Boston, November 6, 2013 – The wealth management industry has become increasingly competitive in recent years. Large players' market share has been eroding since 2008, and assets have shifted toward firms that have been quicker to adapt to client needs for mixed self-directed and advisor-driven wealth management services, giving incumbent providers and new entrants the opportunity to build hybrid, multichannel solutions that satisfy more client needs under one roof. These new service expectations are particularly apparent among Generation X and Y investors, more of whom express low satisfaction with their advisors relative to baby boomer clients. How can wealth managers bridge the gap between what the next generation of consumers expects and what firms deliver?
Based on Aite Group's 2013 U.S. financial advisor survey and an Aite Group-moderated discussion between nine wealth management executives at a July 2013 executive roundtable event focused on the client experience, this report by senior analyst Sophie Schmitt discusses how wealth management firms can improve their offerings and client experience through people, process, and technology investments.
This 22-page Impact Report contains 12 figures. Clients of Aite Group's Wealth Management service can download the report.