Economic Crisis Reveals "Overservice" in Wealth ManagementThe Staff of the Corporate Executive Board
Wealth managers have taken a large revenue hit during the economic downturn. Assets under management fell precipitously during the past year, and clients increasingly placed more of their remaining holdings in low-margin products. At the same time, operating costs increased, as clients demanded more advice and firms tried to counter poor portfolio performance with greater levels of service. As a result, Wealth managers project that 2010 profit margins could fall as much as 75% below their 2007 peak, according to the 2009 Wealth Segment Economics Survey, done by The VIP Forum.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Ivanka Trump Faces Courtroom Showdown Over $785 Sandals
- Uber Losing Battle in London After Regulator Revokes License
- Mercedes Plots Tesla Attack With $1 Billion U.S. Electric Push
- How Electric Cars Can Create the Biggest Disruption Since the iPhone
- Hewlett Packard Enterprise Is Said to Plan About 5,000 Job Cuts