Why wealth managers must become 'business revolutionaries'

Focus on millennials

It already feels as if the wealth management sector has been buffeted by significant headwinds over the past few years, but this is likely to be just the start of a much larger-scale transformation over the next decade, driven by the evolving needs of younger investors and new technologies.

According to a recent report by PwC, entitled Asset & Wealth Management Revolution: Embracing exponential change, there will be substantial shifts in areas including fees, products, distribution, regulation, technology and people skills over the next ten years. The consultancy warns firms must become "business revolutionaries or even disruptors, if they are to survive and prosper". For some companies, this will mean radical action must be taken now to prepare themselves for this rapidly-changing environment. Gallery: A day in the life of a Chinese millennial  Among the starkest war...