The report also shows technology providers seeing opportunities and increasing their activity by offering a vast array of solutions.
Titled ‘The European Wealth Management Market: Strategies and Technology in 2012’, the Celent report examines trends, major market developments, technology innovations, and available advisor solutions in the market.
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According to the report, European wealth management market is in the midst of several changes with the past four to five years witnessing banks focusing on the reorganization of business models and on technology to address both the growing investor population and their ever-more complex advice needs.
This trend is attributed to financial crisis, European sovereign debt crisis and credit downgrades of several European banks.
Alexander Camargo, Celent analyst and coauthor of the report, said, "More than ever, clients trust themselves and their peers more than financial services professionals. Wealth managers must justify their product selections and persuade clients to keep their assets with their firms."
"Firms have responded to these demands by adding technology and strategically segmenting customers to create a more personalized experience," he opined.
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