Digital Wealth Timeline – Updated
Since last year I have been constructing a timeline to highlight the evolution of digital wealth management, and I have got a lot of good feedback to make it even better. Now it is time to get to the next level so that all people interested can use the data I’ve collected. I know that it is not going to be like the latest timeline I’ve put together but in the long run (we are all dead) my latest solution will be much better. It will take some time to update everything I have, and not every incumbent/ start-up/deck will have the same probability to appear but I will do my best. A lot of people have asked me to add this or that, and I have to admit that I am not perfect, so let me know if something is missing. It will take some time to get this up and…
Varainhoidon suuresta murroksesta on saatu vasta esimakua
Finanssialalla on käynnissä suuri murroksen ja mullistuksen tila, jota Pekka Puustinen on kutsunut vaihdantavallankumoukseksi. 1)Puustinen, P. (2013). Vaihdantavallankumous: Finanssipalvelun uusi logiikka. Helsinki: Talentum Vaihdantavallankumous on ollut käynnissä jo vuosikymmeniä, sillä “useimmilla toimialoilla ymmäretään jo, että arvo syntyy asiakkaiden oman toiminnan seurauksena tavaroita tai palveluja käytäessä”. 2)Puustinen 2013, s. 18 Käynnissä on siis varsin suuri murros ja mullistus, kun “tuoteskeskeinen näkemys vaihdantaan sekä perinteiset asiakkaan ja yrityksen roolit muuttuvat perusteellisesti”. 3)Puustinen 2013, s. 23 Suomessakin on keskusteltu useaan otteeseen toimialan tuotekeskeisen liiketoimintalogiikan ja kulttuurin vaikutuksista asiakkaisiin. Kyse ei siis ole siitä, ettei toimialalla olisi jo aiemmin koettu muutoksia, mutta tällä hetkellä tilanne on toimijoille monella tavoin erilainen. Ympärillä koettua muutosta ei voi helposti selittää vain yhdellä yksittäisellä tekijällä, mutta useimmiten muutos tiivistyy yhden monitulkintaisen kattokäsitteen – digitalisaation – alle. McKinseyn Karel Dörner ja David Edelman huomauttavat artikkelissaan, “What ‘digital’ really means?“, digitalisaation merkitsevän eri ihmisille hyvin erilaisia asioita. Moni korostaa digitalisaation teknologiakeskeisyyttä.…
Mitä naissijoittajat haluavat?
Kauppalehdessä joulukuun alussa ilmestyneessä kolumnissaan Riitta Lindegren kokee ongelmalliseksi sen, että “naisille opetetaan sijoittamisen alkeita kirjoissa ja seminaareissa, mutta nimenomaan naisille räätälöityinä”. Lindegrenin mukaan “naisille on kautta aikain uskoteltu, että sijoittaminen on heille liian vaikeata” ja setelikasvojen miesvaltaisuus kertoo oletettavasti koko rahamaailman maskuliinisuudesta. 1)Naisten kasvokuvat seteleissä ovat minusta sukupuolten tasa-arvon kannalta täysin epäolennainen asia, mutta onneksi nykyaikana kuka tahansa voi halutessaan saada esimerkiksi luottokorttinsa haluamallaan naiskuosilla tai vaihtaa taustakuvaksi ihailemansa naisen kasvot. Pitänee vakavasti harkita esimerkiksi Rose Wilder Lanen, Deirdre N. McCloskeyn, Dambisa Moyon, Isabel Patersonin, Joan Robinsonin, Ayn Randin, Margaret Thatcherin tai Elinor Ostromin kasvokuoseja. 3)Livingston, E. (2016). “Why putting women on banknotes should make us feel uneasy“. The Guardian, 26.4.2016 Matti Keloharjun ja Antti Lehtisen muutaman vuoden takaisen tutkimuksen mukaan Suomessa osakesijoittajista miehiä on 58 prosenttia, jonka lisäksi miesten hallussa on noin 70% kaikesta osakevarallisuudesta. 2)Tämän lisäksi miesten ja naisten keskinäiset omistus- ja varallisuuserot kasvavat kaikissa Keloharjun ja Lehtisen tutkimuksen varallisuusluokissa miesten eduksi. Naiset itse eivät kuitenkaan vaikuta kokevan sijoittamista kovinkaan vieraaksi aihealueeksi. 4)ks.…
Fintech Forum 2017: Some thoughts and observations
I attended Fintech Forum 2017. I chaired a panel on collaboration between fintechs and incumbents. Here are some of my thoughts on the event. Enjoy! The event was organized by Alma Talent.
