In a recent study, Roubini ThoughtLab has analysed the potential impact of economic, demographic and technological “megachanges” on the wealth profession.

Titled “Wealth and Asset Management 2021: Preparing for Transformative Change”, the study involved a comprehensive research program based on extensive quantitative analysis of 2,000 investors and 500 wealth firms across 10 world markets; economic modeling and forecasting across 25 countries; and expert opinions from more than 40 market leaders, economists, technologists, and investment specialists.

“Artificial intellignece, virtual reality, blockchain, and real-time analytics are just some of the smart technologies investment providers are embracing. Over the next five years, the impact of these economic, demographic, and technological megachanges on the wealth profession will be profound”, the report said.

According to the survey results, blockchain technology is being counted among the influential technologies, however, virtual reality (VR) and artificial intelligence (AI) dominated this list, followed by web analytics and sentiment analysis, and telepresence and web collaboration tools. Yet, when asked about technology-enabled investment tools for the future, 39% said that they expect blockchain to form a part of next-generation digital wealth management platforms, CoinDesk reported.

In addition, 45% of respondents said that they are now exploring blockchain and 64% expect to expand their use in five years.

Bank of Montreal, Broadridge, Cisco, CFA Institute, Schroders, eToro, SEI Investment and State Street also contributed to the report.