WM Market Reports
WealthBriefing's Tech And Ops Trends In Wealth Management Research Report
The annual report is an important part of the work that the publisher of this website does in illuminating the details that can make or break a wealth management organisation.
The expanding range of digitalisation for the world’s wealth
management sector is highlighted, along with other major trends,
in the Twelfth Edition of the WealthBriefing Tech and
Ops Trends in Wealth Management 2024 report. (To download it,
click here.)
The report, which has been produced in conjunction with the
Alpha FMC
consultancy, shows that the sector is going through major
changes, using new technologies to become more efficient, deliver
more personalised solutions to clients, and improve their
experience.
In one of the most significant results, the authors of the report
note that, after the investment and progress seen in the past two
years, respondents gave their firms an average score of 5.3 out
of a maximum of 7. This result is an improvement from the 4.7
result achieved in 2023, making it the highest average score
since 2021.
The annual report is an important part of the work that the
publisher of this website produces, shining a light on the
details that can make or break a wealth management organisation,
be it a private bank, independent financial advisor or
multi-family office. Running for more than a decade, the report
gives a consistent picture of how technology and operational
issues have evolved since the aftermath of the global financial
crisis.
Progress
All respondents to the survey said that their firms showed good
and acceptable progress against expectations (100 per cent scores
above four) while 7 per cent felt able to give their firm a full
rating of seven for digitisation.
The study also reveals that the gap in digitalisation between
different regions is continuing to narrow.
The level of automation has consistently risen, the report says.
On average, 70 per cent of firms and institutions are gaining
momentum on maximising automation in portfolio construction and
rebalancing – for example, up from 65 per cent in the
previous year.
There are challenges, such as data input points, to timeliness
and accessibility, but most firms are moving forward, the report
finds.
The report also carries findings about client custodial data,
risks such as cybersecurity, IT outages, as well as challenges
from regulatory change and changing business requirements. The
study touches on the increasing use of outsourced services, the
decisions feeding into technology budgets, ESG matters, advanced
technologies, the impact of technology on organisations, and the
importance of demography, for example people with particular
skills retiring.