Wealth and Asset Management Firms Display “tempered optimism” Amid Evolving Industries

New Wipfli Report


Author: Funds Society, Miami

Both wealth management and asset management firms anticipate shifting economic times ahead, with 62% of wealth management firms and 72% of asset management firms expecting a U.S. recession in the next 12 months

Accordingly, the majority of survey participants for each industry estimate conservative market growth of five to eight percent over the next 12 months (55% wealth, 65% asset). Less than a third for both industries anticipate standard growth of eight to ten percent

Most wealth management firms surveyed listed new client demographics as a key priority, but the majority also reported making no changes to their client acquisition strategies

Workplace flexibility and increased employee benefits will be key for firms to attract new talent, and wealth management firms should ensure that their growth plans align with their overall goals and initiatives to avoid contradictions in their strategies