The age of convergence

The financial services industry has reached a defining moment. Rapid advances in technology, operations, automation and investment strategies are not just altering how firms operate—they are resetting client expectations and redefining the future of wealth.

At SEI, we see convergence as the force shaping this new era. Business models, technologies, and cultures are coming together to create new opportunities and address emerging challenges.

This shift is unfolding in a world of growing regional complexity. As globalization gives way to multi regional realities, firms must operate across diverse jurisdictions, each with unique regulatory and market dynamics.

Today’s clients are redefining wealth. No longer is it solely about financial assets; it now encompasses health, purpose, impact, and community. Generational change is accelerating this shift, as younger clients expect more personalized, values driven engagement. Technologies such as AI, tokenization, and blockchain further amplify these shifts, making personalization and community-building central to the client experience.

Three pillars of convergence

1. Business Model Convergence

Mergers and acquisitions are accelerating the convergence of businesses, cultures, and talent across the industry. Banks and wealth managers  are combining capabilities to gain scale, expand offerings, and deliver greater value to clients. While pressure continues to compress custody and asset management fees, advice fees remain resilient—highlighting the continued importance of the advisor in a changing landscape.

2. Technology Convergence

AI and tokenization are no longer advancing in isolation. Together, they are transforming how firms move money, generate insight, and act on data. The convergence of data, cloud, and workflow platforms enables faster decisions, greater transparency, and more personalized client experiences—turning technology into a driver of differentiation rather than just efficiency.

3. Advice Convergence 

As automation streamlines routine work, human judgment and connection take on greater value. Advisors are expanding their role beyond portfolio management to become trusted guides—helping clients navigate decisions that blend financial goals with personal values and societal impact. In parallel, community is emerging as a powerful differentiator. Firms that invest in learning, collaboration, and adaptability—both internally and with clients—will be best positioned to grow and sustain trust in a converging landscape.

The convergence reshaping the financial services landscape creates powerful opportunity—and meaningful risk—for banks and wealth managers. 

Firms that lean into convergence can unlock significant value. Personalization, community building, and smarter engagement models are now achievable at scale through AI, tokenization, workflow automation, and integrated data ecosystems. These capabilities deepen client insight, enable more responsive advice, and simplify operations—freeing advisors to focus on higher value relationships. Convergence also accelerates collaboration across the ecosystem, connecting firms with fintech innovators, startups, regulators, and peers to co create solutions, explore new business models, and expand their role in clients’ evolving definitions of wealth—one that spans finances, purpose, health, and impact.

At the same time, the pace of change raises the stakes. Firms that struggle to adapt, experiment, or simplify legacy operating models risk falling out of step with client expectations. Technology can accelerate outcomes, but without intentional design, it can dilute the human connection that sits at the heart of advice. Organizations that prioritize tools over people, learning, and culture may gain efficiency—but lose relevance. Inaction carries its own cost. Delaying modernization, integration, or data interoperability can leave firms exposed in an environment defined by consolidation, fee pressure, and rising client demands. The greatest risk lies not in the technology itself, but in failing to learn, collaborate, and evolve at market speed.

Convergence is not just a trend—it is the defining challenge and opportunity of this era.

Banks and wealth managers that embrace it can drive growth, deliver holistic value, and shape the future of wealth for generations to come. 

The winners in the age of convergence will be those who learn faster, collaborate more deeply, and act with intention. At SEI, we are committed to partnering with banks and wealth managers to:

• Break the future into actionable horizons—near-term, mid-term, and long-term
• Deliver platforms and expertise that simplify operations, integrate data, and enable smarter decisions
• Build innovation communities and invite clients to co-create the future of wealth

Information provided by SEI through its affiliates and subsidiaries.