“There are several thematic changes and market pressures converging that will require doing far more than just tweaking and fine tuning the current operating model and proposition.”
Wealth management in the 2020s looks markedly different to wealth management in the 2000s and early 2010s.
Progress has been made in terms of transforming an industry that has a history of changing slowly and cautiously, but the change has only gone so far. Incremental improvements over a long period of time have just about done enough to evolve wealth managers and keep them relevant. But this has been against a backdrop of rising markets and growing personal wealth, meaning investors have largely excused any lack of innovation in products, service, and pricing. As a result, antiquated operating models have managed to survive beyond their sell by dates (sometimes well beyond them!).