Riding the Next Wave: Keys to High Performance in an Expanding Global Wealth Management Market
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(1)Overview: The amount of accumulated global wealth is rising rapidly. This is especially true in emerging markets as a result of the rise of the multi-polar world—a world in which economic might emanates from multiple points around the globe, not just in traditional centers of power. As a result, the wealth management industry is one of the fastest-growing segments of financial services.
Yet while these burgeoning assets provide tremendous opportunities for wealth management companies, they also will require that wealth managers make substantial changes across their operations to capitalize on the expanding needs of the affluent for professional money management expertise. For instance, client demands for access to an increasingly diverse and complex set of financial products means relationship managers must eventually adapt their role from investment selector to strategic advisor, tapping into a pool of experts for guidance on specific investment vehicles and other issues.
Wealth management firms also will have to change, developing a new operating model that can enable them to deliver basic products cost effectively while charging a premium for higher-value services. These organizations will find it even more important for the institution, rather than the individual, to have the relationships with clients—especially as a significant portion of relationship managers retire in the next 10 years. Accenture takes a look at the evolution of wealth around the world, as well as the changes wealth managers must make to capture a greater share of the market for growth and to achieve.
