Against the backdrop of the enactment of the GDPR, wealth managers and financial institutions face a significant set of data privacy risks in an era of abundant data generation.

Data is more accessible than ever before. It’s also being generated at an extraordinary rate. The true value of data lies in its ability to yield valuable insights and drive behavioral changes and revenue-generating decisions. However, firms will need to strike a balance between mitigating the risk while capturing the competitive advantage that comes with investing in client data-driven products and services.

My upcoming report, “Data Privacy in Wealth Management: A Primer to Navigating an Unprecedented Era of Data Production” will address how technology can help wealth managers navigate the complex world of unique data privacy protection laws.