In this report, we look at the broader societal and business implications of the COVID-19 pandemic, and what they mean for the wealth management industry. Even though we don’t yet know its shape, the pandemic will produce a sharp recession. For the wealth management industry, we can expect a rapid acceleration in the rate of digitalization. As we explored, this means much more than just providing wealth management through digital channels. It entails a reappraisal of the servicing, sourcing, and operating models to deliver greater quality at scale, which will mean more plentiful and personalized access to wealth planning for society at large.

We can also expect the bundle of wealth services to change and grow. There will be more focus on education and planning. New services will add to the current offer, especially around helping clients to draw down their wealth in a structured and optimized manner. And there will also be a different interpretation of risk, with cyber defenses becoming more critical than physical defenses, for example.

If we had to point to one meta trend in wealth management, it would be the move from assets under management to assets under intelligence.

Post-pandemic wealth management will be characterized by firms’ abilities to add value to clients by interpreting and drawing insight from multiple datasets to deliver services that are more personalized, more helpful, more optimized for risk, and which deliver stable and high returns against their financial goals.

And it’s all happening at once.

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