Two striking statistics emerged from Accenture’s recent Wealth Management Consumer Report: Almost 90% of High Net Worth (HNW) investors from our survey with $10 million or more in personal wealth, felt the advice provided to them by their advisor was too generic. 51% of those HNW investors indicated they would retain a new advisor to…
Over the past eighteen months, we’ve seen some of the biggest global players and mid-tier firms in wealth management announce major changes to their wealth strategies and operating models. The common theme? A partial or full merging of high-end private banking with lower-end mass-affluent businesses into a single much larger wealth management unit to deliver…
There’s an enormous wave of new investors who are currently changing the brokerage industry in the U.S. Last year alone, it’s estimated that one-third of the U.S. stock market trading was initiated by retail investors.1 In 2020, 15% of investors in the U.S. stock market were first time investors.2 Given these phenomena, one of the…
In a recent Accenture survey, 69% of wealth management consumers in the U.S. and Canada said they would consider using Google, Apple or Facebook to manage their money if these channels featured a wealth and money management offering.1 Apparently many clients today want to receive advice on personal wealth with the same level of customization,…
Over the past year, capital markets firms were understandably hyper-focused on stabilizing client relationships, guaranteeing employee safety, and keeping operations going during the economic uncertainty COVID-19 brought. Efficiency and caution ruled the day. But now we’re seeing the pendulum increasingly swing in another direction as firms think about how to accelerate growth again. If the…
Wealth managers in the Asia-Pacific region face data, governance and employee-engagement challenges when adopting AI-driven personalization. If they can avoid these roadblocks, the potential rewards are considerable. It is likely that all businesses involved in the wealth management sector may ultimately need to invest in an artificial intelligence capability if they want to be competitive…
