Whilst M&A activity has allowed some firms to grow rapidly, overall the segments of the population it serves have hardly changed. This suggests that the potential value of wealth management services is not widely recognised. New regulations are adding further pressure as pricing and propositions come under closer scrutiny. In addition, operating models reliant on ageing technology and processes are struggling to modernise and are unlikely to integrate well with the new technologies that are becoming mainstream in other industries, such as robotics and AI.
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