
Global Wealth 2022: Standing Still Is Not an Option
The most important question facing wealth managers right now is not which initiatives to prioritize—but how best to implement them all.
The wealth management industry has traditionally seen strong growth with little capital intensity. But today, tightening regulations, increasing competition, and a slowing global economy are forcing changes in wealth management strategies.
On top of this, customer expectations are evolving fast. Clear communication is paramount: wealth clients want to know exactly what they’re paying for, while firms need to better understand how much clients are willing to pay. Customers increasingly expect providers to offer the convenience of digital apps, features, and channels, but wealth management digital strategy has lagged well behind commercial banking and other sectors.
BCG works with wealth management firms to plan for the future of wealth management, understand the strategic implications of a changing industry, and unlock competitive advantage.
The most important question facing wealth managers right now is not which initiatives to prioritize—but how best to implement them all.
Flipping the lens to look at global wealth from the perspective of client needs instead of net worth reveals huge untapped revenue pools lying in plain sight.