The report, Anticipating a New Age in Wealth Management, includes findings from PwC’s 2011 Global Private Banking and Wealth Management Survey and shows that new competitors are challenging the dominance of established firms.
It also reveals that the impact of new regulations and more demanding client expectations are forcing private banks and wealth managers to change their client service infrastructures and 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.
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 in the changing market place.
The report says that standing still is no longer an option and institutions must now quickly adapt or face being left behind.
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