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Asset and wealth managers face an increasingly complex task: build wealth and provide financial stability for New Zealanders in a global environment that is less predictable and more complex than ever before. It’s a big task, one that has to be taken seriously by established firms and new players alike if they want to thrive in this new operating environment.
The state of play for established wealth management services
The investment landscape for established asset and wealth management firms has never been more diverse or complex. What’s more, the growing role of technology, and the global scope of modern investing is adding new operational pressures. While technology has the potential to significantly improve the performance of today’s asset and wealth management firms, the rise of FinTechs in the sector is creating new pressures. Navigating this landscape requires firms to invest in the technology and service offerings they need to keep growing, while also maintaining the trust and confidence of current and future clients.
Wealth Management FinTechs set the pace of change
In the last few years, the number of FinTechs working in the private wealth management space has exploded, using new technologies to provide services that are more transparent and have lower fees, while still offering a highly personalised experience. FinTechs in the Asset and Wealth Management industry now have a new challenge – to lay the foundations for future growth and continue to build their relationships with existing clients, while also expanding into new frontiers.
The big opportunities for asset and wealth management: Digital disruption
Asset and wealth managers face a once-in-a-generation opportunity to redefine their service offering by harnessing power of digital tools. It is this digital disruption that has seen the rise of FinTechs in the Asset and Wealth Management space. However all firms now have an opportunity to deliver services in new ways and build stronger relationships with their key stakeholders.
Better data is unleashing a wave of better decision-making for asset managers. New streams of unstructured data hold enormous potential to better inform asset managers and to gaze into the future of the sector.
There are plenty of opportunities for data and analytics. Asset and wealth managers now have to invest in new platforms and analytics frameworks to unlock these insights and inform their decision-making.
For asset and wealth management firms, maintaining trust isn’t just a useful business strategy, it’s a competitive advantage. Building and maintaining this trust can’t be done passively – companies have to be actively engaging with their compliance and audit needs. This also requires developing a comprehensive, forward-thinking cyber security strategy to protect their client’s wealth and information.
Customer centricity is changing the way asset and wealth managers think and operate. Technology has changed the landscape from one of standardised investment products to highly tailored and personalised solutions that are designed around customer needs first and foremost.
While this approach simplifies and improves the customer experience, it places new demands on wealth management service providers who now have to deliver secure, flexible services to their clients.
How PwC can help
We have experts in consulting, assurance and tax who can offer advice and insight. Our asset management industry experts work with a wide range of fund and asset managers, from privately owned "boutique" operators to large statutory fund managers. Just some of our services are:
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