The rise in investor awareness, the emergence of new WealthTechs and FinTechs, global wealth redistribution, and an evolving regulatory landscape are driving a shift in the wealth management business model. This transformation is moving from a traditional reputation-driven approach toward a technology-led advisory model, aligning with evolving customer expectations for hyper-personalization and innovative products. The evolution of this business model will primarily be driven by product and experience innovation, along with technology-led disruptions.

Wealth management enterprises are pursuing growth, cost efficiencies, and differentiation strategies, while wealth management technology providers are focusing on wealth technology stack modernization opportunities. Enterprises are increasingly embracing technology-driven interventions and leveraging advanced analytics (such as machine learning, artificial intelligence, natural language processing, and big data), automation, and hyper-personalization to enhance efficiencies and elevate the client experience.

In this report, we present Everest Group’s perspective on the wealth management eras and its evolution from persona to person-based personalization for wealth managers, achieved through technology intervention and a reimagining of the business model and customer value creation. Additionally, we analyze the wealth management technology and IT service provider landscape, examine the top benefits that wealth management firms have achieved by utilizing technology platforms, explore the shifting priorities of providers, provide a geography-wise view of the wealth management space, and outline distinct implications for wealth management firms, technology providers, and service providers.

Scope

• Industry: Banking and Financial Services (BFS)
• Geography: global

Contents

In this report, we examine:

• Market trends and evolution of wealth management business model
• Adoption of platform-based operating models, leveraging data and cloud infrastructure, to drive the evolution of wealth business
• Wealth management technology and service provider ecosystem
• Global wealth technology and IT services spend analysis
• Key implications for wealth management firms, technology providers, and service providers

Membership(s)

Banking Information Technology

Sourcing and Vendor Management