How do you build value when clients want more than wealth? How do you build value when clients want more than wealth?

Wealth management is in high demand, yet clients are not fully engaged or loyal. Now is the time to redefine the value of wealth management.

This article is part of our 2019 Global Wealth Management Research Report.

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.

Needs and expectations


overarching dimensions of the wealth management relationship are equally valued by clients.

2. The wealthiest and youngest are least loyal

There is significant movement of clients underway: one-third of clients moved money in the last three years, and one-third plan to move over the next three. With no one provider able to solve their varied needs, they are maintaining an average of five different types of provider relationships. They are moving to smaller, more nimble providers that can solve their unique needs – specifically independent advisors and FinTechs, who can offer more tailored solutions to meet individual needs.

Low loyalty


ultra-high-net-worth clients will switch providers in the next three years.

3. Solutions are more important than products and services

Clients want more advice and planning, but many are holding back because offerings are often fragmented, and fees are too high or complicated. While specific client segments do highly value specific products, most clients want simple, clear and connected solutions over individual products and services.

Seeking other services


clients are considering the use of advisory or planning services.

4. Digital assistants are in increasing demand

The move to mobile applications happened more quickly than many predicted. Now, digital and voice-enabled assistants are emerging at the same pace as a preferred platform for wealth management clients. Clients are also starting to use chatbots not only for basic, transactional activities but also for managing wealth and receiving financial advice.

Tech-enabled relationships


clients prefer to receive advice from a chatbot.

5. Rethink payment strategies to build trust

Many ultra-high-net-worth clients do not trust that they are charged fairly by their provider, and a majority want to change their payment method, as the common percentage-of-assets fee model becomes less and less popular. Leading providers have a big opportunity to build trust by pricing transparently and predictably.

New payment means


ultra-high-net-worth clients want to change their payment method.

A clear opportunity exists to make financial advice more effective and impactful by better aligning to what clients truly value.

As the industry grapples with new entrants, new technologies and ever-changing client expectations, wealth management providers must make the necessary changes to retain their current clients and win new ones – by better understanding this value proposition, they can most effectively meet client needs and capture this increasing demand.


Financial advice is in greater demand, but its definition is evolving rapidly. A clear opportunity exists for providers to redefine its value in a way that better meets client needs.