SEI white paper urges wealth managers to change business model
SEI, a leading global provider of outsourced asset management and investment solutions, has warned that wealth management organisations must change their business models in order to survive the current market conditions.
The latest white paper from SEI, entitled “The Transformation of Wealth Management - Part 1”, says that current market dynamics present wealth management organisations with several challenges to growing revenues, minimising costs and optimising capital allocations.
As such, the paper states that without a change to underlying business models, these firms will struggle to capitalise on the growing wealth market.
SEI says that many wealth managers are hampered by business models that were engineered to develop and distribute products, not advice.
Joseph Ujobai, executive vice president of private banking at SEI, said: "It is clear that transformation of the traditional models is needed, and this evolution cannot be accomplished through today’s concept of outsourcing - which is defined as the purchase of necessary products or services from an outside provider."
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