Building and running an e-commerce site was once expensive, but Shopify has democratized the market, making it accessible for anyone to open an online store.
Launching, operating, and scaling a Registered Investment Advisor (RIA) firm today is much harder than e-commerce, emphasizing the complexity involved in wealth management.
Wealthtech is fragmented; the consolidation of small RIAs into larger firms has become common, but the younger generation’s disillusionment with traditional finance challenges this model.
The upcoming generational transfer of wealth from baby boomers to millennials and Gen Z necessitates a change in wealth management, similar to the revolution brought by Shopify in e-commerce.
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