The top 10 trends that will shape the wealth management industry in 2013, Aite
In 2013, 10 key trends will shape the wealth management industry, according to a report published by Aite Group.
According to research published by the consulting firm, change will remain the dominant, overarching trend as the industry enters year six following the start of the financial crisis.
Regulations, business and servicing models, and operating models are all still adjusting to the post-crisis business environment, and the main goal for many firms is to finally kick their wealth management business into gear and once again accelerate growth.
For 2013, then, Aite Group’s top 10 trends for wealth management are:
• Re-evaluation of operating and growth strategies-acquire vs partner
• Investment advice regulations drive business model changes
• RIAs reach for greater efficiency
• Intergenerational wealth management and advisor succession planning in the spotlight
• International firms reassess international operations
• External asset managers grow
• Engaging the active trader
• Cloud-based trading emerges
• Politics still matter (US edition)
• Technology enhances the client/advisor relationship
“Five years after the start of the financial crisis, the wealth management industry is still dealing with the aftermath of the crisis and trying to switch its businesses into growth mode,” said Alois Pirker, research director with Aite Group.
He added: “Uncertainty will persist in 2013 as the wealth management industry waits to see whether investors will finally return to investing and taking on risk.”