Canada’s wealth managers will need to expand their skills if they’re to keep up with the demands of their rich clients, says a new report.
A joint CSI-Investor Economics report says high-net-worth clients increasingly want their wealth manager be the primary relationship manager for all or most of their financial advisory needs.
Read: Insights for working with the wealthy
The report states:
- The number of households with more than $1 million in investable assets is expected to increase by 76% to 1.1 million by 2022.
- By 2022, wealthy households will control about $3.7 trillion – or two thirds – of all financial wealth in Canada.
- Rich households are seeking opportunities to consolidate their financial dealings with fewer providers.
- Financial institutions are providing more integrated offerings and are increasingly expanding the competencies of their wealth managers so they can serve the role of primary relationship manager.
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