Clients have continuously inherited and built up more assets. They attach great importance to protecting their assets and, at the same time, want to build them up further. The new generation also wants to take some or all of the asset management into their own hands and uses asset management providers only as a platform.
The latter means that new market participants, such as digital or robo-advisory providers, are entering the market. These new companies have already automated their processes and rely on interactive client care. The increasing use of Artificial Intelligence (AI) has become another competitor of wealth management.
What does this mean for asset managers? To successfully retain their new and existing client base, they need more flexibility, innovative digital solutions, and a better understanding of their clients. Customized solutions are particularly in demand so that client wishes can be optimally addressed. According to Ernst & Young’s 2023 Global Wealth Research Report, a hybrid solution of digital offerings and personal advice is necessary to generate sustainable client loyalty. New technologies enable asset managers to improve their workflows and create the opportunity to create a completely new client experience.
