EY - 2023 Global Wealth Research

This report highlights three key priority areas for wealth managers: navigating complexity, empowering clients, and delivering value. In the face of uncertainty, clients are changing their investing approach. They seek trusted advisors who can help them navigate complexity. Clients are also planning to work with more providers to access the options and expertise they need. This creates both challenges and opportunities for wealth managers, who are expected to "do more for less." Personalized engagement remains crucial for building client confidence, but the way it is delivered is rapidly evolving. Hybrid models that combine traditional approaches with digital collaboration tools are gaining importance. These models enhance accessibility and interactivity, ultimately empowering clients to make informed decisions. Delivering value is another critical aspect. Strengthening product choice and education, establishing closer connections with clients, and providing transparency in tax and succession planning are essential. Additionally, offering clarity over costs and benefits not only increases transparency but also plays a crucial role in building greater client satisfaction, trust, and overall value. The report emphasizes that helping clients achieve their goals amid growing complexity is the key to lasting success in wealth management. It acknowledges the impact of recent events, such as the pandemic, war, supply chain disruption, and inflation, on financial markets, investors, and wealth managers. These events have shaped the experience, sentiment, and intentions of wealth management clients worldwide. Overall, the report provides valuable insights and recommendations on how wealth managers can adapt to the changing landscape, empower their clients, and deliver value in order to thrive in the wealth management industry.