Despite the unprecedented challenges presented by COVID-19, wealth managers adapted to effectively serve clients while navigating an uncertain economic and financial market environment. Stable fee-based revenue combined with an increased demand for advice during the pandemic underscored the value proposition of a modern wealth approach.

Following a severe, albeit short recession, emerging trends quickly accelerated as financial advisors needed to embrace a digital engagement model to serve the clients’ evolving needs in a multi-channel ecosystem. 

In the wake of the pandemic, firms will continue to grapple with headwinds, including a slowing economy, turbulent markets, shifting regulatory environment and managing their balance sheets as they adapt to the new normal. We examine how wealth managers have demonstrated resiliency in 2020 and explore key strategic considerations for firms to transform their business in 2021.