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2022 priorities for wealth managers revealed
ifa
Australia’s wealth and asset managers have proved to be largely resilient throughout the COVID-19 pandemic; however, it has certainly accelerated the relentless digitisation of all aspects of their business, said Rita Da Silva, EY Oceania wealth and asset management leader. “In 2022, as front and back-office functions evolve toward more automated process models to help manage costs and drive efficiencies, the industry will also need to focus on digitally enhancing their customer engagement and life-cycle models and distribution channels,” Ms Da Silva said. According to her, the coming years will see all client groups increase their demand for tailored investment solutions, advice and education, real-time personalised service, and the integration of non-financial goals.
“Balancing these demands remains a challenging prospect for the sector,” Ms Da Silva noted. Also, in 2022, she expects institutional clients to continue to reduce their number of asset manager relationships, putting smaller firms under pressure. In this environment, she said, any manager failing to create value will lose mandates, with many investors demanding solutions that preserve capital while delivering high yields.
The rest of this article can be found at ifa.com.au.
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