WEALTH MANAGEMENT PLATFORM MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Wealth Management Platform Market Analysis:

The market size of the Wealth Management Platform is anticipated to expand from USD 4.66 billion in 2023 to USD 8.99 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 14.04% during the forecast period (2023–2028).

The Wealth Management Platform market is characterized by robust platforms that support various digital channels, including smartphones, tablets, and browsers. This support enables cross-channel experiences, reducing friction between financial institutions’ customers and financial advisors, resulting in more efficient operations. Furthermore, trading and investment management fees are declining to zero, while firms grapple with decreasing margins. This has led to a need for digitizing processes and finding efficiencies elsewhere.

Customer-centric business priorities, such as fully-digitized client onboarding, financial planning, and secure, real-time collaboration between the client and the financial advisor, are driving the Wealth Management Platforms’ prominence. Some platforms offer Artificial Intelligence (AI) components, such as machine learning, natural language processing, and digital process automation, to reduce exceptions, making the onboarding process paperless and frictionless.

Wealth management firms have an increasing opportunity to use technology to expand their offerings to a broader market. Additionally, hiring and retaining talent to provide a personal touch are significant cost drivers in the wealth management arena.

One significant challenge for potential entrants is the high cost of establishing branch locations due to expensive property prices. The wealth management model is based on a high-touch client relationship; therefore, establishing a physical presence is critical.

The COVID-19 crisis has impacted wealth management (WM) on multiple levels. Many wealth management companies must substantially adjust their client engagement model to remain the trusted partner for their clients in these challenging times. The pandemic has forced wealth management businesses to emphasize intelligent business process investments. Another accelerated trend pertains to technologies such as artificial intelligence (AI) to enhance personalization and advisor effectiveness.

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