US wealth management: A growth agenda for the coming decade

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US Wealth Management: Amid Market Turbulence, An Industry …

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Jan 17, 2024 · The US wealth management industry experienced a significant contraction in 2022 (Exhibit 1). Client assets overseen by the industry declined by $6.2 trillion, erasing almost a …

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U.S. Banks See Wealth Management Boom On Borrowing, New Assets

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Oct 15, 2021 · Bank of America's Merrill Lynch Wealth Management reported record revenues of $4.5 billion, up 19% over last year, while loan balances grew 10% to top $133 billion. At …

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Is Wealth Management a growth agenda?

S wealth management: A growth agenda for the coming decadeMounting hopes of postpandemic recovery signal an imperative to prepare for the changes in technology, consumer needs, and society th a Salvo, and Jill ZuckerEoneren/Getty ImagesFebruary 2022Wealth management is a growth industr ...

How is wealth management changing in the United States?

Wealth management (WM) in the United States is undergoing profound change. New consumer preferences and digital models, as well as demographic, macroeconomic, regulatory, and competitive trends, have come together in a perfect storm to completely upend the WM experience for consumers and advisors alike. ...

Is the US wealth management industry over?

For US wealth management firms, the decade-long period of relatively easy growth fueled by favorable market conditions is likely over. The year 2022 brought a drumbeat of tough economic news, from slowing economic growth and high inflation to sagging equities and bond markets. The industry has held up relatively well thus far. ...

How did the US wealth management industry grow?

Total revenues for the US wealth management industry grew 6 percent to $255 billion (Exhibit 3), and costs increased Efcm Pnufdon gEo whcame growth came from revenue streams related to net interest income. oueoCeuoAoÁeonemenNewopubofngo cneÚoWeÁho ngemenÁo uØeÚ 4 percent to $190 billion (Exhibit 4). ...

How did the wealth management industry perform in 2022?

Wealth management revenues, profits, and profit margins continued on their growth trajectories, increasing 6 percent, 8 percent, and one percentage point, respectively in 2022, further validating the industry’s resilience and attractive fundamentals. ...

How will the North American wealth management industry change in the next 10 years?

The North American wealth-management industry will undergo meaningful changes in the next ten years, influenced by evolving customer... The market-performance tailwinds that have propelled North American financial advisors for the past several years subsided. Advisors... ...