Many individuals and businesses now use wealth management services to help them achieve their financial objectives. As such, the wealth management sector seems to be growing at a rapid pace, with firms like W H Ireland taking on an increasing number of clients and retention rates standing strong.
There are a number of factors which have contributed to this growth, as well as the growth of the financial services industry overall. As such, here is a rundown of some of the major developments which are benefitting wealth management.
Banks
A number of high profile banks are now focusing on wealth management services, which suggests that leading financial experts believe it is a lucrative and useful service to offer. It also suggests that there is a significant market for wealth management services, meaning that there is ample opportunity for wealth management firms to grow.
With more and more people becoming aware of the potential advantages of using a wealth management service, there is scope for the industry to continue growing for the foreseeable future, and there will no doubt be more banks setting up wealth management services.
Technology
One of the most significant influencers of growth in the wealth management industry is technology, with technological advances having completely transformed many aspects of wealth management operations. Artificial intelligence (AI) continues to be one of the most exciting innovations, with AI technology being implemented into a number of different wealth management processes.
AI can, for instance, paint a much clearer picture of any given client for a financial advisor, as it can collect and collate data from a number of different sources to help them decide on the best investment strategies. It is also helping to streamline operations, often by cutting out administrative work and freeing up resources elsewhere in any given firm.
Independent Firms
It is also worth mentioning that job satisfaction in the wealth management industry is usually fairly high, perhaps as a result of many financial advisors being independent business owners. They can often decide their own hours, have their own roster of clients (with which they build good relationships) and work from home should they wish.
This means that many financial advisors stay in their role for decades, building up a wealth of experience and contributing to the overall growth of the industry they are working in. Ultimately, then, wealth management is an attractive industry to enter, and there could be a surge in the number of independent wealth management firms being set up, enabling even more people to have access to the benefits they bring.
These are just some of the reasons that the wealth management industry is currently performing exceptionally well, and will continue to do so for the foreseeable future. With a growing number of potential clients, as well as major advances in technology helping firms become as efficient and streamlined as possible, the future of wealth management industry is looking incredibly bright, and it will be worth monitoring any coming developments closely.