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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your Business

All the advice firm acquisitions that have taken place in 2025

All the advice firm acquisitions that have taken place in 2025

Keeping track of the ongoing consolidation of the advice industry

Professional Adviser
clock 01 April 2025 • 1 min read
Evelyn Partners to complete professional services business sale today

Evelyn Partners to complete professional services business sale today

To funds advised by Apax

Jen Frost
clock 31 March 2025 • 2 min read
Professional Adviser TV: Govt urged to 'make rules firm' following Spring Statement

Professional Adviser TV: Govt urged to 'make rules firm' following Spring Statement

Quilter Cheviot advice duo discuss Spring Statement

Professional Adviser
clock 28 March 2025 • 1 min read