![]() ![]() The US wealth management industry was worth $29.1 trillion as of Q3 2020, per Aite Group. Insider Intelligence’s definition of wealth management encompasses services designed to grow, protect, and pass on a client’s wealth. Insider Intelligence research finds that revamping tech stacks from top to bottom is a key wealth management strategy, and is crucial for digital transformation success. Partnerships with fintech wealth managers allows incumbents to rebuild outdated tech stacks-the collection of operating systems and software that is used to run an application. Eighty-five percent of business leaders across a range of wealth management firms reported that partnering with third-party providers was important for their company in the next 12 to 18 months. The most common trend in wealth management moving into 2021 for incumbents is tapping third party competitors and vendors to assist with transformation efforts. And now, three-fourths of global wealth managers see digital as a priority. Wealth management strategies are being adjusted to shifting consumer demands.Ī massive 77% of US- and Canada-based financial advisors reported losing business because they didn’t have the appropriate tools to interact with clients as the pandemic reduced in-person meetings. Wealth management industry trendsĪs consumers carefully monitored their finances and shifted their focus to wealth management technology amid the pandemic, traditional financial institutions (FIs) began looking for ways to expedite their own digital transformations. The share of global customers using fintech platforms for wealth management is expected to grow 7% from 2018 to 2022, while the share using commercial or retail banks will drop by 6% over the same period.īelow, we outline the biggest trends shaping digital wealth management and explore where the industry is headed in the future. ![]() And as these economic impacts took effect, social distancing and safety precautions pushed millennials and other consumers to explore digital alternatives to managing their finances.Īs a result, traditional wealth managers are being threatened by startups’ tech-forward tools. Millennials’ wallets were stretched thin at the start of the pandemic, with 56% of them seeing debt grow during this time. Do you work in the Financial Services industry? Get business insights on the latest tech innovations, market trends, and your competitors with data-driven research.The following is a preview of one Financial Services report, the US Wealth Management Ecosystem.Transformation efforts across the front, middle, and back office can help incumbents get their services up to speed. ![]()
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