Top 10 Trends in Wealth Management in 2013
January 16, 2013 1:56 PM
Two weeks in, it is already clear that 2013 will be a year characterized by uncertainty and change,the report says.
By contrast, small and midsize wealth management firms will choose to expand or update their wealth management capabilities through partnerships with their service providers.
Overall, 2013 will be the year that wealth management firms become smarter about running and growing their businesses as they become more open to working with third-party providers that have the expertise to help them deliver on their value proposition more cost effectively.
The fallout? Advisors and support staff with larger firms are able to work more efficiently as a result of their integrated technology applications than are small RIAs that lack integrated applications.
Clearly, RIAS have better choices than ever these days when it comes to top-notch technology and operations platforms that can substantially increase the operational efficiency,the report says.
While RIAs are traditionally slow to embrace change, Aite Group expects that this industry sector will make a major shift in efficiency in the near future.
We expect 2013 will be the year that advisors get more serious about finding their ideal successor and connecting them to their clients' children, the key to their practice's longevity,says the report.
This transition may trigger the wake-up call that advisors need to focus on their own succession planning.
By engaging younger practice owners (or the individual who has been designated to take over the practice) many years before the transition is expected to take place, a successor can start for tor his or her own relationship with clients' children.
On the retreat internationally are wealth management firms with home markets in countries that had a difficult time during the financial crisis, like the United States and United Kingdom.
being fully committed to the local wealth management businessand
considering selling to a local player that can betters serve local clients' needshelping to attract client assets?
moving down-market toward the high-net-worth client segment (US$1 million or more in investible assets) since the onset of the financial crisis,the report states. It is expected to grow globally in 2013.
In the Americas, the traditional services provided by custodians for family offices are increasingly being complemented with services for RIAs.Web-based, hosted technologies are enabling custodians to provide portfolio management systems contributing to the growth of this model.
holy grailfor online brokerage firms, the report says. Recent investor studies from Aite Group show
active traders are a diverse bunch of mostly younger-than-4-urbanites with the common denominator that they are not afraid to push the 'eject' button when an investment firm is unable to meet their needs.
Unbeknownst to many non-IT brokerage industry professionals, the move of trading operations to the cloud is well underway and set to gain speed in 2013.
It is changing market structure by reducing distances to counterparties, lowering connectivity costs, adding transparency and competition, concentrating trading volume, and favoring the growth of firms that leverage the cloud and its participants.
fiscal cliff,there are still plenty of unanswered questions as we head into 2013 the report finds.
A second term for President Obama translates to a continuation of Dodd-Frank policies and to less regulatory uncertainty, even after the substantial cabinet reshuffle underway.
Whether Walter moves on or not, we anticipate that 2013 will be a year of less conflict between the SEC and the capital markets industry.
While advisors have long shunned using technology to enhance their conversations with clients, preferring to take notes with a yellow pad and pen, this adoption has changed as financial planning tools have become easier to use and more accessible across a number of devices and networks.
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