To remain competitive, advisors must reduce expenses and work to engage technologically savvy clients, according to a new study from Aité Group.
The study, “Top 10 trends in wealth management for 2012,” found that advisors must increase their technology
and mobile technologies in order to keep up with younger clients.
“Wealth managers must reinvent their business models to accommodate the need for more direct access to information,” said Alois Pirker, Aité’s director of research.
The wealth management industry has experienced dramatic changes
in the wake of the recent recession, the study said.
Predictions for the upcoming year included:
- Continuing acquisition, mergers and breakaways
- Increased outsourcing fueled by profitability pressure
- Increased wealth management revenue for banks
- New pricing and delivery of wealth management services
- More self-directed investing
- More retirement initiatives for the mass affluent
- An advisor push for more control
- More mobile initiatives