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Wealth Management Top 10 Trends for 2016

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The wealth management industry has been facing a number of profound challenges after the financial crisis, making it difficult to serve the needs of HNWIs. A combination of structural and cyclical headwinds has put significant pressure on revenues, margins, and costs, leading to the emergence of trends aimed at augmenting revenues and controlling costs. This document lists the top 10 wealth management trends that are expected to impact the wealth management industry in 2016.

Published in: Economy & Finance
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Wealth Management Top 10 Trends for 2016

  1. 1. Wealth Management Trends for 2016
  2. 2. 2Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Cross-sell opportunities Holistic financial planning services Wealth Management firms are building lending solutions to cater to the strong HNWI demand for credit and to enhance performance 17.8% 28.6% Use of credit highest in the emerging markets of Latin America Percentage of HNWIs’ (global) total personal assets financed by credit 25.5% Followed by Asia-Pacific (excl. Japan) Source: Capgemini Financial Services Analysis, 2015; Capgemini and RBC Wealth Management Global HNW Insights Survey, 2015
  3. 3. 3Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Improved efficiencies Reduced operational costs and risks Firms are increasingly adopting utility-based models for their middle- and back-office functions Focus on value-added services Utility model leverages standardization, outsourcing, and economies of scale Source: Capgemini Financial Services Analysis, 2015; Next generation private banking operating models, Hubbis, August 2015
  4. 4. 4Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Proliferation of digital channels increasing number of data theft instances Cyber threats are increasing at a faster rate, resulting in rise in focus on cyber security by wealth management firms Protection of brand reputation 15.0% RIAs reported being victims of a cyber security breach in the past 18 months $3.8 million Average cost of data breach incident increased by 23% from 2013 levels Source: Capgemini Financial Services Analysis, 2015; Firm cyber security breaches on the rise, WealthManagement.com, June 2015; “High-tech attacks, High cost: Data breaches cost average of $3.8 million each”, CNBC, May 2015
  5. 5. 5Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Significant cost benefit Scale down/up infrastructure as necessary Cloud computing is transforming the IT landscape of the wealth management industry Minimize waiting period for application deployment Offers better access to information from any geographical location, further improving client- wealth manager relations Source: Capgemini Financial Services Analysis, 2015
  6. 6. 6Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Advances in technology Client demand for digital services Wave of digital revolution is transforming the industry with the rise of new entrants and technological innovations Increase in regulations 80.0% of under-40 HNWIs indicated they would leave their wealth management firm if it fails to provide a integrated-channel experience Source: Capgemini Financial Services Analysis, 2015; World Wealth Report 2014, Capgemini and RBC Wealth Management
  7. 7. 7Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Social Responsible Investing Impact Investing HNWIs are looking forward for support from their wealth managers in driving social impact, as they desire to contribute to the society Traditional Philanthropy/Donations 92.0% of the HNWIs ascribe some level of importance to driving social impact and it is extremely or very important to over 60.0% of HNWIs globally Source: Capgemini Financial Services Analysis, 2015; Capgemini and RBC Wealth Management Global HNW Insights Survey, 2014; Impact investing on the cusp of mainstream wealth management, Investment News, June 2014
  8. 8. 8Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Desire to interact digitally with firms Lower costs and lower thresholds Converging demographic, technological trends, and changing HNWI demands are driving the adoption of automated-advisors Offloading of basic back-office tasks US$3.3 – 4.2 trillion 48.6% HNWIs saying they would consider using automated advisors for a portion of their portfolio U.S. market potential, with both HNWIs and mass-affluent individuals taken into account 48.3% Of these, HNWIs considering lower costs and higher convenience as the primary reasons Source: Capgemini Financial Services Analysis, 2015; Capgemini and RBC Wealth Management Global HNW Insights Survey, 2015
  9. 9. 9Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Optimize channel management Customer retention and acquisition Firms are increasingly using predictive analytics to process vast amounts of structured and unstructured data Cross- and up-selling opportunities Produces actionable information that enables firms to better understand their clients and enhance client experience and loyalty Source: Capgemini Financial Services Analysis, 2015; World Wealth Report 2015, Capgemini and RBC Wealth Management
  10. 10. 10Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Divesting/exiting business from non-strategic markets Regulatory capital requirements Business opportunities coupled with the need for operational restructuring, is pushing firms to focus on their priority markets Increase in HNWI populations in emerging markets Primary objective is to achieve sustainable growth in priority markets and maintain profitability Source: Capgemini Financial Services Analysis, 2015
  11. 11. 11Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Changing expectations and behavioral patterns Automation of low-value back- office tasks Firms are investing in financial planning and advice tools, to empower wealth mangers to offer personalized recommendations to HNWIs Cost-efficient and technologically advanced operating models 80.5% of wealth managers consider wealth-planning tools to be the most important of the capabilities needed to meet changing client needs Source: Capgemini Financial Services Analysis, 2015; World Wealth Report 2015, Capgemini and RBC Wealth Management ; Improving financial advisor productivity through automation, Capgemini, 2011
  12. 12. The information contained in this presentation is proprietary. © 2015 Capgemini. All rights reserved. www.capgemini.com About Capgemini Now with 180,000 people in over 40 countries, Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services. The Group reported 2014 global revenues of EUR 10.573 billion. Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and draws on Rightshore®, its worldwide delivery model. About Capgemini Now with 180,000 people in over 40 countries, Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services. The Group reported 2014 global revenues of EUR 10.573 billion. Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and draws on Rightshore®, its worldwide delivery model.

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