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Wealth Management

Overall economic context and increased competition from digital players dictates the stakes facing wealth managers around two main drivers : NBI increase and costs control 

Wealth Management

Wealth Management remains an attractive segment for all players. But digitalisation, innovation, regulatory pressure and process automation do require to maintain investments while reinventing client relationship and value proposition.

A dynamic landscape

Wealth managers are still facing a dynamic landscape with both challenges and opportunities. 

In a context where an economic normalization is expected after turbulences due to geopolitical shifts, inflation, and rising interest rates, the challenges to embrace IA technology revolution, wealth transfer to younger investors, ESG considerations, customized advice and solution, tailored made services and digital transformation are still high.

Wealth managers will need agility, adaptability to balance these trends and thrive in this evolving industry. 

  • Strengthen positioning and distribution model

    • Strategic positioning – Traditional, hybrid or digital-only customers ? Which model to deal with which client segment ?
    • Financial intermediaries — Growing importance of financial intermediaries. Which specific services to attract financial intermediaries ?
    • Networks — Backing by a retail banking network. Retail banking networks as a partner to target boh personal & professional clients.

  • Develop new value proposition

    • Segmented value proposition through differentiated offers : New offers ranging from digital only services to standardized discretionary management or robo based advisory. Increase share of managed assets versus execution only model.
    • New paid services – Introduce « A la carte » paid services (wealth, tax…)
    • Investment universe / products – Extend product range to more innovative / alternative asset classes (non liquid – real estate, private equity, crypto…)
    • Pricing model – Review pricing model to align with service model & value proposition. Exit retrocession model and enter advisory fees model

  • Reinvent client relationship model

    • Client segmentation — More sophisticated client segmentation through AI to enhance level of personnalized services
    • Servicing model – Align service models with true client potential / Redefine role of Relationship Managers / Free-up “sales” time
    • Digital – Enhance capabilities to standards defined by new digital players or some retail banks

  • Develop new client experience

    • Digitalization — Digitalized on-boarding and client journey experience
    • Robo-advisors — Customised and automated advice for mass affluent clients
    • Build strong CRM capabilities – Leverage CRM capabilities
    • Detect opportunities – Leverage public information (press, social media…) to detect opportunities

  • Contain regulatory pressure

    • Align to regulatory constraints (MIFID II, FATCA, AML/KYC, AEOID, DAC 6, GDPR…) especially for the provision of cross border financial services
    • Embrace ESG and inject prupose into offerings — Deal with ESG client preferences and develop specific offering

  • Rethink IT & operating model

    • Assess value chain & analyse outsourcing options -Focus on core business and increase efficiency and flexibility through changes in operating models for labour-intensive activities offering limited differentiation
    • Platforms – Create global onshore & offshore platforms to reach viable scale. Full multi-entity capabilities
    • Processes streamlining – Standardization and automation (including robotization) of processes. Efficiency gains up
    • Agile — Embrace agile ways of working and strive for workforce flexibility
    • IT architecture — Rethink IT architecture toward a component-based approach. Leverage traditional vendors solutions (PMS, CRM, Investment proposal) but also fintechs specialized solutions
    • IA as a change gamer — Explore how to leverage IA across the value chain

How we can help

  • Business strategy

    Review strategic positioning and distribution models, perform client segmentation, develop partnerships and optimize revenue model

  • New products / New services

    Extend product universe and asset classes (structured, private equity, crypto…), develop new offers (discretionary management, advice, robo-advisor…), develop new services (tax, legal…)

  • Client Experience

    Build seamless client journey and experience from client on-boarding to proposal investment / wealth planning

  • Operating models

    Explore options to optimize operating models and streamline front-to-back processes

  • IT target architecture

    Understand vendors market landscape, perform system selection (RFI / RFP), build target architecture, design implementation roadmap and migration strategy

  • Compliance

    Understand regulatory constraints, perform impact and gap analysis, implement remediation plan, perform audit