The global financial services and wealth management sector has traditionally been slow to react to change, but today’s market forces have created a need for rapid transformation – throwing the entire industry into a state of flux.
Although the United Kingdom in particular seems to be recovering nicely in many respects – Ernst & Young’s Global Wealth Management Outlook pinpoints it as a growth hub – there are a number of roadblocks that UK wealth management firms will need to hurdle in the coming years:
- Ensuring compliance with the flood of regulations put into effect post-2008
- Fiercer-than-ever competition for high-net-worth (HNW) accounts
- A changing workplace dynamic with the majority of advisors on the cusp of retirement
All these factors will place new pressure on traditional business models and advisor remuneration.
The Optymyze team has decades of experience guiding organizational strategy for financial services and wealth management firms, helping them streamline their sales operations with a data-driven approach that makes it easy for them to scale up while keeping advisors happy and productive.
In that time, we’ve observed how wealth management companies can turn business obstacles into growth opportunities. That’s why over the next few weeks, we’ll be taking an in-depth look at each of these key challenges – mapping out how UK wealth management firms can seize the opportunities they present by strategically adopting the processes and technology that will best equip them for this new reality.
We’ll start by recapping the most important regulations implemented in response to the 2008 financial crisis and detailing how firms can ensure compliance through process improvement and technology – avoiding fines and reputational risk. Stay tuned!