Many wealth management companies are investing in big data analytics
capabilities to generate insights around clients. Big data solutions are being
implemented to deliver insights around client segments, product penetration and
analyze training program effectiveness. These technologies are being
implemented to assess existing and prospective clients’ inclination to purchase
various products and services being offered by a wealth management company,
their lifetime value, investment pattern and the ability of the client to take
risks. They are also helping wealth management companies to track business
performance, increase client acquisition and retention rates, increase sales
and offer real time investment advice. For instance, CargoMetrics, an
investment firm based in Boston used Automatic Identification System (AIS), to
collect data on commodity movement such as cargo location and cargo size to
develop analytics platform for trading commodities, currencies and equity index
funds. This tool was also sold to other hedge funds and wealth managers.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL WEALTH
MANAGEMENT MARKET TO GROW TO $2 TRILLION BY 2021
North
America was the largest region in the wealth management market in 2017,
accounting for half of the market share. This can be attributed due to high
presence of assets under management in the US and Canada.
Read report:
https://www.thebusinessresearchcompany.com/report/wealth-management-global-market-report-2018
According to The Business Research Company’s
Consultant, Nitin Gianchandani, the demand for automated or robo advice is
growing rapidly in wealth management services. Automated advice is an online
wealth management service which provides automated or algorithmic investment
advice without any human intervention. This is becoming popular mainly because
robo advisors are relatively cheap, compared to traditional wealth management
services. Though robo advice is not entirely new, it is recently gaining
traction amongst users. According consulting firm Corporate Insight, total
assets managed by the 11 leading robo advisors in the US rose 65% during 2014,
and registered assets under management (AUM) reached $19 billion.
Agricultural Bank of China was the biggest player in the wealth
management market in 2017, with revenues of $37 billion in 2016. Agricultural
Bank of China’s growth strategy aims to integrate with the international
markets to enhance its global serving capabilities. It is also strengthening
its financial, trading and investment businesses as well as develop urban and
county businesses.
The wealth management market comprises establishments engaged in
planning, advising and managing various kinds of assets that covers financial
and investment advice, retirement planning and legal or estate planning. This
market includes brokerage and custodian charges of the firms.
Wealth Management Global Market Report 2018 is a detailed
report giving a unique insight into this market. The report is priced at $4000
for an individual user. To use across your office, the price is $6000 and $8000
if you wish to use across a multinational company.
About The Business Research Company
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research projects to the senior management of some of the world's largest
organizations.
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