Innovation is coming…

Sarwa’s chief compliance officer writes about the evolution of the workforce and how it is positively disrupting the investment world.

Disruption is happening all around us. There is a systemic but rapid shift from traditional careers and single and stable workplaces to revolving doors and liquid job titles. Even the World Economic Forum is getting in on it – publishing an article called ‘The Opportunities of a Changing Workforce’. In it, the WEF outlines how an evolving workplace can provide more autonomy and self-direction to workers.

As virtually every company in the world is on some level becoming a tech company, the skills and job titles that were once so relevant to industries like investment and wealth management are quickly disappearing. For example, instead of being called Equity Derivatives Market Specialist, you will now find a more uncomplicated ‘Financial Advisor’. Stereotypically, employees in these industries have been overworked, swamped with bureaucracy and focused on chasing the money. Not anymore. The employee experience has become critical to attracting and retaining talent. Flexibility and work-life integration are moving to the forefront. The way we work is changing. As more and more managers expect their employees to be available outside of traditional work hours, employees in turn demand more flexibility and the autonomy to work from wherever suits them best. For many of the younger workforce, collecting life experiences is now beginning to overshadow collecting things and in fact, the number one lure for employees to join a new company is if they don’t have to clock-in and clock-out. Today, work has shifted from a place to a space. Co-working spaces are not only shrinking the costs of office space but providing this new wave of employees with an environment that encourages creativity, flexibility and collaboration.

While fintechs and start-ups in particular have their cultural quirks, whether it’s meditation rooms or unlimited vacation days, this stuff is actually part of a serious mission – to create a workforce of happy and engaged employees who are passionate about their purpose. The growing trend is a culture built on emotional intelligence. Companies are now starting to realise that a ‘leave your personal life at home’ mentality is quickly becoming outdated and counter-productive. Not surprisingly then, the spin-off is that the client experience is becoming exceptional by being more unified, that is having a single point of contact and clients can have a more personalised relationship with their wealth managers. Technology is perhaps the single greatest factor that impacts investment management. The use of digitisation allows data on investments to be readily and instantly available to clients via platforms giving way to greater transparency and most importantly, greater trust. Operating costs are substantially lowered which means that clients are able to focus on building their wealth rather than having a chunk absorbed in fees which normally leave them confused and frustrated. Helping employees understand that they are providing a service that can change lives for the better ultimately provides a more positive feedback loop. The one size fits all approach is no longer practical and scalable in the rapidly changing world in which we all live and work.

Columnist: Ramitha Liddington, chief compliance officer, Sarwa Digital Wealth Limited