Democratizing Finance: Wealth Management with Akin Soysal from BCG X

Fintech Files: Insights on TECH by BCG Platinion

What trends do we see in wealth management as the GenAI Era Unfolds? Akin Soysal is a global expert on digital investing and part of our BCG X leadership team in Europe, the Middle East and South America. Akin dives into the biggest topics disrupting financial management across the globe. How does Gen Z leverage retail investing for saving for retirement? Can AI be an effective financial advisor? How are millionaires migrating around the globe? We’ll explore these topics and more in our conversation with Akin.

Discussion Highlights:

• The GenAI Era Unfolds: Global Wealth Report 2024: The BCG annual wealth management report calculates how much wealth there is in the world. It gets broken down into regions and essentially allows you to draw conclusions about who got richer and who got poorer. This year's report touches on the impact of AI, how wealth is distributed, and trends disrupting the financial services industry.
• Income Generation vs. Wealth Management: Akin discusses how income is tangible and immediate, whereas wealth management and investing are not. This often causes people to overlook the importance and impact of investing on their overall wealth. Financial literacy can play a big role in shifting this mindset, helping people to better understand and plan for their future.
• Retail Investing with Gen Z: We explore the growing popularity of retail investing, especially with Gen Z. Retail investing is where people take advantage of investing on their own rather than relying on financial institutions to manage their portfolios. AI is helping to support this trend, with easy to access financial advice being so readily available.
• Cross-Border Wealth Flows: Akin delves into the dynamics of what he calls cross-border wealth flows. High net worth individuals are increasingly mobile, moving their assets to financially favorable regions like Dubai and Singapore. As wealth is moving globally certain regions are looking to attract millionaires.
• Regulatory Pressures and Financial Literacy: Akin shares how regulatory frameworks shape the accessibility of financial knowledge and tools. This can sometimes make it challenging for people to gain financial literacy. He discusses the balance between protecting investors and maintaining open access to financial advice.
• The Say-Do Gap in Finance: Akin discusses the emotional aspect of finance, highlighting how people often behave differently than the way they say they will. Financial management is so emotional, and balancing that side of it is key to overall financial health.
• Impact of AI on Financial Advice: Generative AI is disrupting the wealth management industry by providing sophisticated, scalable investment advice to the masses. This is transforming how people engage with financial markets and has the potential to democratize financial advice for people who otherwise would not have access to it.

About Fintech Files:

Join us on Fintech Files from BCG Platinion as we explore the cutting-edge trends disrupting Fintech today. From NeoBanks to Digital Banking, we delve into the dynamic landscape of financial technology through insightful conversations with global disruptors. We’ll uncover the most groundbreaking trends shaping the future of Fintech and examine their impact on the financial world. Our episodes break down complex topics, with guests explaining everything in a way even their grandmas could understand. We focus on real-world examples, making financial technology relatable and accessible to both Fintech enthusiasts and professionals alike.

Meet the Hosts:

Hosted by Nora Hocke, a manager at BCG Platinion in Munich, and Annika Melchert, a principal currently based in the Middle East, our hosts bring expertise in tech transformations, platform architecture, and digital innovation. With a wealth of experience working with leading Fintechs, they offer unique insights into the evolving financial landscape. Joining them is Bianca Lopes, an entrepreneur and economist from Brazil, now based in Denmark, with a background in digital identity and biometrics. Having supported over 40 financial institutions and 8 governments, Bianca’s work reshapes technology, reimagines identity, and drives innovation.

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