Another trend wealth managers are following is to create a data and analytics base on clients, so that they can be served more holistically, which is a move that helps differentiate managers, Refinitiv said. Knowing their clients enables managers to create insightful advice for them. Some firms are still having difficulty implementing the analytics that are being gathered. Sixty-one percent of wealth managers rated this phase of their business as being very important in the future.
Advisors will continue to move away from selling products to providing more well-rounded and life-oriented advice, and that puts the advisor at the center of the relationship with clients, Refinitiv said.
“With the right mix of reliable content, leading-edge technology and trusted human expertise, wealth managers will be able to evolve in line with industry trends, remain compliant with tightening regulations and harness the power of digitalization to accelerate growth into the next decade and beyond,” the report said.