Wealth management is a holistic service that focuses on helping mid- to high-net-worth clients grow their wealth, manage their liability exposure and devise strategies to pass their wealth on to their designated heirs. It offers services like investment management and advice, comprehensive financial planning, tax planning and accounting services, estate planning, philanthropic planning, legal services & retirement planning. In the digital age, where incoming information is plentiful, and instantly available across a range of channels, it is imperative that both firms and their advisors adopt a proactive approach to client engagement and demonstrate that they are able to add real value to the investment equation. This research paper is based on the secondary data sourced from journals, magazines, articles and published reports regarding changes in wealth management due to digitalisation. The objective of the study is to find the opportunities and challenges faced by financial services firms in wealth management in India due to digital transformation. The study observed that Fintech firms are bringing new capabilities and approaches, and non-traditional tech competitors have established a higher bar for client expectations. This changing landscape, calls for wealth management firms to deliver more personalized and high-touch client experiences through digital engagement. Firms need to empower their advisors and clients with data, technology, and expertise that will boost advisor productivity, improve decision-making, deepen client engagement and optimize business performance. The three most significant challenges wealth management firms are facing i.e. commoditisation, fee compression and competition. These trends are forcing financial services firms to re-evaluate their digital offerings.