- Demand for Artificial Intelligence is creating the second biggest skills gap in the sector according to 36% of private wealth professionals
- 46% of private wealth professionals admit their organisation fails to recognise the need to recruit tech talent at a senior level
Intertrust’s new research conducted among private wealth professionals has revealed that almost half (49%) of wealth management firms are facing the biggest skills shortages in Regtech and compliance. This is higher than the financial services sector average of 40%.
Intertrust, a global leader in providing expert administrative services to clients operating and investing in the international business environment, surveyed over 500 executives to identify the impact that disruptive technology is having on jobs and skills in the sector. The findings revealed that growing demand for Artificial Intelligence (AI) is creating the second biggest skills gap in the sector, according to more than a third (36%) of respondents. Other technologies exposing the industry to skills shortages include cybersecurity, cited by 33% of professionals, blockchain (21%), application development and data analytics (18%).
Despite the sector’s vulnerability to the demand for new technologies, the study revealed a lack of urgency to secure tech-savvy talent, with 46% of private wealth professionals admitting that their organisation fails to recognise the need to recruit tech talent or invest in internal training programmes in the immediate future.
17% said their firm is in the process of securing tech-savvy staff at a senior level, whilst nearly a quarter (22%) believes their firm has plans to do so in future. A further 14% said their firm was trying to recruit, yet found it challenging.
Ian Rumens, Global Head of Private Wealth, Intertrust says; “The private wealth industry is facing a growing need for technology-led changes driven by client expectations and the pressures of dealing with an ever-changing and demanding regulatory regime. Our survey highlights the need for firms to address the skills gap created by new technologies and the urgency to harness tech-savvy talent at a senior level. It highlights the importance of investing in training existing staff with in-demand skills in order to stay ahead of the curve in the technology revolution.”