ECONOMIC COMMENTARY

What can Wealth Managers learn from FAANG companies?

Basic financial services are becoming increasingly commoditized. Growing numbers of DIY platforms empower consumers to transfer money, pay bills, borrow, trade securities and invest, all via the convenience of a mobile app or online platform. The initial obstacles to new tech-driven models - inertia, consumer confidence, technological acuity, platform agility and regulatory preparedness - are steadily fading. From what I've seen, most financial services firms understand that it is now a matter of "when," not "if," a new model will disrupt Wall Street and banking in general - not unlike the industry-altering disruption driven by companies such as Apple, Amazon and Netflix…

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Anthony DeChellis, CEO of SVB Private, is a contributor to Forbes' Finance Council, an invitation-only group of thought leaders in accounting, financial planning and wealth management.

Anthony DeChellis

Anthony DeChellis is the Chief Executive Officer of SVB Private. He served as the CEO and President of Boston Private and President and a member of the Boston Private Board of Directors for 2 years prior to the close of SVB Financial Group’s acquisition of the firm in 2021.

The views expressed in the article are those of the author and/or person interviewed and do not necessarily reflect the views of SVB Private or other members of Silicon Valley Bank and SVB Financial Group. The materials on this website are for informational purposes only, are subject to change and do not take into account your particular investment objective, financial situation or need. Since each client’s situation is unique, you should consult your financial advisor and/or tax planning professional before acting on any information provided herein