Despite recent stock market struggles, wealth management remains one of the strongest-performing sectors in financial services around the globe, according to Deloitte’s 2019 Banking & Capital Markets Outlook report. Macroeconomic trends, the movement towards fee-based relationships and favorable demographic shifts all give reason for continued optimism going into 2019.
But the specters of an extended market downturn, regulatory uncertainty, the drive towards low-cost or free investment products and the continued rise of digital advice all create challenges. Advisers cannot remain complacent and must continue investing in their business to adapt to long-term change.
"Advisers who think they only have five years left don't need to worry, just need to ride the wave,” said Deloitte lead wealth management consulting partner Gauthier Vincent. “The younger advisers who are thinking they are in the business for another 20 years need to think hard about what changes they need to embrace." Click through to view Deloitte's 10 predictions.