As we compiled the 27 edition of the World Wealth Report, macroeconomics was taking a global tollForexample, a prestigious 166-year-old Swiss bankagreed to be rescued by a long-timerival.Amid-tierUS bankfiled for bankruptey, triggering worldwide financial services repercussions. Geopolitical crisespersisted into a second year, inflation remained high while central banks waffled about interest ratereductions, and corporate earnings stayed flat.
The wealth managementindustry landed squarely in the thick oftheseevents.Internationalskittishnessled to significant investment outflows and, as a result, cash deposits rose, lending was down, andpreviouslyresilientconsumer spending became unpredictable atbest.
Wealth management firm revenues are stressed and operational costs remain high, denting profits. Asa result, firms are shifting gears to fortify value, reinforce productivity, and unlock new value streamsto catalyze long-term sustainable growth.
Our World Wealth Report 2023- Unlock growth in wealth management marks an inflection point duringwhich trendsetters will cautiously and innovatively brave economic headwinds while soldiering throughtheir digital transformation journeys.
Many leading wealth management firms are assessing capabilities, augmenting their workforce, andexploring potential new client segments – working hard to overcome barriers posed by inadequatedigital maturity across the value chain. Relationship managers (or financial advisors) are pivotaltosuperior client engagement and business model expansion. However, non-core manual tasks oftenthwart relationship manager productivity by limiting time to nurture clientrelationships.Enabling andempowering relationship managers is vital to boosting productivity and unlocking opportunities suchas those within the underserved affluent wealth segment.
The months ahead will require a shift in mindset and business models. And although some changesmay seem daunting, wealth management firms can prepare now by creating awell-defined technologyroadmap,equipping themselvesto leverage ecosystem integration andcustomer insights,and improvingrisk-assessmentprocesses.
Is your organization poised to lead the inevitable change?
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