The COVID-19 crisis impacts wealth management on multiple levels, and many wealth management firms must adjust their client engagement model substantially in order to remain the trusted partner for their clients in these challenging times. Though the wealth management industry is in a better position today than at any other point in history to meet the challenges of this crisis, firms with weak balance sheets or those that have failed to embrace the latest technology will risk losing clients and maybe even go out of business. COVID-19: A Global Perspective on the Impact on Wealth Management, a new Aite Group report, reviews how wealth management firms around the globe have weathered this unique business challenge.

“Rapidly transitioning to a remote workforce while handling heightened business volume and offering a digital engagement platform have proven to be deciding factors for business performance over the last three months,” states Alois Pirker, research director at Aite Group.

This report examines whether wealth management technology platforms have been able to live up to client expectations and what course of action they are planning to take in the future. It compares the situation across three continents (North America, Europe, and Asia), and is based principally on responses to a quantitative survey conducted among 31 wealth management practitioners in April and May 2020.