, are the U.S.
1

PwC, “Robo advisory vs. human advisory”, 2015

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