Now in its 24th year, Capgemini’s World Wealth Report 2020 looks at the latest dynamics in high net worth individual (HNWI) population and wealth growth, as well as HNWIs’ trust and confidence in wealth firms, their satisfaction with investment advice and returns delivered, their comfort level with fees, and their take on personalized services. The report also explores how the financial services’ shift to an experience-driven Open X-era ecosystem is encouraging firms to rethink their operating models – an especially critical move considering COVID-19 and geopolitical uncertainties.
Viewed through a 2020 lens, agile new business and operating models can enable cost structure flexibility and resilient distribution channels. Firms can identify the critical sources of value in terms of client experience and firm profitability and prioritize capability-building in these areas while leveraging ecosystem collaboration to quickly and cost-effectively fill capability gaps in other areas. Today’s economic unpredictability may also offer opportunities to reach underserved or new investors, as demand for wealth advice tends to increase during market turbulence and as the strategic case for sustainable investment advances.