Paolo Sironi @thepsironi

Innovation in financial technology has only begun to disrupt the wealth management industry, and is leading to a tectonic shift whereby investors and tech-savvy financial advisors can become the new price-makers in the global democratisation of banking. FinTech Innovation delves deeply beyond simply describing the disruption examining, in detail, the underlying processes to illuminate exactly what is happening and why its happening so that you can engage with and thrive in the new marketplace. Through a behind-the-scenes look at Robo-Advisors and their part in the turnkey, low-cost personalisation of Goal Based Investing, this cutting-edge guide opens a tangible path for using technology to gain a competitive advantage, establish your value as a human advisor and "rewire" investors' minds to positively engage with investing. This authoritative guide pulls back the curtain to reveal:

• What Robo-Advisors are today and how they will evolve.
• How human financial advisors can optimise their businesses in response to regulations, customer demand and technology.
• What gamification has to do with investing, and why it can produce better investors.
• Where you need to rethink what you know about investing and let technology do the work.

In the face of new regulatory changes and the rise of Fintech the industry is on the verge of a sea change in financial advice. The onus is now firmly on financial institutions to not only adapt to the #transformation but to stay relevant and #profitable at a time of unprecedented change.

"Value-Generation for Investors" provides a #roadmap for the reader: we lay out a model which places the goals and preferences of #investors (on-boarding) at the centre of the value-generation mechanism, enriching the creation of financial #products which create charges and costs (in-boarding).

The analysis of #MiFIDII regulation only serves as a canvas to showcase how international best practices, grounded in goal-based investing and probabilistic scenarios, create a new compliant framework to evade the pitfalls of progressively commoditised investment solutions, and avoid disruption to their business by harnessing the "human element" and achieve sustained innovation with digital.

What truly matters to long-term investors is the probability to achieve their PERSONAL FINANCIAL GOALS through their life cycle (targets of total return or retirement income). PSO provides the principles and quantitative framework to feature the probability of achieving multi-period financial goals as the objective function, within a scenario-based and risk-constrained optimisation exercise. The adoption of Goal Based Investing principles leads to a change in perspective from MPT (Markowitz and Black-Litterman), based on the author's research and experience in Risk and Wealth Management.

《金融科技创新》本书通过互联网金融、社会化媒体、大数据分析、数字技术等，将财富管理行业向更高效的、以客户为中心的咨询流程转变。目标导向即通过新的金融、机器、网络技术来满足客户的个性化需求。
智能投顾（Robo-advisor）和金融科技创新（FinTech）最近成了全球热点。市场的力量正在改变银行和融资顾问原有的商业模式,向由机器人技术驱动的商业模式转化。理财经理正站在数字化浪潮的震荡中, 几百年来根深蒂固的行业格局逐渐从方方面面开始发生改变。
本书揭示了促成创新思维的各种力量, 密切审视了财富管理行业发生的革命, 尤其是数字化咨询、 个性化投资和能够洞察客户行为的认知分析方法。本书的目标是改善金融顾问和客户之间的投资体验, 让他们得以用更为直观的、 目标导向的投资话语进行交流 。不管是金融科技公司还是从事数字化的机构, 谁能利用智能投顾进行目标导向的投资, 谁就最有希望超越对手。
个人投资者、 金融顾问、 投资组合经理、 技术和数字化经理、 银行业高管和金融科技企业家都可以从这本书中得到对财富管理行业转型的深刻见解, 从而理解新技术和定量金融之间的联系, 并适应更加严格的市场监管和更高的信用标准。

The FINTECH Book is your primary guide to the financial technology revolution, and the disruption, innovation and opportunity therein. Written by prominent thought leaders in the global fintech investment space, this book aggregates diverse industry expertise into a single informative volume to provide entrepreneurs, bankers and investors with the answers they need to capitalize on this lucrative market. The financial technology sector is booming, and entrepreneurs, bankers, consultants, investors and asset managers are scrambling for more information: Who are the key players? What's driving the explosive growth? What are the risks? This book collates insights, knowledge and guidance from industry experts to provide the answers to these questions and more.

The evolution of the regulatory framework (MiFID2 e PRIIPS) and FinTech innovation (Robo-Advisors) triggered a process of transformation of Financial Advice 2.0. The traditional approach based on products distribution and selling of “potential performances” (forecasts), is getting replaced by a new advisory norm based on regulatory requirements which take from the analysis of investors' goals (advisory Gamma) and the search for yield via rebalancing and switches (advisory Alpha time). MiFID2 introduces structural changes in financial advice DNA, requiring full transparency on costs and benefits with regard to investors' risk profiles. At the same time, PRIIPS introduces probabilistic scenarios based on agnostic and neutral techniques while risk-free rates are null or negative. Financial Advice 2.0 consolidates all these regulatory requirements in a singe business model which adds value to final clients, hence justifies the profitability of intermediaries and manufacturers, and features two distinct yet circular phases First, goal-based ON-BOARDING transforms profiling form an admin task into an engine of added value through the knowledge of clients and their wealth. Second, the IN-BOARDING of the investment solution maximises the probability of achieving investment goals within the Suitability Framework, granting an upgraded space to foster a balanced analysis of financial markets, modern techniques of portfolio construction and investment “timing”. Probabilistic scenarios are not just confined to products regulation (KID) but add value through portfolio simulations.

The alternative to Financial Advice Transformation is commoditisation.