Wealth Management Industry Top Key Players – UBS, Bank Of America, Morgan Stanely, Credit Suisse, JP Morgan, Citi Bank, BNP Paribas, Goldman Sachs, Julius Baer, China Merchant Bank
The money management industry is facing four fundamental challenges - volatility, uncertainty, complexity and ambiguity. Volatility affects financial markets and business attractiveness in terms of customers, regions and offerings. Uncertainty interferes with macroeconomic decision making, thus affecting customers and institutional stakeholders.
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WEALTH MANAGEMENT INDUSTRY SEGMENTATION
BY Investable Assets
• Mass Affluent (USD 100K-USD 1000K)
• High Net Worth Individual (USD 1000K-10000K)
• Ultra High Net Worth Individuals (>USD 10000K)
• Middle East and Latin America
• Growing populism in Europe, Brexit negotiations, China's transition to a consumer economy, Asian geopolitics, and potential changes in US regulatory, tax and trade policies are creating uncertainty for the industry's development.
• Covid19 has pushed most economies into recession, asset prices have fallen and interest rates are steadily falling, resulting in a decline in assets under management, asset accumulation and revenues in the first quarter of 2020.
• Fee and commission income is already under pressure from more stringent regulatory requirements that will continue to decline. This pressure on profitability increases as companies need to invest in new talent and develop the products and technologies they need as the industry shifts to a new paradigm.
TRENDS IN THE WEALTH MANAGEMENT INDUSTRY
• Digital Channels - The use of digital channels for wealth management will increase customer loyalty as data analysis increases the return on investment (ROI) for investors. Asset managers will also be able to deliver the personalized offerings that today's investors expect, gaining complete customer insight.
• Augmented Reality and Virtual Reality- Augmented reality (AR) and virtual reality (VR) help asset management companies make managed investments more intuitive for customers, especially millennials. The pace of adoption of these technologies should accelerate as consultants become more aware of their financial services capabilities.
• Agile Distribution Models- Agile distribution models will provide companies with greater access to new customers, especially younger investors who are more interested in using digital technologies. Leveraging the data currently available will also enable the development of services that will reduce churn and improve customer engagement.
• Adoption of Open APIs- This increasing competition and slow innovation are driving customers away, making traditional business models unsustainable in the long run. Banking-as-a-Platform is a solution to this problem that benefits both asset management companies and API developers.
• Bank Of America
• Morgan Stanely
• Credit Suisse
• JP Morgan
• Citi Bank
• BNP Paribas
• Goldman Sachs
• Julius Baer
• China Merchant Bank
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