The Rich Are Getting Richer: What Do They Want From Wealth Managers? | Merryn Talks Money
From Merryn Talks Money
Gareth Wilson•Global Banking Industry Leader and Executive Vice President, Capgemini
Executive Summary
12 quotes
Concerns Raised
Traditional wealth managers are failing to meet evolving client expectations, leading to significant asset outflows ($1.5T).
Client loyalty is eroding, with only 19% of HNW individuals now using a single wealth management firm.
Relationship managers are bogged down by operational tasks, which consume 40% of their time and detract from client service.
A high percentage of clients (42%) must repeatedly state their objectives, indicating poor institutional memory and communication within firms.
Opportunities Identified
The HNW market is growing rapidly in both population and total wealth, creating a larger addressable market.
AI can be leveraged to automate administrative tasks, freeing up advisors to provide higher-value, personalized service.
Firms that can successfully integrate a full suite of products with a highly personalized, proactive service model can capture significant market share.
There is strong client demand for increased access to alternative investments, representing a key growth area for product offerings.