The wealth management industry is set for a significant shake-up as a result of intense competition, increasing client demands and current economic uncertainty, according to a new study by PricewaterhouseCoopers (PwC) and the Economist Intelligence Unit (EIU).
The challenges are manifold, says PwC. Providers are serving a client base which demands the new - new technologies, new products, new relationship models - but insists on the old - the traditional private banking strengths of personal service and advise. What's more, they are doing so at a time of economic uncertainty, when margins are being squeezed, and in a landscape of competitive pressure, when differentiation and aggressive cost management is more crucial to success than ever.
Given this testing environment, this report identifies five main questions for wealth managers to ponder. How an institution answers these questions will define its level of success - or failure - in the future.» Download the document now 800Kb PDF