Operationally, greater integration of technology to improve the client experience will continue to be a key focus for wealth management firms. Improving the client experience remains the focus for wealth managers when it comes to upgrading technology; personalization of the client experience will be the focus of the decade ahead, with artificial intelligence being cited as the biggest disruptor.
Continued demographic diversification in the client base is another key trend that the industry will need to continue to adjust to. The pace of wealth accumulation among millennials and women of all generations will continue to increase as a result of the boom in tech-driven innovation.
Most banks have said that there will be a continued need to hire Private Bankers although the impact of Covid-19 has yet to be fully collated. An increased need for regulatory compliance procedures to be implemented and a shift towards more innovative digitalisation will see a demand for both leadership and operational roles in these areas.