Wealth Management

Banking regulation, particularly retail distribution review (RDR), and a renewed focus on conduct risk, has shaken up the wealth management sector. While traditional wealth and investment managers have to reassess their revenue streams and service offerings, online platforms have facilitated the entry of low-overhead players into traditionally high-touch markets. Gaps have appeared in the market, particularly for mass affluent individuals looking for investment services without the traditional advice.

At the same time customer experience management grows in importance. Having a single customer view facilitates transparency, integrated information and regular reporting. However, clients are resisting segmentation by net worth, and wealth managers are looking for ways to cost-effectively target and tailor services to clients, whether they are global media, global sports stars, executives, or entrepreneurs.

Baringa’s wealth management and banking consultants are helping firms develop a digital strategy that will create the innovative service that is increasingly in demand. We work with clients to ensure the behind-the-scenes processes and systems can support fundamental changes to client-facing services, and enable the necessary flexibility the new regulations demand.

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