We recommend agenda items for wealth managers to address as they plan how to flourish in the changing ecosystem. To guide these efforts, this paper offers a brief overview of the US wealth management industry’s present conditions and then presents four themes that define the new growth narrative we foresee. Finally, to free resources for strategic investment and prepare for any potential market downturn, firms can rethink their cost structures and improve the industry’s spotty record on cost management. To thrive in this dynamic environment, firms must prioritize growth, adopt an innovation mindset, and be prepared to reallocate resources rapidly in response to the changing context.
This article is a collaborative effort by Pooneh Baghai, Alex D’Amico, Vlad Golyk, Agostina Salvo, and Jill Zucker.
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