Wealth shifts, economic and monetary turmoil, socio-behavioural changes and technological evolution will trigger pivotal changes in the wealth management market. A new generation of wealthy clients, with a high demand for seamless digital services, is the driving force behind these megatrends.
3 key challenges & structural margin pressure (pages 5-6)
Rapidly changing client demands, new, fiercer competition and an ever-increasing agenda of new regulations – these challenges may be old acquaintances for wealth managers, but, in the coming decade, they will pick up speed again. With fintechs, neobanks and bigtechs all trying to gain a foothold in the financial market, these factors steadily increase pressure on your margins.
Leading consultants and banks expect global personal wealth to grow, even in their more pessimistic models, accounting for post-COVID-19 impacts. The affluent segment, in particular, is foreseen to grow both in numbers and wealth. We provide you with a formula of innovation, industrialization and innovation to serve the growing affluent market.
Cornerstones of a new wealth management value proposition (pages 10-11)
Your new clientele ranges from an evolving, tech-savvy (U)HNW segment to affluent high-earning millennials, used to superior, digital-first experiences from bigtechs and seeking hyper-personalized services. New elements will gain on impact in your advice, such as client life-goals and behavioural data.
A five-step recipe for wealth managers (12-14)
Is your platform ready to profit from the democratization of wealth management? We developed a set of five strategic pillars that prepare a financial institution and its wealth platform for the expected wealth shifts of the coming decade. Make sure you have the right tools to serve the new generation of wealth holders.