Across industries, consumers around the world have changed where they shop, how they discover products and what they ultimately buy, thanks to new technologies, innovative business models and disruptive brands.
The wealth management industry is acutely experiencing these trends, presenting many challenges – and opportunities – to a wide array of service providers: from firms with rich legacies to innovative new entrants who are out to change the very definition of the industry. Shifting client demographics and preferences, as well as a flood of new digital offerings, are driving clients around the world to reconsider their wealth management relationships.
According to EY’s 2019 Global Wealth Management Research, an increasing number of clients are willing to pay for financial advice, but what they value is evolving rapidly. To help our clients understand how best to deliver value, we surveyed 2,000 wealth management end clients across 26 countries to understand what matters most to them.
Ireland’s wealthy have repaired their personal balance sheets and include a significant cohort of first generation entrepreneurs. We are seeing interest from global firms, indigenous wealth managers and providers of financial services more generally looking to tap into this market opportunity. The models of yesteryear can no longer be deployed economically yet the consumer still values outcome oriented solutions delivered by humans. – Paul Traynor, Advisory Lead, Wealth & Asset Management.
Based on our findings, we believe the following themes are most important to address:
Download the key insights via the link below or explore our 2019 Global Wealth Management Research in detail.