We are delighted to present insights from the 2011 edition of our Global Private Banking and Wealth Management Survey.
Much has changed since our 2009 edition. After the tumultuous and destructive global financial crisis, the world has moved on, but the path of progress has been difficult. Given the current geopolitical reality, significant economic uncertainty and profound change in the regulatory and consumer environments, PwC found participants in this edition of our survey to be struggling with the reality of the new normal, ever increasing
change and uncertainty.
Just as prior perspectives in our survey reflected the situation at the time so does the 2011 survey. Change, its impact and consequences define what our respondents think about the position and potential of their businesses.
The survey provides a number of perspectives on private banking and wealth management. In our analysis, tougher clients, the impact of regulation and the need for greater efficiency are leading to performance challenges. The pace of change is also faster than it has been historically and organisations’ ability to adapt and change is now critical as cost income ratios remain stubbornly high.
Analysing these and other factors provides us with several of the main drivers which in our view herald a new age in the wealth management industry.