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The wealth management industry experienced seismic shifts during 2020 as incumbents merged and a surge of new investors entered the market. Two trends were driven in large part by the events of the COVID-19 pandemic: Social distancing drastically accelerated digital adoption, and new investors flush with stimulus cash flooded the market.
“A combination of shifting economics (fee erosion and low interest rates) and the increasing ubiquity of personalized services has forced wealth managers to reimagine their core value propositions and rethink which links in the value chain to own vs. outsource,” says Alois Pirker, Wealth Management Practice Director for Aite-Novarica Group.
This Impact Report analyzes changes to client assets, fee-based assets, advisors, productivity, and market share, and it discusses leading players in each group. It also examines major trends and the key drivers of change for each segment. This report is based on public regulatory filings, investor presentations, news articles, and other publicly available information. It also incorporates insights gleaned from interviews with firm executives throughout 2020.
