Undoubtedly many wealth management senior leader discussions and decisions in 2021 will be centered around the immediate business impacts of the COVID-19 pandemic, the speed of vaccine-enabled recovery and firms’ ability to ensure their businesses emerge stronger. Given this, we believe it’s worthwhile to also take a step back and look at a broader picture of the wealth management landscape in the wider context of major current and emerging trends.
In our Wealth Management C-Level Survey, participants identified six global megatrends they expect will make their businesses become more dynamic and deliver higher client value going forward:
- The emergence of new technologies
- Ecological and environment concerns
- A shift from support to value generation enabled by technology
- The paradox of personal data
- The rise of platform ecosystems
Some of these are continuations of previous trends. Others are new and bring a heightened degree of uncertainty about the future. While some of these trends are converging globally, others may have a more regional impact, but all are expected to require a response on a local level by industry players.
In this perspective, we lay out three key areas these trends will likely impact and what that could mean for the three big regional wealth management markets―North America (NA), Asia Pacific (APAC) and Europe. We asked our wealth management leads for their perspectives so we could deliver relevant global insight and foresight. Those views are incorporated into the narrative.