The new arms race in wealth management: Winning the ultra-wealthy
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- Tune in to CNBC all day for coverage of this year's Elite Advisors.
- Technology, competition and industry consolidation are pressuring fees and profitability, experts say.
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Tune in to CNBC all day for coverage of this year's Elite Advisors. The wealth management industry is in the middle of a sweeping shift, as more firms move up the wealth ladder to serve the richest individuals and families.
Technology, competition and industry consolidation are pressuring fees and profitability, experts say. At the same time, the population and fortunes of ultra-high net worth investors are soaring, data shows. To survive and grow, more wealth management firms are chasing the surging ranks of the extremely wealthy and their more profitable accounts.