Global Wealth Management Survey 2016
The wealth management industry is experiencing an unprecedented level of change: depending on where you stand, these changes can feel like opportunities or threats. Shifting client demographics and preferences present new demands. Fintech entrants are commoditizing the traditional asset allocation advice model, which is eroding pricing power and simultaneously raising the bar for better and faster service.
Wealth managers face both significant opportunities to acquire new clients and assets, as well as daunting risks in terms of retaining clients in the face of competitive threats and digital disruption. So, how should wealth managers prepare to weather the storm and grow through this period of rapid change?
Three gaps between clients and wealth managers
- Transparency of performance and fees is a top driver of trust.
- Clients want new levels of public transparency.
- Clients are eager to rate advisors and connect in public forums.
- Wealth managers expect to keep core wealth advice face-to-face.
- But clients are more open to digital channels for wealth advice.
Role of wealth advisor
- Wealth advisors have traditionally kept clients steady through market swings and life changes.
- This is particularly true in certain countries and client segments.
- However, some clients are questioning the value of this role and relationship.