“The pace of change is incessant and the opportunities and challenges seem to be continuously shifting. But with the right long term vision, a flexible strategy and the right partners, wealth managers should be able to plot – and – then execute – a sustainable digital strategy for the future,” indicated Tom Brown, Global Head of Investment of Management.
As the world rapidly shifts towards digital and the digitalization of services, the wealth management industry is disrupting. Digital will likely be the key to success in the future – not only as an enabler of growth, but also to reduce costs, improve performance and better manage risks.
The good news is that – after worries that the sector may be falling behind peers in other financial services sectors – the wealth management sector has started to get strategic about digital. Indeed, according to our research, most are now starting to think clearly about how digital will transform the traditional wealth management business.
However, our research suggests that few have managed to translate this more strategic view of digital into real and sustainable competitive advantage. Most are still struggling to understand the implications of digital. The more advanced are learning from peers in other sectors and partnering with Fintechs to develop new approaches and ideas.