A Year-in-Review: Wealth Management Trends in 2018

Powered by a stream of new regulatory obligations, with robo advisor technology as a catalyst, the wealth management industry continues to change at an accelerated pace.

As 2018 draws to a close, it’s time to take a well-deserved breather and reflect on how we can prepare for the coming years. Let’s evaluate what’s top of mind by looking at the wealth management trends, threats, and opportunities as seen by Market Analysts in 2018 [INFOGRAPHIC].

Trends, Threats, & Opportunities as seen by Market Analysts in 2018 - Infographic from Univeris

A Focus on Customer Centricity

The wealth management industry will continue to raise the bar when it comes to combining convenience and quality of services. Similar to grocery shopping, investors want the flexibility  to order-and-collect, visit the store, request assistance, self checkout or not, as they see fit. Investors are in the driver’s seat.

More Pressure on Advisors

Advisors will have to deliver more without actually doing more. With investor expectations rising, time-strapped advisors will need the right technology to deliver more efficiently and effectively. Taking care of their clients’ real life objectives rises to the top of their priorities, changing the true meaning of KYC for good.

Automation Will Help

Dealers will continue to automate and perfect all key processes to six sigma quality levels. Additional compliance, rules, and threats will add to the complexity; however, robotic process automation (RPA) and artificial intelligence will ease the burden.

Based on this market analysis of wealth management trends in 2018, it is evident that the right technology is key to preparing for the future of wealth management. So, how do you get started? First, identify your core investor cohorts and map their ideal customer journey. Then, pinpoint the fundamental building blocks of your solutions. Finally, strengthen your solutions with the addition of complementary technology and be proactive to ensure you make progress iteratively but rapidly.

Running an expert enterprise in wealth management is not easy. Fast changing market forces are putting pressure on existing service providers and creating more opportunities for new entrants or partners to compete.