We are living through a time of rapid and global change. The COVID-19 crisis, the digital revolution and threats like climate change are transforming the way we live. Wealth Management is not immune to this context. It has had to understand and adapt to the new circumstances as quickly as possible, adopting new trends that will mark its evolution in the coming decades.

The global financial crisis of 2008 was a gamer changer and ushered in a new paradigm for the wealth management industry. Sound regulation, good corporate governance and transparency were the main fruits of this global financial crisis. Today, we are still dealing with the social and economic consequences of the COVID-19 pandemic. The extent of the adjustments that the crisis will force upon us is not yet clear, but it will certainly leave its mark. 

Thus, there is an increased dependency on digital channels as a means of interacting with customers. Digital transformation, hybrid advice and the development of the Fintech sector have accelerated its development, improving client and advisor interfaces to ensure a better quality of experience. This development is closely linked to the priority that wealth management firms place on cybersecurity. As the collection of user data to support digitisation and hyper-personalised services increases, having a cybersecurity infrastructure is considered a must. 

In addition, the wealth management industry is facing a generational shift across its client portfolio. This reality implies a continuous adaptation in the way it communicates with the youngest (Generation X, millennials, Generation Z…), whose interests and priorities differ substantially from those of previous generations.