A tried-and-true Wall Street business is in "the Dark Ages," and it's being threatened by big disruptors, one of its own executives says.
Joe Duran, CEO of United Capital, sat with start-up executives at a New York conference Friday and acknowledged wealth managers' upper hand is starting to lose its grip as digital disruptors take hold. The next generation of clients is less eager to engage with traditional money managers' staff, and gravitates more toward automated options for investment management needs, panelists said.
"Most of our industry is not good enough," Duran said. "Our industry is in the Dark Ages in terms of engaging consumers."