Technological overhaul- time to assess the new legal risks- page 60

"Wealth management is a service that traditionally relies on the personal approach and the delivery of bespoke offerings, privacy and security. Up until fairly recently, many of the new technology offerings such as cloud, block chain, AI and robotics were resisted by UK wealth managers who are rightly ever anxious about their core function of protecting assets,” she says. "Wealth managers globally are now starting to see how a strategic digital approach could help them to deliver a secure, mobile, scalable and customised client experience in addition to achieving the cost reductions and improvements in efficiency that have accompanied the outsourcing model". However, it is important that UK wealth managers pause to assess and evaluate the new legal and compliance risks peculiar to wealth management that arise in a fully digitised environment.