The Evolution of Digital Wealth Management: Robo-Advisory, Digital Advisors, and Financial Planning
I just recently completed a short overview of the evolution of digital wealth management space since late 2010 to circa late 2017. In this timeline, I focus almost solely on the emergence and development of robo-advisors and various other forms of automated wealth management. I have tried to cover startups, multiple actions of incumbents and I have also collected AUM figures for some players I think are interesting to follow through in upcoming years. This timeline is based on publicly available information, and as I didn’t plan well ahead, it ended up to be a bit messy and unstructured. In the future, I plan to continue the work by focusing on various geographical differences, robo-capabilities, funding, etc. in the digital wealth management space. FinTechnews Switzerland just published a very nice story about the development of robo-advisory, and they were kind to include my “messygraphic” as part of their story. This was actually just…
On the Futility of Innovating on Your Own: From Goods-Dominant Logic to Service(-Dominant) Logic in the Financial Services Industry
It is a kind of cliché to state that the financial services industry landscape is changing rapidly, continuously and often unexpectedly. Customers don’t seem to care about those incumbent financial services firms that are not responsive to their needs. Although there has been a constant stream of assurances from various banks, wealth managers, and insurance companies that they are customer-oriented and responsive to customer needs, a lot of things remain to be done. Customer-orientation hot talk, as I call it, is a form of self-deception, and although most of the financial services companies still heavily rely on old-dated goods-dominant logic, they talk as if the reality is something entirely different. The truth is that most financial services companies are again faking true customer-orientation and this is a real problem. This is very problematic as it deceives both the client as well as shareholders (or stakeholders). Signaling, shouting out loud random words, is simple but…
What’s Going on in the Social Trading and Investing Space?
As I explained in my earlier article, social investing is not a totally new idea as seeking for help, advice, and tips have been part of investing as long as people could invest money. The ongoing trend of democratizing investing and banking for the masses is closely tied to the rise of fintechs (e.g., robo-advisory), newly emerged business models, the ever-wider distribution of new financial products, and the trust gap created by the recent global financial crisis. Also, as Dan Schutzer highlights, there are new ways to effectively fund new ventures, incumbents are still struggling with various environmental changes and credit is tight, technology-assisted solutions are everywhere, and our means utilizing and accessing information are changing. Social trading and social investing represent the new trend of technology-assisted, socially-driven, and DIY models of investing. We also have some concrete evidence on the effects of social media on retail and institutional investor behavior and trading activity as well as…
“Why Don’t They Copy Me?”: On the Rise of Social Investing and Social Investment Networks
Social investing and various kinds of social investment communities are not entirely new things. Sharing insights and opinions on different investments, investment philosophies, investment strategies, and financial markets, in general, has been part of our lives for years. Investors, as well as any other kind of communities of interest, have been utilizing mailing lists, discussion forums, and online chats as long as they have been in existence. Even today, beginners and experienced investors rely on each other’s opinions and viewpoints when setting up their investment targets, strategies and picking up particular financial instruments when executing specific investment strategies. 1)“Social investing/trading” should not be confused with “socially responsible investing/investment” as they are very different things. In Finland and Sweden, for example, we have witnessed the emergence of very lively and dynamic financial blogosphere in relatively short timespan. Numerous of books, articles, conferences, podcasts, blogs, and people offer diverse opinions on investing…
Pankkiirin pelko, Bitcoin ja kryptotalouden tulevaisuus
Ihmiskunnan suurin tragedia johtuu kyvyttömyydestämme olla harkitusti eri mieltä selvittääksemme mikä on totta. – Raymond “Ray” Dalio, Bridgewater Associates 1)Grant, A. (2016). Originals: How Non-Conformists Move the World. New York, NY: Viking, s. 195. Kryptovaluuuttamaailmassa on tapahtunut ja kuohunut viimeiset pari vuotta 2)ks. Bitcoin Price Chart with Historic Events, mutta viimeisen vuoden aikana Bitcoinin, Ethereumin, Ripplen ja Litecoinin ennätysmäinen hinnannousu on herättänyt huomattavaa kiinnostusta niin sijoittajien, finanssiyritysten kuin myös sääntelijöiden ja verottajan keskuudessa. 3)Linja-aho, V. (2017). “Bitcoin ja verotus – valvonnassa ei ole mitään hämärää tai laitonta – verotuskohtelu vain on epäreilu“. Vesan Linja, 11.7.2017; Young, J. (2017). “JPMorgan Clients Purchase Bitcoin on Stock Market Despite CEO’s Warnings“. The Merkle, 17.9.2017; Snook, C. J. (2017). “What I Learned Buying My First Alt-Coin (Cryptocurrency) This Week“. Inc.com, 15.9.2017. Viimeisen muutaman päivän aikana olen lukenut mielenkiintoisia uutisia myös Ethereum-rintamalta, joten uutta muutoksia tapahtuu jatkuvasti ja entistä nopeampaan tahtiin. Varsinkin Bitcoin, tällä hetkellä suurin ja…
How valuable is insurers’ data really? More than you can imagine
In God we trust, all others must bring data. – W. Edwards Deming Everyone is talking about data all the time. “Data is the new oil,” is one of the most famous clichés among data-oriented people who don’t actually understand data science. 1)Listen to this podcast to understand the point. This data talk is a form of mass illusion as collecting data is very different from actually deriving meaningful and valuable insights from the data available. Many people have emphasized the importance of data for the future of insurance business, and there probably is n. It also looks like that insurance companies and their senior executives are constantly talking about business intelligence (big) data, data analytics, data mining, and data science. 2)Sure, consultants are talking about this a lot too. Every insurer recognized the importance of data management and data analytics. According to SMA’s research, over 90% of insurers have…