Many wealthy families are finding it useful to bring in external advisers to help them formulate plans for succession and identify transitional challenges 

Improving the client experience is at the heart of wealth managers’ digital strategies, with a belief that combining cutting edge technology with human expertise will meet their ever more demanding expectations

Fund selectors claim brand is unimportant, with the manager, investment process and anticipated returns all higher on the agenda

The preferred partner model, whereby private banks source their product menu from a small number of asset managers, is gaining traction 

A merger may enable asset managers to cut costs, but the most successful collaborations are those which bring together complementary capabilities

Private banks’ business models continue to evolve, with most focusing on their core home markets while looking to outsource back office functions to outlying financial centres. But the biggest changes in the way wealth managers do business will be driven by the changing needs, and profiles, of their clients 

To remain relevant to today’s entrepreneurs, wealth managers must move away from pushing products to offering customised advice. Digital platforms can help develop these deeper relationships

The asset management industry is guilty of looking for traditional solutions to its problems, while many of the answers actually lie in the digital realm