The report also highlights the increasing digitalization of the industry—how robot advisory, Big Data and analytics are transforming the ways of engaging with new clients, interacting with current clients and managing risks. At the same time, the impact of ever-increasing regulatory burdens, the quest of identifying the best return/risk combination while battling new entrants and novel business models are also identified as some of the disruptive trends which will inevitably impact the industry.

“These trends are especially relevant for European players as the industry increasingly relies on internationalization and adaptation to these new standards. The first players to successfully leverage these trends will secure their position for the years to come both in terms of business growth and profitability”, states Benjamin Collette, Partner at Deloitte Luxembourg and Global Investment Management Consulting Leader and EMEA Wealth Management & Private Banking Co-leader.

The global wealth management and private banking industry is in the midst of significant change. Today’s environment redefines the norms of interactions with clients and investors. “New forms of advice will emerge, and the industry will quickly adopt digital as a complementary channel to interact with clients and transform the client experience,” concludes Pascal Martino, Partner and Digital Leader at Deloitte Luxembourg.

The full report can be found at www2.deloitte.com/lu/10-disruptive-trends-in-wealth-management.