Valerie Nott

May 11, 2023 | ey.com | Mike Lee |Jan Bellens |Mark I. Wightman |Valerie Nott

In our view, the best way for wealth managers to meet clients’ fast-changing engagement preferences is to offer a frequent, seamless, omni-channel combination of virtual engagement and traditional in-person advice — in effect, a next generation hybrid model. But how can firms achieve this in practice? One key element is placing advisors at the heart of digital transformation.

Apr 24, 2023 | ey.com | Mike Lee |Jan Bellens |Mark I. Wightman |Valerie Nott

In short, Millennials emerge from the research as one of the most complex, important and demanding groups of clients for wealth managers to understand and serve. On the upside, Millennials’ need for high quality advice and support over a period of decades presents a huge potential opportunity for wealth managers able to meet their requirements.

Apr 24, 2023 | ey.com | Mike Lee |Jan Bellens |Mark I. Wightman |Valerie Nott

In other words, one in four wealth management clients around the world expect to move a material slice of their wealth between providers by the end of 2025. If that forecast proves accurate, the amount of money in motion could be measured in billions. The effect could be even greater in some regions. A majority of wealth management clients in Asia-Pacific (57%), the Middle East (59%) and Latin America (62%) expect to move assets, add new providers or switch outright during the next three years.

Apr 24, 2023 | ey.com | Mike Lee |Jan Bellens |Mark I. Wightman |Valerie Nott

Today’s investors are voting with their feet, willing to change advisors and add new relationships, while searching out the products, services and advice they need to make sense of an increasingly complex investing world. That insight is one of the more surprising findings to come from the 2023 EY Global Wealth Research Report.