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Having survived the exceptional past two years, wealth management professionals are positively looking forward onto the year 2022 identifying the new trends, possibilities and opportunities for the Asset and Wealth Management industry.

Due to the COVID-19 pandemic, 2021 was the year of digital transformation for the world; it accelerated some trends which made our life more flexible and better for the future, most notably working remotely and digitalization.  These trends will remain in effect, and the following factors will help develop and maintain the wealth management industry in 2022:

  • Work from home is the new lifestyle.
  • Asset Managers and Banks will embrace cloud computing to improve their businesses and reduce costs.
  • Wealth managers will adopt an even more Customer-Centric Approach.
  • Cryptocurrencies and NFTs are set to become part of the wealth management mainstream.
  • Wealth managers will increasingly use technology to ensure compliance.
  • AR/VR will transform client relationships.
  • Private Equity will be developed further in wealth management.
  • AI-based technologies such as machine learning will be the next great step forward in wealth management analytics.

COVID-19’s residual presence will continue to have a substantial impact on wealth management industry, wealth managers’ operations, and their strategies should take into consideration the lessons learned as a result of the pandemic.  Recent wealth management trends reveal the industry’s opportunities and challenges, and firms can use them to establish a strategy for investment, operations, technology, and customer support, among other things.  And despite the hurdles, wealth managers still have opportunities; they just need to prepare and position themselves correctly.

The year 2022 will witness more use of advanced analytics, and while 88% of the wealth management executives, polled in Gartner’s 2021 Financial Services Technology Survey, believe that such systems are effective, only 13% are currently using them. Therefore, wealth managers still have the opportunities and Gartner reports that it’s observing “a steady progression on the deployment of this technology”.

The involved risks in wealth management and expected in 2022 such as market uncertainty and inflation do not outweigh the foreseen opportunities.  Wealth managers simply need to adopt the new trends, accept the faced challenges, and be ready to overcome them through innovation, improved client relationship, and better use of technology.