A surge in the number of high net worth individuals should stimulate wealth managers to transform their business model, according to the latest white paper from SEI.
Entitled The Transformation of Wealth Management Part 1 - the first of two papers highlighting the improvements needed to the traditional wealth management model - the report asserts that without a change to their underlying business models, these firms will struggle to capitalise on the growing wealth market. According to the Capgemini & Merrill Lynch World Wealth Report 2007, globally, the number of high-net-worth individuals (those with more than $1m in financial assets) grew at a rate of 8.3pc in 2006 to reach 9.5m. The paper explores the ways in which wealth managers can restructur...
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