Wealth Management's silent goldmine – under-engaged accounts

The wealth management puzzle: deep dive V

Patrick Akiki
Partner, Financial Services Market Leader, PwC Switzerland

Wealth management firms often overlook a silent goldmine – under-engaged client accounts. These accounts often hold significant value despite seeming inactive. To thrive amidst digital disruption and shifting client expectations, firms must rekindle these relationships, unlock their potential and reshape their growth trajectory.

Explore the untapped potential of under-engaged client accounts in wealth management. Respond to shifting client expectations and digital trends with personalised, innovative services to enhance client engagement and grow the assets under management.

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Wealth management: an ever-changing landscape

In the dynamic wealth management landscape, client engagement is key and has an impact on firms' growth and reputation. We emphasise a crucial but often overlooked segment: under-engaged client accounts. Despite apparently being dormant, these accounts hold immense potential. By understanding their disengagement and applying tailored strategies, firms can bolster their assets under management and demonstrate commitment to all clients regardless of their level of engagement.

Industry trends and challenges

As the wealth management industry transforms, under-engaged client accounts are emerging as a challenge with untapped potential. Factors such as changing client expectations, digital disruption, regulatory shifts and increased competition all contribute towards this. Today's clients want personalised, flexible and digital services, a mismatch which leads to under-engagement. Firms which fail to innovate risk losing clients to more advanced platforms. As a result, firms must rethink their engagement strategies to reactivate these dormant resources.

The growing prominence of under-engaged accounts calls for wealth management firms to reassess their current strategies and fine-tune their operations.

Implications for wealth managers

In the rapidly-evolving wealth management sector, personalisation and a nuanced understanding of client segments are crucial for re-engaging under-engaged accounts. Wealth managers must deliver customised solutions to meet unique client expectations, including holistic services such as estate planning and philanthropy consulting. Recognising and catering to the distinct needs of UHNW and affluent clients is also important, and involves employing comprehensive services for the former and more streamlined, price-sensitive digital solutions for the latter. Additionally, managers must embrace digital innovation and adopt a client-centric, transparent approach. By doing so, they can activate under-engaged accounts, increase client satisfaction, boost assets under management and create opportunities for better bottom line management.

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Contact us

Patrick Akiki

Patrick Akiki

Partner, Financial Services Market Lead, PwC Switzerland

Tel: +41 58 792 25 19

Andrea Colosio

Andrea Colosio

Senior Manager, Wealth Management Expert, PwC Switzerland

Tel: +41 79 587 30 35