Wealth managers cannot survive by delivering standardised experiences to clients: Report
Many wealth managers struggle to maintain their top-line margins despite strong growth in personal financial wealth and assets under management. But they can help reverse this trend-and strengthen their competitive position-by using advanced analytics to better address clients' individual needs and by adopting smart revenue practices to generate new pools of opportunity, says a study report.
The report, 'Global Wealth 2018: Seizing the Analytics Advantage' prepared by The Boston Consulting Group (BCG), highlights the need for delivering highly personalised service to clients. "Delivering standardized experiences to clients will no longer suffice," says Brent Beardsley, a BCG senior partner, wealth management expert, and co-author of the report, adding, "Wealth managers have begun to invest in personalisation, but many still struggle to effectively combine an enhanced client experience with the underlying management of data, processes, organization, skills, governance, and behavioural change. Firms that do not take the necessary steps in these areas run a high risk of being left behind."
BCG feels firms that deliver smart, individualized...