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Wealth Management Research Outlook 2022

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WEALTH MANAGEMENT SEIZES THE MOMENTUM FOR CHANGE

In 2022 retail wealth management firms will continue to drive toward a singular vision for the industry: delivering holistic, personalized financial solutions to clients at scale. While this vision has remained unchanged over the last few years, mounting competitive pressures combined with unprecedented advancements in technology are forcing firms to act. The status quo is no longer an option. Wealth management firms need to leverage the technology trends that are enabling the shift toward scalable, client-centric ecosystems or risk becoming vulnerable to competitors and disruptors.

Areas of Focus for 2022 Research

Celent will focus its research efforts on five core themes or high impact areas. These high-impact areas represent the key business initiatives needed to transform current operating models in order to deliver a new generation of highly tailored, scalable client solutions. See the illustration below.

Wealth Management’s Top Five Areas of Research

Underlying each of the key themes are research topics and related technologies which the Wealth Management Team will address in 2022.

Key Themes and Underlying Research Topics

Technology Priorities for 2022

Finally, as the industry evolves so will our research initiatives. We will continue to update you on the Wealth Management agenda as it takes shape highlighting emerging themes and ongoing areas of exploration

WEALTH MANAGEMENT: EMBEDDED FINANCE TAKES CENTER STAGE IN 2022

Embedded finance represents the next wave of disruption for wealth managers. In Q1 2022, Celent takes a closer look at how embedded finance is reshaping the way customers engage with financial services and expanding the tools and services offered across the financial services landscape. While, embedded finance has been used for years in banking, the idea of embedded investing, and more broadly wealth management, is a new concept.

In its purest form we define embedded finance as the discovery and acquisition of tailored financial services at the point of need within the digital experience curated by a non financial services (NFS) party. Embedded finance enables access to the traditional areas of finance – cash management, lending, insurance, investing and financial planning – via NFS apps that clients use in their everyday lives, such as Starbucks. The key benefit of embedded finance is that it introduces more context. It matches financial services to context while simultaneoulsy removing friction for the consumer.

As the ecosystem continues to evolve and begins to open up to both FS and NFS firms, the big question is: Who will curate the experience? Wealth management firms would be wise to pay attention to this emerging trend especially as it applies to investing and financial planning. Below is an illustration of how embedded finance works.

Contact us for more information about what we have planned in Q1.

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