Financial firms better shape up or ship out
Seth Merrin, the well-renowned founder of Liquidnet in New York says he’s seeing “a massive amount of interest amongst venture capitalists in FinTech” in the U.S. because they believe that Asset Managers, Brokers and Bankers could all be massively disrupted over the next 5-10 years. Merrin singles out the asset management industry as one that’s currently not suited to the needs of the Millennials. “It’s high friction. It’s a pain in the butt to open an account. It’s a pain in the butt to switch money around. I don’t know if robo-advisors are really going to take hold, but I think peer-to-peer advising is a really interesting space. You have the ability to track other folks who have done their homework and you can see their returns and do it across asset classes.” In this video Merrin goes on to discuss the future of asset management and broking and the types of companies that will be going out of business.
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