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      "text": "Providers see tumultuous times ahead. The majority believe that born-digital firms will remake the industry and that most investment products will become commoditized. Almost half believe blockchain and related technologies will eliminate the need for intermediaries. Thirty-nine percent expect the lines between wealth management, banking, and insurance to blur as investors demand more holistic products and services.\n\nThese trends will likely cause industry upheaval, but executives are divided on how extensive it will be. One-third foresee a dramatic shakeout, but slightly more do not. Tellingly, most digital leaders expect a dramatic shakeout.\n\nMarket consolidation is already remaking the playing field, as firms take steps to drive scale, efficiency, and competitive advantage. One area of consolidation is within the independent advisory/RIA subsector, where providers are acquiring small advisory businesses that have owners reaching retirement age. Institutions also are snapping up online trading and robo firms to extend their digital capabilities. Morgan Stanley’s acquisition of eTrade, BlackRock’s purchase of FutureAdvisor, and Invesco’s takeover of Jemstep are just a few examples.\n\nIs the future of wealth management modular?\n\nEmbedded finance—the integration of investment capabilities into the platforms and applications that people regularly use, such as banking apps, e-commerce platforms, social media networks, or retail channels—has the power to revolutionize the way people invest, making wealth management more seamlessly integrated into their everyday lives.\n\nOne recent example is Central Bank in the US. Drawing on an embedded wealth solution, the retail bank has introduced Digital Investor, an online investing experience seamlessly integrated with its Central Bank Mobile Banking App and Online Banking. This new service enables Central Bank customers to embark on their investing journeys by selecting investment portfolios based on their financial goals.",
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      "text": "PQ10. As you look out to the next 3-5 years, which statements about the future of the wealth management industry do you agree with?",
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