Ahead of the launch of our biennial Global Wealth Management Study 2014–15, we held an intimate breakfast roundtable discussion at the Savoy on 15 January. Alan Gemes and Sid Azad were joined by senior executives from the wealth management industry.
According to the Global Wealth Management Outlook 2014–15, assets under management have seen a significant upswing around the world, but these gains have not translated into the top- and bottom-line growth that wealth managers would expect, considering past recoveries. Although prospects for wealth management have improved significantly over the last year, wealth managers must learn new rules quickly and adapt their playbook accordingly if they are to capitalize on the continued economic recovery.
The study suggests a four-part solution to help wealth managers adapt to changing conditions: Apply a “capabilities lens” to look for markets where you can compete effectively; rethink your firm’s value proposition with tiered offerings aimed at transparency and customer suitability; go digital with more effective use of information and communication tools; and use a Fit for Growth* approach to adapt your cost structure to the revenue realities.
* Fit for Growth is a registered service mark of PwC Strategy& LLC in the United States.