Across industries, consumers around the world have changed where they shop, how they discover products and what they ultimately buy, thanks to new technologies, innovative business models and disruptive brands.
The wealth management industry is acutely experiencing these trends, presenting many challenges – and opportunities – to a wide array of service providers: from firms with rich legacies to innovative new entrants who are out to change the very definition of the industry.
An increasing number of clients are willing to pay for financial advice, but what they value is evolving rapidly. To help providers understand how best to deliver value, we surveyed 2,000 wealth management clients across 26 countries to understand what matters most to them.
1. Know what clients want and when
Clients are moving to capture better value. They see the highest overall value for financial advice during major life events and as their wealth and level of investment knowledge increases. They tend to value the different parts of the wealth management relationship fairly evenly across an array of dimensions, but there is nuance within demographic breakdowns of each dimension.