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Five key areas that the wealth management sector will need to address in 2022

By David Lawrence, UK Chief Executive Officer at Kingswood Group

1. Digitisation – there will remain a constant need to enhance the client experience by actively using technology but in concert with a human centred approach.

2. Pricing – breaking the taboo and creating greater transparency so that clients feel confident around charges and that they represent value for money. However, industry wide margin pressure will continue in 2022.

3. Consolidation – the industry remains fragmented and with continued regulatory and administrative pressures, IFA’s will continue to seek exit strategies throughout the year.

4. Regulation – will help drive consolidation but will also put pressure on the industry. It is vital that there is fair and transparent treatment for clients across all avenues of service and offering.

5. Addressing the advice gap – large demographics are under-served. Specific focus areas should be Pension Planning, Long- Term Care and gender differences. The industry also needs to boost financial education to increase resilience and understanding across all demographic segments and look at how we effectively educate the younger generation.

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