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)Download the report extract
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).