EY launch Global Wealth Management Report powered by Savanta

David Barks Senior Director 05/05/2021

Surveying more the 2,500 wealth management clients around the world, the Savanta Wealth team have been supporting EY in the production of their 2021 EY Global Wealth Research Report.

However, because of the COVID-19 pandemic, 36% of the wealthy expect the relationship with their wealth manager or advisor to become less personal from a human interaction perspective.

The 2021 EY Global Wealth Research Report covers three of the biggest issues facing wealth managers today, the report investigates the wealth purpose, value propositions, and service engagement models that clients have now, and what they would like to move to.

For instance, in exchange for greater personalization, most wealth management clients (71%) are willing to share personal data with their primary wealth manager, a higher proportion than those willing to share with doctors, retailers, technology firms and media platforms.

However, because of the COVID-19 pandemic, 36% of the wealthy expect the relationship with their wealth manager or advisor to become less personal from a human interaction perspective.

This expectation potentially leads to the large growth expected in digital only solutions knocking on the door of the traditional providers.

Beyond purely financial outcomes, the research finds that wealth management clients are looking to build purposeful investment portfolios and wealth relationships. Worldwide, a majority (78%) of respondents have personal sustainability goals, yet 41% feel their wealth manager falls short in understanding their values. At the same time, awareness of specific environmental, social and governance (ESG) themes has increased over the past year.

Considering this, a major reallocation of investments could be in the cards – with 76% believing it is important to consider ESG parameters in their portfolios and impact investing is expected to grow 15% by 2024, reaching an average adoption level of 35%.

Please download the 2021 EY Global Wealth Research Report here. For more information on our work across the financial services sector, please get in touch