It won't be easy in the aftermath of a global recession, but with the right mixture of transparency and expertise, wealth managers will be able to regain their status as trusted advisers.

"Transparency is the new gold standard of wealth management," said C. Steven Crosby, U.S. leader of PricewaterhouseCoopers' private banking and wealth management practice. "How managers and service providers keep clients informed regarding performance of their assets and integrity, financial health and processing status will be brand-differentiating."

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