Accenture-Orbium Wealth
Management C-Level Survey 2020

Orbium and Accenture have published the second edition of the Wealth Management C-Level Survey. With participation from over 50 top tier private banks and wealth managers across Europe and Asia, managing a combined $5.6tn AUM the findings provide valuable insights on the outlook to 2025.

Private banks and wealth managers might be underestimating the full extent of industry change on the horizon

In brief

  • The Survey comes at a time of great industry turmoil as seismic shifts already apparent in 2019 are being accelerated by the COVID-19 pandemic.  Wealth managers need to rethink their businesses as they adapt to survive and thrive. Many report they face challenges from intergenerational outflows and significantly increased volatility. The industry is facing disruption however, it is surprising that our Survey shows 78 per cent of wealth managers in Europe and Asia believe their current business models will survive through 2025.
  • While change is always hard, guarding against complacency will be important. The Survey shows there are concrete steps that wealth managers can take to help better prepare themselves to offer value to their current and future clients.
  • The emergence of non-bankable and private assets has unlocked a potential holistic personal wealth opportunity of $260tn. Not only can wealth managers deliver greater value to clients in the short term, but they can also play a pivotal role in moderating the economic and social challenges that have come to the fore due to recent events.
  • There is still room for bold leadership through innovation, technology and fostering a culture of change.  Key growth areas identified by wealth managers include providing more ESG options for investable and non-investable assets including life insurance, pensions. In addition, they identified exploring new opportunities for advice and services for non-bankable assets.

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What are the future challenges and opportunities? Our forward-looking Wealth Management C-Level Survey highlights the industry’s direction of travel out to 2025

Megatrends driving business change
Non-bankable assets

Industry growth and profitability are being substantially affected by the global megatrends shaping the way individuals and industries conduct their lives and business. These are already having a direct impact on WMs, driving new opportunities for differentiated client servicing.

Megatrends reshaping client expectations and values

Top 6 trends
Top 6 trends
C-Level Survey - Transformation programmes

WMs’ focus should shift to designing a balanced portfolio of change initiatives to survive and thrive. Innovation and differentiation are expected to be key with several firms identified as early movers.

C-Level Survey