The US Wealth Management Ecosystem

These Are the Key Players, Biggest Shifts, and Trends Driving Digital Transformation in the $29.1 Trillion Industry

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About This Report
Digital transformation is vital for wealth managers, as consumer expectations are changing, fiscal pressures are tightening, and competition is stiffening. These drivers have been further accelerated by the pandemic. But transformation efforts across the front, middle, and back office can help incumbents get their services up to speed and better compete with fintech wealth managers that are challenging the status quo.
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Executive Summary

Digital transformation is vital for wealth managers, as consumer expectations are changing, fiscal pressures are tightening, and competition is stiffening. All of these drivers have been further accelerated by the pandemic. But transformation efforts across the front, middle, and back office can help incumbents get their services up to speed and better compete with fintech wealth managers that are challenging the status quo.

Three Key Questions This Report Will Answer

  • Who are the main types of players in the US wealth management ecosystem?
  • What are the key drivers for change in the industry?
  • How will these drivers affect incumbent wealth managers, and what are they doing to remain relevant amid the changing landscape?

WHAT’S IN THIS REPORT? This report details the drivers of digital transformation within wealth management and how incumbent wealth managers can overhaul their front, middle, and back offices to upgrade their offerings and meet customer demands. Additionally, it examines the strategies incumbents are finding to digitize successfully, and highlights some key trends Insider Intelligence expects will shape such transformations going forward.

KEY STAT: Competitive pressures are fueling digital transformation: The share of global customers using fintech platforms for wealth management is expected to grow 7 percentage points from 2018 to 2022, while the share using commercial or retail banks will drop by 6 percentage points over the same period.

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Introduction
  1. Building Blocks of the Wealth Management Ecosystem
  2. Forces and Trends Driving Wealth Managers’ Digital Transformation
  3. How Wealth Managers Are Digitally Transforming
  1. The Future of Digitization in Wealth Management
  2. Read Next
  3. Media Gallery

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authors

Lea Nonninger

Contributors

Tyler Brown
Daniel Van Dyke
Maria Elm
Senior Research Analyst
Julia Woolever
Alicia Young
Research Editor