Productivity and growth in wealth management

We are pleased to sponsor this white paper in association with The Wealth Mosaic, which examines the various facets and interlinkages between productivity and growth within the UK wealth management industry. It also uncovers the role that technology plays in supporting both productivity and growth, as well as identifying the need for change management to make the best use of the technologies and tools available.

At a high level, the paper found that many firms are looking to maximise productivity gains via best practice in terms of their processes and their target operating model. This is something we find with our own client base; margin pressures often make it more cost effective to make internal changes than to make significant financial investments in new projects and commit resource to new technology implementations. However, a recurrent theme we also see with clients is that this approach leads to a Catch 22 situation, where internal best practice reveals the need for new technology to support productivity and growth, but a seemingly perpetual budget squeeze precludes spend.

This can appear to some to be a bit of a paradox! Technology is evolving at the fastest pace it ever has, but simultaneously the slowest pace it ever will because the future pace of change will only become faster! When it comes to the technologies available to wealth managers, the need to carefully map out what is actually needed, and to clearly define the purpose and role of any new technology within the overall mix is imperative.

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