Article
Innovation in private banking and wealth management
Performance magazine issue 23, May 2017
Executive Summary
Since the year 2000, European wealth management has faced a constant decline in profitability, with profit margins falling by 40 percent, despite considerable market volume growth of over 60 percent in the same period. This shows that wealth managers are increasingly failing to serve clients successfully with the traditional business model.
Nevertheless, innovation ambitions in wealth management revolve around existing business challenges and rarely exploit opportunities to create value in new ways. Analysis indicates that the industry is facing an innovation gap that requires a change of key beliefs in leadership and the acceptance of new realities in order to be filled. Innovation needs to be formally embedded into a wealth management organization to embrace a successful change of the traditional business model.
Performance magazine issue 23, May 2017
Performance is a triannual digest, dedicated to investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients.
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Innovation in Private Banking and Wealth Management
Embracing the Business Model Change
Performance
Deloitte’s global magazine for the investment management sector