Wealth Management Market Research Reports, Analysis & Trends
Wealth management industry comprises companies that operate by financial planning, wherein finance and banking, which is the single biggest source of high net worth employment is undergoing severe contraction and billions have been wiped off the value of UK residential property. The impact of the economic downturn and the unprecedented effect it will have on the wealthy. What existing and potential wealth management clients look for when assessing someone to look after their capital and the qualities and services that will keep them loyal to a firm. Positioning for the future - what wealth managers need to do to ensure success both to weather immediate market challenges and to attract the high net worth clients of the future. Private banks are slowly accepting that compliance and risk management remain a high priority. In order to overcome tax transparency challenges and downward pressure on prices, private banks must invest massively in their systems in order to remain profitable, compliant and competitive in terms of service provision. Banks can leverage their technology investments and concentrate on how they can optimize their use of data by investing in their core systems such as back office, middle office and reporting.
Wealth Management Industry Trends
Globally, we found that the wealth management industry is at a critical point, caused by continuing regulatory pressures, a challenging macro-economic environment, margin compression, changing demographics and trust challenges. In the UK, compliance risk continues to be at the forefront of participant’s minds as cost-income ratios remain stubbornly high. You can find out more on this and other key findings for the UK by watching our video. The survey gathered insights and perspectives from 200 institutions from across all segments of global wealth management in more than 50 countries. The Intelligence Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market. With the Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on wealth management each of the countries and regions we cover.
According to Aite Group, several of the largest US wealth management firms completed acquisitions in 2012 setting the stage for the continued pursuit of growth strategies through acquisitions or internal building. By contrast, small and midsize wealth management firms will choose to expand or update their wealth management capabilities through partnerships with their service providers, and large technology and business services providers with the scale and resources to stay current with technology and practice management innovations will be highly desirable partners, the report says. In particular, clearing firms will continue to see strong business growth as well as fuel growth by taking over some functions of small broker-dealers.
Major Wealth Management Players
Major players in the wealth management industry include KBK Wealth Management, Credit Suisse, LPL Financial, First Republic, Legg Mason, Janey Montgomery Scott, and Bank of America.