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Regulations and client expectations change status quo in wealth management, says PwC

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The status quo in the private banking and wealth management industry is changing as the focus shifts to client service and value delivery, according to a new PwC report published today, which includes PwC’s 2011 Global Private Banking and Wealth Management Survey.

 

According to the report, Anticipating a New Age in Wealth Management, new competitors are challenging the dominance of established firms, and the impact of new regulations and more demanding client expectations is forcing private banks and wealth managers to change the way they operate. Those who can master change will be in a position to win increased market share and lead the industry, says PwC.

PwC’s 2011 Global Private Banking and Wealth Management Survey includes responses  from a record 275 institutions in 67 countries, the largest survey since PwC began publishing the biennial report in 1993.  It found that wealth management continues to be a lucrative business with untapped potential for significant growth if institutions can be agile in adapting to changing demands. According to the report: today’s wealthy clients are cautious, smart, less loyal and expect a higher level of service and clearer value. Regulation has become the not-so-invisible hand, increasing the cost of operations, while greater operational efficiency and effectiveness are required, not just to compete … but to survive. Standing still is also no longer an option, and institutions must now quickly adapt or face being left behind.

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