What Wealth Managers Must Do to Outperform by 2030: EY Report

Provide seamless, consistent experiences: How can we provide smooth, joined-up client journeys across channels?

Redefine the relationship manager: How can we foster greater productivity among our relationship managers?

Outperform on organic growth: How can we systematically increase conversion rates for client acquisition, add-on sales and retention?

Overcome complexity in operations: How can we achieve sustainable profitability gains, despite growing complexity?

Build future-proof technology and data infrastructure: What is our design for a powerful, efficient and adaptable technology and data architecture?

Redesign key control functions: How can we evolve toward modern, efficient risk management and compliance?

EY said these challenges are connected to one another, and wealth managers need to master as many of them as possible if they are to consistently outperform current peers and future competitors. Most wealth managers have a distance to go to achieve best practice in every one of these areas, EY said. 

Through gathered experience from cases across markets and disciplines, EY has identified industry-specific, objective-focused business and operating model concepts that firms can apply to effectively address industry challenges.

These include "advice-centered affluent banking," "advisor co-pilot (virtual assistants)," "systemic client-centric sales," "hybrid omnichannel client experience," "front office unburdening" and "extending incentive models for front office." 

Some of these have a proven track record but have been sidelined by a preference for tactical approaches. Others are more innovative. EY suggests that each one can be strategically valuable to any wealth manager, although their relevance will vary according to each firm's distinct circumstances.