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  5. Data Privacy in Wealth Management: A Primer to Navigating an Unprecedented Era of Data Production

Data Privacy in Wealth Management: A Primer to Navigating an Unprecedented Era of Data Production

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29 March 2024
Ashley Longabaugh

Abstract

Wealth managers are realizing the increased value in all forms of client data capture and analytics as client experience expectations rise. However, data management has become more complicated through the exposure of new data sources and introduction of regulations. Additionally, the evolution of data has undergone significant transformations over time, driven by advancements in technology, changes in data storage and processing capabilities, and shifts in data usage and management practices.

In this report, Celent explores the importance of data management strategies in light of an increasingly complex environment in which wealth managers now operate:

•Data management and data privacy have become more complicated through the exposure of new data sources and introduction of regulations.

•Personal data is everywhere and is considered the “new gold” because of its immense value and potential for generating insights and driving innovation.

•While the “client experience” is a key differentiator in the industry today, and is driven by data and analytics, wealth managers must strike a balance between the creation of data-led products and services with data privacy frameworks.

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