Why wealth management
can’t afford to miss the
digital wave
Sink or swim
3Strategy&
4 Key take-outs
6 Introduction
7 About this report
8 Part 1: The wealthy and wealth management: an appetite for expertise
Ambitious but troubled by concerns and anxieties, high net worth individuals strongly
believe in paying for expert advice to help them reach their fnancial and non-fnancial goals
12Part 2: The wealthy and technology: digital expectations growing
The world’s wealthy are rapidly integrating digital technology into their day-to-day lives
16Part 3: Wealth managers and technology: lagging the digital curve
Resistance to digital adoption is creating a sector that’s acutely vulnerable to digital
innovation from potential FinTech incomers
24 Part 4: The digital opportunity for wealth management
Wealth management is dangerously behind the curve in its adoption of digital technology
but there are emerging opportunities that the industry is powerfully positioned to exploit
28Part 5: Envisaging a digital future for wealth management
Realising the possibilities of digital will require wealth management frms to embed
technology into their whole culture and value proposition:
i. The immediate term: Laying the digital foundations
ii. The medium term: Automation with a human value
iii. Long-term: The digitally-enabled holistic advisor
36Conclusion: Making digital personal by making the personal digital
The wealth management industry now needs to provide both its current and future clients
with a substantially evolved service model or risk losing market share
Contents
4Strategy&
Key take-outs
Weak affliation to traditional wealth managers is
creating a sector vulnerable to FinTech incomers.
Ignoring this state of affairs is not an option.
Opportunity for wealth managers that combine the
very best of technological and human capital.
Firms that continue to resist digital innovation face
becoming less competitive.
PwC Strategy& believes wealth management frms can ONLY survive if:
They accelerate efforts to adopt a comprehensive digital infrastructure that
integrates every aspect of their activities and corporate culture, from the back
offce to how they service clients and market to new prospects.
They harness the potential of digital to realise great effciencies, manage costs
and advance their core client proposition by drawing on a much wider range of
available data.
They are willing to partner strategically with FinTech innovators to deliver
technological solutions at the speed the market expects.2High net worth individuals (HNWIs) enthusiastically
adopt technology.
Wealth management is one of the least tech-literate
sectors of FS.
CEOs of wealth management frms recognise the need
to adopt digital, but meet resistance from Relationship
Managers (RMs).
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