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Wealth Management

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.

How We Help the Wealth Management Industry

  • Growth & Strategy. The growth strategy of a wealth management firm drives its success. BCG wealth management consultants work with wealth managers to reach their organic and nonorganic growth targets, ensuring that they align their operating model with their strategic direction and maximize efficiency.
  • Smart Revenues. Shrinking margins are forcing banks to focus not just on the bottom line but on the tricky top line, as well. BCG addresses this pain point by zeroing in on the biggest drivers for revenue enhancement—pricing, sales force effectiveness, and performance management.
  • Operations & Technology. Wealth managers face internal hurdles, such as legacy systems and siloed operations, as well as the external challenges of increased risk management and regulatory shifts. Our wealth managing consulting services meet both needs, ensuring continuous delivery of results, highly adaptable outcomes, and optimal cross-functional collaboration.
  • Client Service Model. Rising client expectations in the wealth management industry are driving a shift away from a product-sales mindset to a focus on putting the client at the center of activities. Our extensive experience in client segmentation, value-based offerings, and holistic advisory propositions allows us to help wealth managers develop differentiating client journeys.
  • Digital. The wealth management industry has access to vast amounts of data but has been slow to adopt advanced analytics. Digital transformation, including making use of data along the entire client life cycle and across the value chain, can result in a 50% increase in revenues and a 20% decrease in operating costs. Our wealth management consultants work with BCG’s experts in advanced analytics, digital platforms, and digital incubators to improve client service—and unlock long-term potential.
  • Data Assets and Benchmarks. BCG employs several long-standing proprietary wealth management databases models that blend science and deep market knowledge, including our Global Wealth Market Sizing and Global Wealth Manager Performance Benchmarking. BCG’s Global Wealth Market Sizing assesses private financial health in 97 markets and 18 cross-border financial centers, covering 99% of global wealth. BCG’s Global Wealth Manager Performance Benchmarking is unique in the market with more than 130 annual participants, providing global and regional coverage of all dimensions of financial performance and operational efficiency.

Our Insights on Wealth Management Strategies

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Global Wealth Report 2023: Resetting the Course

BCG’s 23rd annual study of the global wealth management industry sizes the global market, analyzes booking-center trends, examines wealth manager performance, and offers eight initiatives to help players achieve consistent growth.

Meet Our Wealth Management Consultants

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