The financial ecosystem is enormous and basically exists to cater the savings and investment requirements of organizations and individuals. Usually, a holistic approach is applied within the wealth management sector. To fulfill the intricate requirements of a customer, wealth managers offer a wide array of services including estate planning, retirement, investment advice, accounting, and tax services.
What Is Wealth Management?
Wealth management is much more than simply investment advice. It takes care of all the aspects of an individual’s financial life. Rather than struggling to put together pieces of guidance and various products from numerous wealth management professionals, high net-worth individuals (HNIs) might be more probable to benefit from an integrated wealth management approach.
In technical term, wealth management is an investment advisory service that integrates other financial services to deal with the requirements of well off customers. Using a counseling procedure, a wealth manager collects information about a customer’s requirements and particular condition, and then develops a personalized approach by making use of various financial products and services.
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Why is the Growth of the Wealth Management Market Thriving?
Usually, wealthy individuals with a broad array of diverse financial management opt to hire wealth management services. As the number of people with strong financial status is rising, the need for efficient wealth management service providers is surging. As a result, the global wealth management market growth is boosting tremendously. As per a report by Research Dive, the global wealth management market [AK1] size is expected to gather a revenue of $850.90 billion in the 2021–2028 timeframe. The integration of advanced technologies, such as Internet of Things (IoT), AI (Artificial Intelligence), chatbots, and big data analytics, is likely to open doors to profitable opportunities for the market growth. Also, with the growing digitalization across the globe, wealth management companies are greatly investing in customer involvement by providing digital as well as voice-enabled assistants.
Nowadays, numerous wealth management service providers are implementing chatbots functionality to on-line conversations for offering a more tailored and user-friendly experience as compared to mobile apps. Wealth managers are greatly focusing on the implementation of advanced technologies to obtain a competitive edge, gain a detailed knowledge of the products and services they offer, and boost their overall operational competency.
Recent Trends in the Wealth Management Market
Some of the most prominent players of the global wealth management market include Bank of America Corporation, BNP Paribas, Charles Schwab & Co., Inc., Citigroup Inc., CREDIT SUISSE GROUP AG, Goldman Sachs, JPMorgan Chase & Co., Julius Baer Group, Morgan Stanley, UBS, and others. These players are focusing on developing strategies such as product development, mergers and acquisitions, partnerships, and collaborations to obtain a leading edge in the market. For instance,
- In September 2021, MyVest, a wealth management technology providing company, launched various advancements to its Strategic Portfolio System platform to enable automation and enhanced client personalization.
- In September 2021, Shenwan Hongyuan Securities (HK), a Hong Kong-based investment holding company mainly involved in financial businesses, introduced a wealth management operation, Wynner in Hong Kong. The platform is developed with an aim to offer economic solutions to expert investors and high-net-worth people who are interested in overseas asset allocation and market investments across the globe.
- In September 2021, Generational Wealth Advisors (GWA), the wealth management team of the Generational Group (GG), a foremost middle market investment bank for private businesses, introduced a new strategic relationship with the Hargrove Firm, Estate and Trust Attorneys (Hargrove). This collaboration will enable GWA to offer comprehensive tax analysis and counseling related to the potential sale of their businesses and its impact on the personal finances of its clients.
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Covid-19 Impact and Future Scope of the Market
The abrupt outbreak of the coronavirus pandemic has drastically impacted the world economy. Owing to the economic recession, the global wealth management market has experienced a decline in its growth during the pandemic. Moreover, the demand for wealth management services and products has significantly declined as a result of the worldwide health emergency. However, as and when the pandemic relaxes and the economy recuperates, the need for efficient wealth management services will surge, thus fueling the market growth stupendously.
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