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Fintechs are disrupting personal financial planning and wealth management. Digital banking, robo-advisors and mobile applications such as N26 and Revolut have started to gain market share. This article discusses what is the difference between fintechs’ offerings, and how this trend has affected the future of personal finance planning.

Personal Financial Planning (PFP) has seen its share of the global financial advisory industry decline from 58% in 2014 to 52% in 2016 (source: Cerulli Associates). At the same, time fintech companies have been growing and are now threatening to displace traditional banks as key financial intermediaries. The World Economic Forum predicts that between 2023 and 2025, fintech applications will displace 10 million jobs (1.6 million financial services). By 2020, it is estimated that fintechs will have assets under management of $4 trillion. Goldman Sachs predicts that 8 out of the top 10 banks will start using robo-advisors by 2025.

While PFP has seen its product offering and fee structure being commoditized by fintech applications, the digital age has seen a surge in the variety of fintech applications. At the same time, institutions are looking for more cost-effective ways of growing their business. As such, financial advisory firms are increasingly interested in marrying the digital capabilities of fintechs with their own personal touch.

In 2016, 38% of large US and UK banks planned to integrate digital capabilities into their operations over the next three to five years; 46% plan to offer robo-advice (source: Global Finance Magazine). However, only 1% of the global population used a robo-advisor in 2016, with numbers rising to 8.9 million by 2026 (source: Logan Frank from wealthmanagement.com). While around 30% of financial advisors use technology for administrative purposes, the focus by institutions is moving towards robo-advisors and artificial intelligence.

The investment management industry is adapting to fintechs and digital disruption as assets under management (AUM) are projected to increase 10-fold over the next decade (source: PwC). Fintechs are also expected to add 50 million new customers by 2020. Even if their number of users remains flat, their average client balance will have grown 14% by 2026. The number of fintech users has risen by 10% each year since 2014, and is expected to reach 250 million in 2026.

At the same time, millennials have been adopting fintechs as ways to manage their money, with 3 billion millennials estimated to be connected to the internet by 2020 (source: World Economic Forum). Traditional banks are starting to introduce digital platforms and services such as Apple Pay Cash and Android Pay. As Millennials grow older, they tend to prefer using technology over speaking with human advisors.

The future of PFP will be influenced by how firms adapt to the digital revolution and how they can use the best of what fintechs have to offer. The best way to meet these demands is to adopt a collaborative approach and look for opportunities to partner up with fintechs. PFP firms will have to accept digitization and become more agile, innovative and flexible.

Fintech applications such as N26 and Revolut are trying to gain a foothold in the personal finance space, but their offerings remain limited. They offer banking services that traditional institutions already offer at cheaper rates. Furthermore, they lack personal touch, which many customers still value greatly. Even if they have gradually started to add some financial planning capabilities, this is currently not enough for them to significantly affect PFP as the end-to-end solution for retail clients with complex financial needs.

PFP is also in a state of transition, with the combination of fintech and traditional institutions being common. PFP firms can look into how to carve a niche as part of the financial advisory and wealth management ecosystem. There are opportunities for them to provide end-to-end services over digital platforms that have been tailored to their clients’ needs.

As millennials turn into the main source of wealth for families, they are embracing financial technology (FinTech), highlighting its impact on personal finance planning in the decades ahead. A more collaborative approach to PFP is required among firms and fintechs in order to meet market demands without losing their individual customer touch.

The global index will analyze the developments of fintechs’ offerings, the impact they have on the personal finance industry, and the role PFP firms play in this process. This will include examining trends in fintech’s offerings and application, shifting customer requirements and strategies by institutions, as well as review how traditional institutions are adapting to the need for better end-to-end services.

As a result, this article aims to construct a vision of how PFP firms and fintechs can collaborate over digital platforms to offer better end-to-end services for retail clients that want to manage their money in a digital fashion. The article also looks at how retail clients can benefit from the combination of fintechs and PFP firms.

What is Personal Financial Planning?

