ABA BANKING JOURNAL – With ongoing disruption and economic pressures from COVID-19, wealth management divisions and advisers have no shortage of challenges to confront—from increased need for virtual practices and cybersecurity to post-election volatility and client demands for more customized service.
There is no doubt the pandemic has caused wealth practices to reevaluate what they’re doing, how they’re doing it, and what needs to change—regardless of when a post-COVID new normal arrives. The wealth management divisions that will experience rapid growth will be ones that have a clear strategy for growth, operational efficiencies and risk mitigation—grounded in a reimagined vision and purpose.
A good question to ask is: How well has your bank articulated a compelling value proposition in the marketplace, redefined products and services and redesigned ways of doing business? Now is the time to reinvent wealth management across the industry.