Major change ahead for wealth managers
The vast majority (90%) of
European wealth management senior executives expect consolidation at a time
when half of all European wealth is expected to change hands, according to a joint
report by JPMorgan Asset Management and Oliver Wyman.
Most (85%) expect that larger players will acquire
smaller players and 73% expecting some form of consolidation.
“The next generation of clients is emerging as wealth is created in new industries and a peak transition of wealth to a younger generation occurs over the next 20-30 years,” said the report.
The survey showed a number of challenges on the horizon for the wealth management industry.
“With the unprecedented industry change underway, the traditional wealth manager proposition is coming under strain. A clear understanding of the forces at play, a focused strategy and efficient execution will separate the future winners from the losers,” said Stefan Jaecklin, partner and head of the wealth and asset management practice at Oliver Wyman.
Digital innovation will provide opportunities to better engage and service clients, but will also enable innovative players to disrupt the market. A regulatory focus on client protection and stability of the financial system is creating numerous challenges for wealth managers, but is also opening up opportunities for differentiation
The survey included responses from 23 wealth managers across Europe, as well as an online survey of an additional 136 industry professionals.
Found this useful?
Take a complimentary trial of the FOW Marketing Intelligence Platform – the comprehensive source of news and analysis across the buy- and sell- side.
Gain access to:
- A single source of in-depth news, insight and analysis across Asset Management, Securities Finance, Custody, Fund Services and Derivatives
- Our interactive database, optimized to enable you to summarise data and build graphs outlining market activity
- Exclusive whitepapers, supplements and industry analysis curated and published by Futures & Options World
- Breaking news, daily and weekly alerts on the markets most relevant to you