The front office is by far the greatest expense for wealth management firms. According to a recent study the average annual cost of front office professionals is approaching £200k. Given that client experience remains the differentiator in a competitive space, this is justifiable—but pressure on cost-income ratios has never been greater. In an ideal world productivity would improve at a faster rate than costs, thereby growing a wealth manager’s profit margin, so this has become a core focus for empowering the ‘Future Adviser’.
Pre-COVID-19 there were broadly two camps within wealth management…(download the report extract to read on)
This is an extract from the recently published report by The Wealth Mosaic titled ‘The UK Wealth Management Technology Landscape Report 2020’ (download the full report here).
8 June 2023
Wealth managers must master hyper-personalisation in order to retain revenues during the great wealth transfer.
3 min. read
3 May 2023
Experienced relationship managers and financial advisors are in decline, whilst the global population of HNWIs is increasing. We look at how firms can successfully compete for talent and prosper.
5 min. read
13 April 2023
In The Wealth Mosaic APAC WealthTech Landscape report, Darell Miller, Managing Director - APAC at Wealth Dynamix, looks at the scope of change in Asia for wealth managers. Darell believes that an "AHA!" moment is coming for wealth management in APAC in 2023.
3 min. read