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Wealth Management Research Outlook 2024

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Holistic Financial Planning

Personal financial engagement offerings have moved far beyond siloed business line solutions: banking, wealth management, insurance and even healthcare to address an individual’s entire financial life. Today, financial institutions incorporate more customer data, personalization, deeper in-context presentation, and specialized features that provide value to segments of customers with unique and expansive needs.

Delivering value to customers has always been important, but it has become more so. Our increasingly open digital ecosystem makes it easier than ever for fintechs to compete with traditional financial institutions and disintermediate relationships. For wealth managers, 62% of respondents in Celent’s Wealth Management IT Pressures and Priorities 2024 Edition report said they feel competition from fintechs and other challengers increasing. The market is volatile, competitive, and fragmented, with increasing opportunities for partnerships. The wealth management ecosystem has changed— but wealth managers are no longer tied to a single platform from a single provider within a single industry.

And competition is coming from traditional and non-traditional wealth management players; according to our research, a significant majority of wealth managers, specifically 74%, believe that they possess the necessary agility to respond effectively to new market opportunities, even in the face of mounting competitive pressure. This finding highlights the confidence that many wealth managers have in their ability to adapt and seize opportunities in a rapidly changing landscape. Thus, it will be important for all financial services firms to provide tailored value propositions to customer segments or microsegments rather than a one-size-fits-all proposition.

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