Wealth management badged the 'least innovate' industry

Smaller firms finding it more difficult to be innovative

Sahar Nazir
clock • 1 min read

Wealth management is the least innovative industry, according to Octopus Money chief executive Ruth Handcock.

Speaking yesterday (20 June) at The Lang Cat's AdviceTech Catwalk, Handcock said the industry does not embrace innovation due to a lack of incentives. "It is because of the shape of our industry. It is hard to innovate if there are only five advisers in the firm," she told delegates. "The big firms have been around for a while. Where is the massive incentive to change?" Handcock said large advice firms are already generating "big money" and are therefore not facing any pressure to change and be innovative. "The industry is being told to be better with technology and be innovativ...

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