A recent survey conducted by business outsourcing and research company Equiniti, found that a majority of wealth managers are hoping to outsource various parts of their businesses in the next 5 years, writes Holly Parmenter.
The survey, made up of 60 wealth managers, found that 70% of its participants were ‘looking to restructure their business by outsourcing some or all of their processing requirements’.
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This is mainly due to the mounting pressures and costs of regulation as the survey found that 38% of wealth managers have changed their view on outsourcing as a result of regulation.
Only 12% of wealth managers see outsourcing as a means of developing strategic advantage.
Back office tasks were the most likely to be outsourced as 50% of the wealth managers surveyed said the custody of assets were already outsourced.
A fifth of wealth managers blame a lack of outsourcing solutions as an argument for not outsourcing.
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By GlobalDataMark Taylor, managing director of Equiniti, said: "Wealth managers have to reconsider the structure of their businesses as a result of regulation and other factors, such as changing consumer demand."
