The world of wealth management is on the verge of a massive paradigm shift. Roughly one third of advisers are set to retire this decade as Baby Boomers transfer their life savings over to younger generations. Evolving customer demographics, expectations and behaviors require new digital tools, strategies and experiences to sustain relevance and growth.
Three Pillars of Success in the New Era
To capitalize on opportunities in this new environment, wealth management firms need to identify the key business elements requiring attention. These can be distilled into three distinct categories: