Wealth Management: Strategic Agenda and Technological Imperatives

experiencing a tremendous change that can be attributed to a combination of demographic changes, technological advances, and broadening service offerings. The Wealth Management industry is in the midst of a renaissance. Firms that served high-net-worth (HNW) clients are using technology to move downstream, and firms that previously targeted the emerging affluent segment of the mass market are now trying to move upstream through a slew of new products and services. Consequently, the wealth management landscape has witnessed radical changes and old labels no longer apply. Fierce competition for client assets and the influx of technology, which has expanded the scope of service delivery, have combined to usher in a constantly evolving competitive environment. It has become increasingly apparent that one size does not fit all retail investors. Equally important is the fact that the economics that govern customer relationships can not support all the levels of products and services that retail investors might hope for. Risk profiles have been reset across the spectrum of investors, and consumers are reevaluating their investment product selections. In addition, progressively stringent government regulations have also driven businesses to execute numerous structural changes to the nature of their services, including the how and where components of service delivery.