In the recent BCG report “Navigating Wealth Management in a Post COVID World”, the authors note the subsequent year has actually been a productive time for wealth managers – in terms of client retention and acquisition as well as improved margins. How was this achieved? Outside of a surging equity market, it was done by adapting to new ways of working and facilitating a client base that suddenly adjusted to a new normal of virtual and remote interactions. Traditional services, after years of pushback from executives and clients alike, were forced to give way fully to digital financial services.
In the family office space, where we see specialist firms that target the UHNW sector, uncertainty was particularly heightened on how their service offering would survive in a world where connectivity and client interaction are paramount. From the same BCG report:
“there is a sense of necessary change for a wealth manager model that needed refreshing. And firms that have thrived are those that have taken this opportunity to “modernize, adapt and realise competitive gains.”
