Despite External Industry Threats, Few Wealth Managers Plan to Change Their Business Models, Accenture-Orbium Report Finds
18 Junio 2020 - 12:59AM
Business Wire
Profitable opportunities exist for wealth
managers who can develop unique, personalized services and products
and explore untapped opportunities in alternate asset classes
outside of stocks and bonds
Despite growing external threats to wealth managers’ businesses,
including losses from intergenerational wealth transfers, nearly
four in five wealth managers (78%) in Europe and Asia don’t plan
significant changes to their traditional business models, according
to a new report from Accenture (NYSE: ACN) and Orbium, part of
Accenture Wealth Management.
Specifically, while many wealth management executives understand
that successfully addressing industry challenges will require new
business models, the report found that they are hesitant to move
forward with bold strategies for business model transformation that
capitalize on emerging technologies.
The report, “Survive and Thrive to 2025: Insights from the
Wealth Management C-Suite,” is based on a survey of 51 C–suite
executives at leading private banking and wealth management firms
in Europe and Asia.
Wealth managers surveyed expect to lose, on average, nearly
one-third (32%) of their own wealth assets under management through
intergenerational wealth transfers, which Accenture predicts will
be US$40 trillion of investable assets over the next 30 years.
The report notes that to address this challenge, large wealth
managers will need to serve multiple generations of investors who
are looking for tailored, digital services that align with their
social and personal values, including impact investing and
environmental, social and corporate governance (known as “ESG”). To
do this effectively, firms must address their inflexible business
models and talent and capabilities gaps so that they can better
engage in multi-firm ecosystems, platforms and partnerships.
“Wealth managers must ensure that their advisory models are ‘fit
for future,’ as the one-size-fits-all approach to client servicing
no longer works,” said Ian Woodhouse, head of Strategy and Change
at Orbium, part of Accenture Wealth Management. “A younger
generation of socially active clients is demanding new products and
ways to be served, including timely, multichannel interactions.
This level of client engagement will require significant
investments in technology around data and analytics so that wealth
managers can restructure their business models to enable advisors
to deliver personalized advice at scale.”
The report suggests that key growth areas for wealth managers
could include non-bankable assets — e.g., private assets such as
direct equity, residential and commercial real estate, family
businesses, art and passion assets — as well as non-investable
assets like life insurance and pensions. These asset types
represent growth opportunities of US$78 trillion and US$64
trillion, respectively.
Just 17% of wealth managers surveyed expect that the traditional
approach to client segmentation — such as by age, region and
investable assets — will still play an important role five years
from now. At the same time, the market will likely evolve toward a
“segment of one” to reflect the individuality of clients’ wants and
needs. Slightly more than half (53%) of respondents believe that
personalization will be driven by traditional investment needs and
evolving client choices. Succeeding in this environment will
require wealth management firms to maintain or reduce servicing and
operating costs.
“If wealth managers want to survive and thrive beyond these
unprecedented times, they must focus on differentiation and
innovation while maintaining their core mission of safeguarding
clients’ assets,” said Michael Spellacy, a senior managing director
at Accenture and global capital markets industry lead. “Their
resiliency is certain to be tested, so they must overcome
organizational inertia to reinvent the client experience and
products for future generations. The leaders will make customized
digital interactions more personal, with wealth advisors supported
by artificial intelligence, automation and analytics to make
better, faster decisions for clients.”
Wealth managers understand that they must invest more in
attracting and retaining the right talent to better serve clients
and offer new products, with a majority of respondents citing
talent as a top-three investment priority over the next five years.
Whether firms have the appropriate cultures to do so is uncertain,
as two in five respondents (40%) said that they have difficulty
adopting a strong culture for change and embracing new ways of
working.
While the survey was conducted just before the COVID-19 pandemic
disrupted global markets and economies, wealth managers in Europe
and Asia were already pessimistic about the future of financial
markets, with 70% expecting the economic outlook to deteriorate and
55% expecting volatility to increase over the near-term.
The full report can be accessed here:
https://orbium.com/c-level-survey/
Methodology
The Accenture-Orbium Wealth Management C-Level Survey provides a
view of the current and future evolution of the wealth management
industry in Europe and Asia. The survey was conducted through both
online questionnaires and qualitative interviews. The questionnaire
was conducted between September and December 2019. Respondents were
51 C-level executives from leading private banking and wealth
management firms that together manage private wealth assets of more
than US$5.6 trillion.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services in strategy and consulting,
interactive, technology and operations, with digital capabilities
across all of these services. We combine unmatched experience and
specialized capabilities across more than 40 industries — powered
by the world’s largest network of Advanced Technology and
Intelligent Operations centers. With 509,000 people serving clients
in more than 120 countries, Accenture brings continuous innovation
to help clients improve their performance and create lasting value
across their enterprises. Visit us at www.accenture.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200617005735/en/
Michael McGinn Accenture +1 917 452 9458
m.mcginn@accenture.com
Accenture (NYSE:ACN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Accenture (NYSE:ACN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024