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Laxman Pai, Opalesque Asia: Nearly half of all wealth management clients worldwide (44%) are planning to change their provider relationships over the next three years - either by adding a new provider (14%), by moving money to another provider (21%), or by switching providers altogether (9%), said a study.
According to the 2023 EY Global Wealth Research Report, wealth managers will need to adapt faster than ever amid unprecedented levels of volatility and global uncertainty that is changing the way people invest in uncertain times.
The survey, which recorded the views of more than 2,600 wealth management clients across 27 geographies, found (40%) of survey respondents think that managing their wealth has become more complex over the last two years.
Furthermore, clients are planning to move a lot of their money. More than half of those expecting to shake up their relationships plan to move more than a quarter of their assets to a different provider; 11% expect to transfer the majority of their funds.
In other words, one in four wealth management clients around the world expects to move a material slice of their wealth between providers by the end of 2025. If that forecast proves accurate, the amount of money in motion could be measured in billions.
The effect could be even greater in some regions. A majority of wealth management clients in Asia-Pacific (57%), the Middle East (59%), and Latin America (62%) expect to move assets, add new providers, or swi...................... To view our full article Click here
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