The wealth management sector is facing significant and ongoing change across the globe. The pressure for change is rising and the expectations for the future are still only emerging. It is increasingly clear that core aspects of the current and traditional wealth management model are far from guaranteed to be part of the future. Times are changing and so the sector must chage too.
The drivers of change are multiple, and include:
- A constant flow of challenging new regulatory rulings
- A growing demand from clients for an improved client experience, greater engagement in the management of their wealth and transparency in how they are communicated with
- The ongoing development of the capabilities and potential of new technologies
- The entry, ease of use, success and opportunity of new competitive business models
- The ongoing hurdle to deliver investment performance that justifies the fee/cost/service model in the current tough environment
These forces are together creating an ongoing pressure for wealth managers, of all types, to change how they do business, where they do business and who they do business with. The choice to stand still remains an option for some firms, for now, or they can retreat further into their traditional marketplace, but the traditional and long-held model of wealth management has fast run its race.
The wealth management sector now finds itself several years into an era of change. Almost all aspects of the traditional model are now up for grabs whether thinking about clients, advisors, staff, products and services, delivery channels, geographies, segmentation, technology, compliance, leadership or other important areas of the business. Wealth management is evolving into a more professional, structured, intelligent and agile business. And, frankly, it has to as it no longer is master of its own destiny.
Faced with such deep and ongoing challenges, at The Wealth Mosaic we believe the sector needs to have easier and immediate access to the solutions, solution providers and knowledge resources relevant to its business needs. Gone are the days when wealth managers did everything in-house. We are now moving into an era of far greater cooperation, collaboration, partnership, co-development and co-delivery. It is now far more about working together!
But still, far too often the sector has little real idea of the true options available to them in terms of solutions, solution providers and knowledge resources. They have a limited view. One of our core goals at The Wealth Mosaic is to make every relevant solution, solution provider and knowledge resource available for free in one dedicated, curated and easy to navigate platform to wealth managers.
We are building a true go-to resource for the sector, to benefit both wealth managers as a disocvery platform and solution providers as primarily a marketing channel.