Personal financial planning (PFP) is a personal financial planning professional’s view of their client’s needs in terms of financial objectives and risk management. The individual’s goals should account for the full range of opportunities available to them, including investments, insurance products, retirement income, and cost-of-living adjustments. Financial planners offer alternatives so that clients can consider all the options available to them in order to create a personalized plan that fits their unique situation and objectives. Professional financial planners help clients design and implement financial plans based on their current and future needs and goals.

Personal finance is the management of money and other wealth. It may involve paying the bills, maintaining a budget, maximizing profit through expenditures, and making decisions about investments or savings.

Hire the best Personal Financial Planning specialists in 2,900+ industries

Fintalent is the invite-only community for top-tier M&A consultants and Strategy talent. Hire global Personal Financial Planning consultants with extensive experience in over 2,900 industries. Our platform allows you to build your team of independent Personal Financial Planning specialists in 48 hours. Welcome to the future of Mergers & Acquisitions!

Why hire top Personal Financial Planning experts?

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Fintalents are best-in-class - and specialized in 2,900+ industries.​

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Frequently asked questions

Most frequent questions and answers

What clients usually engage your Personal Financial Planning Consultants?

We work with clients from all over the world. Our clients range from enterprise and corporate clients to companies that are backed by Private Equity or Venture Capital funds. Furthermore, we work directly with Family Offices, Private Equity firms, and Asset Managers. Most of our enterprise clients have dedicated Corporate Development, M&A, and Strategy divisions which are utilizing our pool of Personal Financial Planning talent to add on-demand and flexible resources, expertise, or staff to their in-house team.

How is Fintalent different?

Fintalent is not a staffing agency. We are a community of best-in-class Personal Financial Planning professionals, highly specialized within their domains. We have streamlined the process of engaging the best Personal Financial Planning talent and are able to provide clients with Personal Financial Planning professionals within 48 hours of first engaging them. We believe that our platform provides more value for Corporates, Ventures, Private Equity and Venture Capital firms, and Family Offices.

Our Hiring Process – What do ‘Community-Approach’ and ‘Invite-to-Apply’ mean?

‘Invite-to-Apply’ is the process by which we shortlist candidates for the majority of projects on our platform. Often, due to the confidential nature of our clients’ projects, we do not release projects to our whole platform but using the matching technology and expertise of our internal team we select candidates who are the best fit for our clients’ needs. This approach also ensures engagement with our community of professionals on the Fintalent platform, and is a benefit both to our clients and independent professionals, as our freelancers have direct access to the roles best suited to their skills and are more likely to take an interest in a project if they have been sought out directly. In addition, if a member of our community is unavailable for a project but knows someone whose skill set perfectly fits the brief, they are able to invite them to apply for the role, utilizing the personal networks of each talent on our platform.

Which skills and expertise do your Fintalents have?

The Fintalents are hand-picked and vetted Personal Financial Planning professionals, speak over 55 languages, and have professional experience in all geographical markets. Our Personal Financial Planning consultants’ experience ranges from 3+ years as analysts at top investment banks and Strategy consultancies, to later career C-level executives. The average working experience is 6.9 years and 80% of all Fintalents range from 3-12 years into their careers.

Our Personal Financial Planning consultants have experience in leading firms as well as interfacing with clients and wider corporate structures and management. What makes our Personal Financial Planning talent pool stand out is the fact that they have technical backgrounds in over 2,900 industries.

How does the screening and onboarding of your Personal Financial Planning talent work?

Fintalent.io is an invite-only platform and we believe in the power of referrals and a closed-loop community. Members of our community are able to invite a small number of professionals onto the platform. In addition, our team actively scouts for the best talent who have experience in investment banking or have worked at a global top management consultancy. All of our community-referred talent and scouted talent are subject to a rigorous screening process. As such, over the last 18 months totaling more than 750 hours of onboarding calls, of which only 40% have received an invite-link after the call.

What happens if I am not satisfied with my Personal Financial Planning consultant’s work?

During your initial engagement with a member of our Fintalent talent pool with no risk. If you are not satisfied with the quality of your hire for any reason then we are able to find a replacement at short notice. There is no minimum commitment per project, but generally projects last at least 5 days and can last 12+ months.

Interested in our invite-only community of tier-1 Personal Financial Planning experts?

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