Latest Research Report on 2016: Trends to Watch in Wealth Management

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The face of global wealth management is very different to five years ago. Many of the large international players have gone or are undergoing significant restructures as they adapt to the post-financial crisis world. The universal banking model of old is diminishing and many players are stepping back from investment banking. At the same time, banks are now much more selective in their approach to global expansion – no longer is it a case of the more countries the better. Today’s wealth managers are having to slim down and hone their propositions. The previously rich pickings of the offshore wealth management industry are becoming ever slimmer with the advent of the OECD’s Common Reporting Standards; meanwhile the march towards commission bans is pushing the industry to a fee-based advice model. All of this, together with advances in the digital world and fintech disruption, means wealth managers are being pushed to rethink their approach to the delivery of investment advice and who they deliver it to.

Key Findings

Australia, the Netherlands, and the UK are no longer the outliers when it comes to commission bans, with Canada, the EU, Hong Kong, and South Africa all moving to implement full or partial bans. The ultra-high net worth (UHNW) segment is the fastest-growing, and wealth managers from Credit Suisse to Deutsche Bank are actively seeking to increase their assets from this target group.

Cuts within investment banking divisions will have an impact on European wealth managers, both as a form of referral to private banks and in supporting entrepreneur clients.

The robo-advice space is likely to undergo consolidation, with incumbent wealth managers moving to acquire providers as a means of gaining a foothold in the automated investment space.

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