WEALTH MANAGEMENT TRENDS IN THE WORLD

Abstract

Purpose- The purpose of this research is to explore and identify the prevailing trends in the wealth management sector on a global scale. Methodology- As the main aim of the research is to identify the prevailing trends in the wealth management sector on a global scale, we have collected various statistical data sets regarding the various trends that are already established within the sector. Furthermore, we have also carried out interviews with two private bankers, one wealth management executive, and one wealth management client in order to get a substantial amount of insight on where the industry is headed. Findings- The wealth management sector has seen a rapid growth over the course of the last two decades but is being heavily impacted by the COVID-19 crisis. Conclusion- New trends look to impose new rules in the wealth management sector. COVID-19 and the existing economic troubles together may result in a significant slowdown in sectoral growth while a consolidation era for wealth management companies are commonly expected. Meanwhile, a dramatic change in most clients’ mindset and rapid adoption of more technology in the sector helping firms to reduce operational costs are foreseen.

Keywords

• Wealth management
• assets under management
• (ultra) high net worth individual
• consolidation
• Covid-19

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