Wealth management service providers globally are facing multiple business challenges due to factors such as the prevailing high interest rate that has adversely impacted investment opportunities and returns for clients. There is also a need to respond to changing customer expectations triggered by shifts in demographics, the emergence of new asset classes, the rise of new competitors, as well as rapidly evolving regulatory and tax regimes.
The North American wealth management market continues to be largest in the world, but growth has slowed down relative to other regions.
On average, advisory fees in 2021 went up to 0.69% compared to 0.6% in 2020. But advisors have had to work extra hard (and smart) to achieve even this small increase. But despite the clouds, there is good news on the horizon. Agile wealth management players can take advantage of an emerging opportunity in the USA.
Download this whitepaper to:
- Discover key trends that wealth management service providers in North America need to navigate
- Understand the various facets of wealth management
- Learn how technology will hone the future competitive edge of wealth management players
