The RIA industry is facing a shortage of talent as older advisors retire and college graduates are drawn to technology-related fields over finance.
The RIA industry is also highly competitive, with many firms vying for the same pool of clients. RIA leaders must find ways to differentiate their firms and attract new business in a crowded market.
According to Ernst & Young, socioeconomic shifts and changing client demands are opening up new opportunities for leading wealth and private banks (WPBs) to redefine the client experience across the entire spectrum of wealth management services. Seamlessly blending people and digital technology will be key to delivering wholly personalized advice that enhances the lives of clients.