In Bambu’s podcast series, WealthTech Unwrapped, host Ned Phillips speaks to SC Ventures’ Alex Manson to discuss topics from endurance sports to the role of financial institutions in ensuring the wealth management field is sustainable and relevant.
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- Purpose is a far more powerful driver of motivation than discipline that’s rooted in the fear of failure.
- Financial institutions are unlikely to evolve until external forces pressure them to.
- Wealth management is ultimately an instrument to help people achieve their life goals with ease and stability. Where this tool is implemented to fulfil that purpose is crucial.
Having shared experiences in the area of FinTech ventures as well as a love for endurance sports, Ned and Alex recognize the similarities between participating in endurance events and running a start-up. As with competing against global athletes, many founders experience imposter syndrome and often question their own capabilities in enacting a positive impact in the industry. However, Alex suggests that confronting and coping with the awareness of their own abilities is essential to avoid being paraylzed by self-doubt. Instead of pursuing motivation through discipline, which is more often than not born out of the fear of failing, let purpose drive the journey.
Speaking of seeking purpose in the industry, Alex believes that banks should focus on modernizing their models to better accommodate customers’ expectations. Usually, organizations are unlikely to evolve unless they’re subjected to external influences and pressures. These firms have no urgency to change until they’re faced with unfavorable conditions, whether it’s from new entrants, regulatory intervention or customer expectations.
Alex observes that consumers procrastinate on their financial plans because there’s a lack of proponents that they can completely trust in the industry to help them without hard selling products. As such, to reconcile investors with wealth management positively and confidently, institutions need to be as client-centric as possible to stay relevant with their services.
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