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March 28, 2024 at 12:33 PM
Wealth management firms face unique challenges and opportunities in 2024. Maintaining profitability and adding value to clients will be challenging amid a still recovering equity market, high interest rates, the continuedeffects of inflation and global geopolitical instability, according to Capgemini’s 2024 wealth management trends report.
As many investors look beyond prioritizing wealth preservation, wealth managers must get creative, the firm suggests.
To develop business, wealth managers must expand the wealth continuum to the affluent segment and capitalize on the intergenerational wealth transfer. And as new segments and customers enter firms’ client base, advisors must use emerging technologies to streamline workflows and improve the experience for a younger, more diverse clientele.
Capgemini based its 2024 wealth management trends on analysis across three broad themes:
Customer first. Examination of the effect of a rapidly changing market, and how firms are adopting strategic measures in response to shifting customer behaviors and demands.
Enterprise management. A deep dive into organizational priorities for wealth management firms to capitalize on emerging opportunities in the sector.
Intelligent industry. Exploration of how wealth management firms can leverage new technologies and adapt to evolving regulations to derive benefits across the value chain.
See the gallery for highlights of Capgemini’s top 10 trends in wealth management in 2024. Download the full report here.
(Image: Adobe Stock)
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