Intelligent strategies for winning with the ultra-wealthy: Bridge wealth management and family office strengths to fuel growth

Today’s wealth management landscape is more challenging than ever: even as high-net-worth individual (HNWI) prosperity rebounds, geopolitical uncertainties, market volatility, and a fiercely competitive environment are putting pressure on wealth management industry profits.

The World Wealth Report 2024 reflects the views of 3,119 high-net-worth individuals, including 1,300+ ultra-HNWIs; 75 executives from pure wealth management (WM) firms, universal banks, broker/dealers, and family offices; and along with survey responses from 750+ relationship managers across North America, Europe, and Asia-Pacific. Key findings include:

  • Rebounding markets and a brighter outlook lifted 2023 global HNWI wealth by 4.7%, and HNWI population numbers increased by 5.1%. While growth was seen across all wealth bands, the ultra-HNWI segment (investors with USD 30 million+) enjoyed the most robust recovery in dollar terms.
  • By integrating behavioral finance with artificial intelligence, WM firms can better recognize and address HNWI client needs; and Gen AI can aid hyper-personalization of relationship manager/client experiences and communications.
  • Traditional WM firms must balance competition and collaboration with family offices to scale up engagement with ultra-HNWIs: a collaborative ecosystem of partners to create a one-stop shop is key to success with this complex and lucrative client segment.
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