Craig Featherby, group managing director, Carrick Wealth, South Africa, gives his predictions:
In the next decade the financial service industry in South Africa will be intrinsically linked to global events. Narrowing it down to the local context, the outlook ranges from optimistic to excellent. However, change will be the only constant.
Arguably, new technology – social media, digital connectivity, robo-advice – will impact the industry. With excellent IT infrastructure and services, South Africa is well positioned to take advantage, but late starters will be left behind.
Affected will be adviser/client interaction with more DIY tech-savvy investors, while changing client profiles and broader access to one-stop service platforms will impact on service and product offerings.
We hope specialist firms will balance the trend towards virtual integration. Firms must choose what to do and adapt accordingly.