The status quo in the private banking and wealth management industry is changing as the focus shifts to client service and value delivery, according to our 2011 Global Private Banking and Wealth Management survey -Anticipating a New Age in Wealth Management.
Those who can master change will be in a position to lead the industry and we believe that clear industry leaders and losers will emerge by the middle of this decade. Some highlights:
Today’s client is cautious, smart, less loyal and expects excellent service and clear value. Regulation has become the not-so-invisible hand, increasing the cost of operations. Greater operational efficiency and effectiveness are required, not just to compete but to survive. Standing still is no longer an option and institutions must now quickly adapt or face being left behind.
PwC's 2011 biennial report, surveyed a record 275 institutions from 67 countries, finding that wealth management continues to be a lucrative business with untapped potential for significant growth if institutions can be agile in adapting to meet changing demands
To read the report go to the PWC website.