Shaping wealth’s future through innovation,
generational shifts and digitalisation

When asked where they see the main market opportunities for their clients, a good half of survey respondents said North America. Asia-Pacific was cited as the second-largest potential source of growth. Many factors feed into the belief that the US will remain at the forefront of global economic growth, including the impact of Trump 2.0 on policy and investment trends and the dominant role of S&P500 companies in AI and technology. Europe is fairly low on the list of potential growth drivers.

Which markets do you anticipate driving future growth in your client’s portfolio?

Intergenerational wealth transfers (54% of respondents): Older clients prioritise family legacies, while younger heirs demand new, innovative products and services reflecting changing values and expectations. But with the right approach, intergenerational transfers can be a chance to expand the client base and solidify long-term trust.

Regulatory pressures (53% of respondents): ESG considerations and the broader regulatory environment drive up operational costs and complicate compliance processes – but can be leveraged as a catalyst for innovation.

Technological transformation (42% of respondents): Clients now expect seamless digital interfaces and real-time insights. While embedding AI and digital solutions in traditional frameworks can be resource intensive, it can make wealth managers more efficient and able to offer their clients proactive service.

Competition from fintechs (17% of respondents): Agile new entrants set high standards of speed, innovation and cost-efficiency. Traditional players maintaining both innovation and personalisation can build trust and loyalty through differentiated, bespoke client services.

What are the biggest challenges for Wealth Managers today in client relationship management?

When asked about the factors that influence the effectiveness of the relationship between a relationship manager (RM) and a client, survey respondents rated knowledge about professional experience and cultural background and values as the most significant. RMs who can engage with clients in a culturally sensitive manner and understand their unique life experiences are more likely to build trust and long-lasting relationships.

A good half of the wealth managers surveyed said that specialisation in cross-border matters would be a crucial skill for RMs over the next few years, and many recognised the growing importance of AI and digital tools in facilitating wealth transfer, managing client portfolios and providing personalised recommendations.

Following an introduction in Chapter 1, Chapter 2 takes a closer look at the triumphs and trials currently experienced by the wealth management industries, including the challenges of intergenerational wealth transfers to the new paradigm of sustainable investing and evolving client personas.

Chapter 3 takes a pragmatic look at how AI and other digital tools are reshaping client interactions, operational efficiency and regulatory compliance, examining real-world applications that are redefining the value proposition of wealth managers and enabling them to cater to increasingly sophisticated client needs.

In Chapter 4 we explore how firms are preparing for the next generation of wealth holders, emphasising the evolving role of relationship managers and the importance of cultural sensitivity, digital fluency and cross-border expertise, especially when it comes to retaining younger, tech-savvy clients expecting seamless digital experiences and personalised advice.

Finally, Chapter 5 presents a number of key insights that create a roadmap for meaningful change, emphasising innovation, strategic decision-making and a client-centric approach as the key drivers of resilience and growth.

We surveyed UHNWI advisors between October and November 2024 to discover how their clients’ economic outlook and demand for investment products are changing. Consisting of 20 questions, the survey was sent to over 500 Wealth advisors and investment advisors worldwide.

Special thanks to our main contributors and subject matter experts:
Daniel Müller, Marc Huber, Jean-Claude Spillmann, Sebastian Ahrens, Gui Mello, Cecilia Lombardi and Martina Wolter