Previously, wealth managers operated in siloed environments, building proprietary tools or relying on in-house capabilities. However, a shifting marketplace—driven by tech innovations, customer demand for seamless experiences, and competitive pressures—has prompted incumbents to join forces with specialised partners. A 2024 Oliver Wyman Global Wealth Report found that leading wealth managers are partnering with established local and regional brokerages to expand into private wealth by leveraging their deep understanding of local markets and client bases.

Is the industry prone to partnership?
Collaboration is becoming the new norm in wealth management for several reasons:

1. Rising client expectations: Younger, digitally native clients expect integrated platforms that provide real-time data, personalised advice, and frictionless interactions. A 2023 McKinsey & Company study reveals that 73% of clients between the ages of 25 and 44 prefer to consolidate their wealth and banking relationships, up from 20% in 2018
2. Technology complexity: With AI-driven analytics, robo-advisory, and decentralised finance (DeFi) tools rapidly maturing, no organisation can master every innovation. Forming alliances with specialist FinTech players can reduce time-to-market and R&D costs. FinTechs such as Betterment and Wealthfront have partnered with traditional brokerage firms to embed robo-advisory capabilities into legacy platforms. Plaid, a data connectivity giant, works with hundreds of banks and wealth managers to streamline account aggregation and faster client onboarding. Meanwhile, robo-advisor SigFig has alliances with global banks like UBS, leveraging its digital expertise to enhance incumbents’ client-facing solutions
3. Regulatory shifts: As regulators encourage transparency and open banking, sharing data and APIs with approved partners is becoming easier—if not a competitive necessity. The 2024 Regulatory & Risk Management Indicator survey by Wolters Kluwer found that 69% of respondents cited complying with the Consumer Financial Protection Bureau's Small Business Data Collection Rule as a "high or moderate" concern.
4. Cost and efficiency pressures: Partnership models often deliver cost synergies, shared infrastructure, and economies of scale. Wealth managers can tackle inefficiencies and redirect capital toward innovation by pooling resources rather than duplicative back-office systems. A case in point is how, in 2025, InvestCloud partnered with First American Bank to unify technology across 61 locations, consolidating multiple systems into one connected platform. This single digital ecosystem integrates investment data, reporting, and documents, streamlining routine wealth management tasks and boosting advisor efficiency and client satisfaction. Meanwhile, WealthFeed’s alliance with RIA Growth Catalyst introduces AI-driven insights that empower advisors to excel in M&A, recruitment, and overall client acquisition.

What partnerships would be of value?
Successful alliances in wealth management typically fall into one of the four categories:

1. Technology-enabling partnerships:
   • Robo-advisory and AI providers: Offer sophisticated portfolio rebalancing, client profiling, and predictive analytics.
   • Cloud & API platforms: Accelerate integration with core banking systems, enabling seamless data sharing and improved digital experiences.
2. ​​​​​​​Product-focused collaborations:
   • ​​​​​​​Alternative investment platforms: These platforms facilitate access to private equity, venture capital, and ESG funds, broadening product suites.
   • InsurTech ventures: Merge life insurance or annuity services with wealth planning for a holistic client proposition.
3. ​​​​​​​Distribution and marketing alliances:
   • ​​​​​​​Digital marketplaces: Expand direct-to-consumer reach via wealth “app stores” that bundle various solutions and highlight user reviews.
   • Co-Branding initiatives: Form co-branded offerings that leverage each partner’s strengths—such as a major bank’s trust factor and a FinTech’s design expertise.
4. ​​​​​​​Operational partnerships:​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
   • ​​​​​​​​​​​​​​Shared service hubs: Streamline middle and back office functions (compliance, KYC, reporting) across multiple firms, reducing overhead.
   • Data and analytics consortia: Pool anonymised client data to improve AI models and gain insights into investor behavior.

How does that change performance?
Alliances can transform performance by broadening product lines, enhancing customer experiences, and increasing operational efficiency. In particular:

• Revenue growth: Collaborative solutions often appeal to untapped customer segments, whether younger, tech-savvy retail investors or niche markets (like digital asset enthusiasts).
• Client retention: When advisors can offer a one-stop financial ecosystem—complete with banking, trading, insurance, and advisory features—clients are less likely to switch. Refinitiv’s Wealth Management Report shows that 64% of millennials and 51% of the 35-54 age bracket are willing to pay more for personalised investing products and services.
• Scalability and cost efficiency: Shared infrastructure reduces duplication, making expanding into new geographies or market segments easier. This is especially crucial for smaller firms struggling to fund large-scale tech rollouts.
• Innovation cycle: Alliances typically hasten product development and pilot testing. By pooling expertise, firms experiment more aggressively with AI, blockchain, or hyper-personalised analytics, gaining a head start on competitors.

Who are the leaders in this change?
Several categories of players are reshaping the wealth ecosystem through partnerships:

1. Large universal banks: Global banks like HSBC, BNP Paribas, and JPMorgan Chase frequently incubate or acquire FinTech startups to quickly integrate new technologies or specialised services.
2. Boutique wealth firms: Niche advisory companies, especially those emphasising sustainability or impact investing, partner with data analytics platforms to enhance research and client dashboards without building them from scratch.
3. Pure-play FinTechs: Robo-advisor pioneers (e.g., Betterment, Wealthfront) have expanded their B2B channels by licensing technology to traditional institutions. Similarly, blockchain-based wealth management solutions forge alliances with established custodians and banks.
4. Platform providers and big tech: Amazon, Google, and Alibaba have shown increasing interest in financial services. Some form white-label partnerships with wealth managers, offering AI-driven client insights or digital payment solutions.

What lies ahead? The strategic steps
Leaders in the partnership space are not restricted to the biggest incumbents; agile FinTechs, platform providers, and boutique specialists can also redefine customer journeys. A precise strategic fit and the ability to execute alliances that elevate operational efficiency and the end-client experience matter.

1. Identify gaps and opportunities: Map existing capabilities against future client demands—robo-advisory, ESG analytics, retirement solutions—to see where a partnership can add immediate value.
2. Vet potential partners thoroughly: Align on culture, compliance standards, and long-term goals. Conduct pilot programs or joint proof-of-concepts before finalising large-scale alliances.
3. Build a robust integration strategy: Address data security, privacy, and interoperability early. Effective API management and cloud adoption lay the foundation for seamless collaboration.
4. Focus on measurable outcomes: Define success metrics—client acquisition, retention rates, or cross-selling potential—to gauge partnership ROI.
5. Stay agile and adapt: As regulatory frameworks and tech landscapes evolve, maintain flexibility in partnership agreements and technology architectures, ready to pivot as needed.