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Survive. Sustain. Grow.
That progression describes the global wealth and asset management industry from the bottom of the global financial crisis through today. The industry has emerged from the financial crisis to face a changing and complex regulatory and tax environment and a rapidly changing client base that’s older and more risk-averse, yet more sophisticated and demanding.
Firms are now keenly focused on managing regulatory change, risk and volatility and rapidly positioning themselves to compete for market share. Many firms have been forced to consider redesigning their business operating models as part of a renewed strategic focus on aggressive cost control and operational efficiency.
More importantly: growth has returned to the industry. Lines are blurring, both in the regulated and alternative spaces, as managers look to diversify revenue streams and find new opportunities. Firms must fully understand how the distribution game has changed, both globally and locally, and how to most effectively increase revenue and improve margins.
We can help you succeed in today’s market in these key areas:
- Evolving customer demographics and needs
As large populations across the globe transition into retirement, the inevitable drawdown of assets is increasing demand for capital preservation strategies. Increased global life expectancies and the growth in unfunded public sector pension liabilities are reinforcing the need for retirement income and greater personal savings.
Product propositions must change to offer customers greater certainty of outcomes based on a better understanding of their risk appetites. Firms must also provide greater transparency about the availability and details of products they offer.
Managers are capturing client value by focusing on client segments with growth potential and improving the client experience through strong value proposition, exceptional service and appropriate charging models.
- Growth and winning in distribution
Given changing demographics, evolving technology and ever tighter competition, focusing on distribution is a top priority. Aggressive cost cutting, elevating compliance into a core competency, redesigning the operating model and thoughtful investment in infrastructure should help protect margins.
By winning the rapidly changing distribution game, firms will be able to deliver substantial growth and enhanced value to their stakeholders. This will demand a combination of building brand identity, moving closer to the client, mastering social media and mobile technology and skillfully leveraging market intelligence to quickly respond to investor sentiment.
- Business operating model redesign, operational efficiency and cost management
Faced with the new regulatory environment, a secular trend impacting margin compression and the potential of big data, many entrepreneurial firms will see an opportunity to implement new operating models. These firms will emerge from the operational restructuring process with competitive advantages in productivity, efficiency, flexibility and lower operating costs.
A careful operational review will analyze most non-core functionalities for possible outsourcing or downsizing of headcount in favor of technology-based streamlining and process improvement.
Firms must evaluate product lines, rationalize products and explore opportunities for more effective relationships in order to meet investor expectations.
- Digital disruption, new opportunities
Digital innovation is the ultimate disruptor. New technologies and tools are upending established wealth and asset management processes and transforming the customer experience.
Wealth and asset management customers expect to engage with firms in completely new ways. They want simplicity, transparency and the flexibility to interact with firms (via mobile and other technologies) on their terms and schedules.
New competitors — unburdened by old thinking and outdated technology -- are harnessing the full power of digital to address unmet customer needs.
Regulatory changes are also driving digital innovation. Firms must capture, retain and retrieve data more thoroughly and more efficiently than ever before.
Wealth and asset management firms that effectively develop their digital capabilities will transform disruption into opportunity, building strong investor relationships and demonstrating market leadership.
- Technology-enabled transformation
Wealth and asset managers face challenges from all sides. With margins eroding, asset gathering and business expansion are more important than ever.
Investors and regulators are also putting pressure on operations with heightened demands for access, reliability and efficiency.
Effective technology helps wealth and asset management firms meet these challenges, boosting present-day performance and encouraging long-term growth.
Firms that effectively harness the power of technology can simplify, rationalize and centralize their operations – clearing the way to offer new capabilities that attract investments.
The transformative effects of technology also offer the potential for better integration between front, middle and back offices. That leads to more effective controls and improved risk management.
Asia-Pacific Wealth & Asset Management Leader
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