The nature of the COVID-19 crisis impacts wealth management on multiple levels. Social distancing, a necessary measure to limit the spread of COVID-19, has created a new paradigm for wealth management — a business model traditionally anchored in personal interactions between financial advisors and wealthy clients. The banks, on the other hand, need to move to remote working models to keep employees safe.
How Do Wealth Management and Private Banking Institutions Best Survive ?
This report by Analyst Firm Aite Group LLC delivers insights for wealth management and private banking institutions. Key findings from their timely research into the global market in the first half of 2020 suggests that the sector is prioritizing digitization.
- The COVID-19 crisis has had a major impact on wealth management businesses. While 54% of firms globally have experienced a negative impact from the crisis, 22% of firms have actually seen their business impacted in a positive manner.
- 34% of respondents globally are only partly or not at all satisfied with their digital client engagement capabilities
- Up to 25 % of the questioned Wealth Managers, identified a digital engagement platform and client reporting tools as an urgent area of change