Technology and Industry 4.0 is currently reshaping the wealth & asset management landscape. With the rising number of high-net-worth individuals globally, the need for wealth management solutions is also increasing. We at Research Nester bring in-depth market analysis based on current and estimated statistics to guide the next generation business leaders in making well-informed decisions and keeping ahead of the profound structural changes affecting the wealth management sector under the BFSI industry.
The wealth management segment of the banking and financial services industry has high growth potential owing to technological innovations and the digitalization of processes. It has been estimated that there were more than 15 million high-net-worth individuals (HNWIs) in the world. Moreover, the wealth management sector is expected to touch ~USD 1204 billion in terms of revenue by the end of 2035. Young investors, on the other hand, are particularly keen on using robo-advisors and AI tools provided by digital wealth management platforms. Our analysis has found that the revenue generated by the robo-advisory sector is expected to reach ~USD 33 billion by the end of 2035.
However, the increasing regulatory scrutiny around issues related to transparency, fee structure, and conflict of interest is becoming a growing concern among wealth managers. As such presently, the growing need is to keep pace with the dynamic and evolving industry trends and maximize capital growth, along with income generation. The older investors consider tax and stock market downturns as the biggest threats to their money whereas redundancy is considered a potential hazard among the young population. The success of a wealth management business depends upon customer satisfaction which leads to customer retention. Poor service and poor communication are the major concerns for dissatisfaction with a wealth manager. Hence, wealth management needs a lot of personalization in dealings and customization of customer needs. But there are no shortcuts to attaining an optimum solution to the above challenges. Major players, start-up firms, and independent financial advisers are all vying for clients’ attention with innovative offerings and better deals. Hence, the industry needs to be closely examined in the current and future scenarios to overcome challenges and uncertainty.
The in-depth analysis provided in our reports makes even tough decisions seem like a cakewalk. With the extensive groundwork done by our analysts right from relevant statistical data, regional growth, and the latest developments in the field, as a user you are well-armed to structure your plan of action. The information leaves no stone unturned to provide you with a futuristic outlook that can even turn challenges into opportunities.
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