deepen their service culture, as well as providing the right mix for their target customers of digital access as well as “personal touch” financial planning.“ It’s providing a carefully selected mix of additional services that grow both wallet and client persistency. ”For example, he suggests a charitable or philanthropy offer for high net-worth and ultra-high net-worth individuals, or support on family succession and the concept of family wealth rather than individual wealth. While wealth and asset managers are under pressure to consolidate and rationalise their offering, outsourcing non-investment matters is a growth area, and Pershing and its rivals are likely to play a bigger part in the financial services chain going forward.
Lightening the not-so-soft touch of the regulator
The regulatory pressures keeping wealth managers away from their core day job – running money – are unlikely to abate anytime soon, which is where companies like Pershing come in.
