The wealth management industry has traditionally focused on providing personalized advisory services to High Net Worth (HNW) individuals and institutional investors, through a physical and people-heavy model. Rapidly advancing technology, democratization of assets, and Artificial Intelligence (AI)-enabled automated investment advisory services are creating entirely new ways of serving the wealth management needs of customers and are significantly increasing expectations from firms to improve the quality, speed, and price at which value is delivered. Wealth management firms are collaborating with FinTechs, building in-house innovation capabilities, and adopting digital technologies such as AI, analytics, and more to develop new products, services, robo-advisors, and business models.
At the same time, rise in the next-generation of investors (generation X and millennials) is redefining the standards and expectations from wealth management firms by demanding best-in-class customer experience.
In this research, we analyze customer-facing digital investments for 21 North American wealth management firms. These firms have been mapped on Everest Group’s Digital Effectiveness Assessment model, which is a composite index of a range of distinct metrics related to each wealth management firm’s capability maturity and the resultant business outcomes. In this report, we look at:
- Disruption in the North American wealth management sector
- Assessment of top 21 North American wealth management firms on Everest Group’s Digital Effectiveness Assessment model
- Identification of digital wealth management Leaders and their features across all assessment dimensions
- Snapshot of capability maturity and business outcomes of all North American wealth management firms assessed on the Digital Effectiveness Assessment model
SCOPE OF THE ANALYSIS
- Industry: Wealth management
- Geography: North America
- Enterprises: Includes 21 North American wealth management firms, shortlisted based on asset size as well as their focus on wealth management services
SOURCES LEVERAGED
Only publicly-available information (i.e., information from the consumer’s perspective) has been used for the entire analysis in this report.
CONTENTS
The detailed report “Digital Effectiveness of Wealth Management Firms in North America – Harnessing the Power of AI and Data Analytics”.
Membership(s)
Banking & Financial Services (BFS) - IT Services (ITS)
