Issue 72 of Businesslife, a special edition focusing on the wealth sector, is now available online.
The wealth sector is facing a period of unprecedented change that is forcing wealth managers and advisers to overhaul the way they operate and to adapt quickly to futureproof their operations, the latest issue of Businesslife finds.
The Wealth Edition explores the multitude of challenges facing the sector – from a rapidly changing wealth demographic, to a greater desire for digital relationships, more informed decision-making and diversification of wealth strategies.
Jon Watkins, Editor-in-Chief of Businesslife, said: “After what seems like a prolonged period of wealth holders following a fairly traditional path, the wealth sector feels like it's being bombarded with disruption and change.
“That’s a real challenge for the individuals and businesses that serve the needs of the world’s wealth holders. We wanted to explore those issues in detail – looking at how wealth advisers can navigate their way through this change."
Changing demographic
One of the biggest impacts on the wealth sector will be the pending generational shift. According to the UBS Global Family Office Report 2020, one-third of the next generation admit they are either only slightly or not at all engaged with family wealth.
As our article sets out, this creates a huge challenge for the wealth managers and advisers who must somehow attract and engage this audience.
Those who do so successfully will face an additional challenge – keeping them. As another of our articles explains, 70% of next-generation wealth holders would switch wealth manager given the opportunity.
A new breed of wealth adviser is emerging as a result. Another of our articles explores how wealth holders now crave a more holistic understanding of their needs and how demand is growing for advisers who operate as genuine partners – partners who are better informed, more independent in their views and willing to call on additional experts where needed.
Changing interests
In this edition, we also look at some notable shifts in the types of investments wealth holders are making and what this means for their wealth managers and advisers.
A major topic for discussion is the appeal of bitcoin, which we explore.
Tesla’s decision to plough £1.5bn of its reserves into bitcoin at the start of the year fuelled a further surge in the value of a cryptocurrency already flying high.
And, while questions remain over its long-term stability, it’s clear bitcoin is increasingly on the radar for investors looking to diversify their traditional portfolio approach.
That’s something else for today’s wealth advisers to consider as they navigate this period of change.
Elsewhere in this issue…
We also look at:
• How digital technologies are helping wealth holders make better-informed decisions
• Increasing demand among the next generation for ESG products
• What the removal of the Libor method for setting rates will mean for the sector
• Luxury property’s continuing appeal
• The alternative investments increasingly grabbing wealth holders’ attention.
Click here to view our Digital Edition online.
The physical version of the magazine will be available from its usual distribution points shortly.