Wealth management teams that win will be the ones that turn tech, data and talent strategy into measurable action, even as new threats compete with persistent old challenges. These and other insights from research firm Wipfli show the field is managing its ongoing technology transformation by confronting some challenges directly while stubbornly avoiding others. Digital is driving growth, but the firm’s recent survey of wealth management executives reveals that fewer than one-third have a comprehensive AI strategy.
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Nearly all respondents (94%) report they expect their firm’s revenue to grow by 5% or more over the next 12 months. About two-thirds (63%) project growth of 8% or higher.
About half of respondents (48%) identified recruitment and retention as an “extremely” or “very important” concern over the next 12 months. Among those, 72% said they are increasing benefits and perks in response. Related insights include:
Growth optimism is real, but fragile. Nearly all wealth management firms included in the survey expect revenue growth, and many project strong gains. But Wipfli makes clear that much of this depends on factors firms do not fully control (markets, M&A). The growth levers they can control — organic growth, client engagement, advisor productivity — are harder and require sharper execution. Confidence without follow‑through is the risk.
Data and AI separate leaders from laggards. Hearing that wealth managers are “using AI” is now common, “but only a minority have a mature, enterprise‑wide approach tied to business outcomes,” the report points out. The most advanced firms are using data and AI to anticipate client needs, personalize advice and improve decision‑making — not just automate back‑office tasks. The report strongly suggests this gap will widen competitive differences.
Confidence has returned. But so has complexity. “Tools that enhance how advisors personalize client interactions, anticipate client needs and deepen relationships can be just as valuable as tools that improve back-office efficiency,” says Anna Kooi, Wipfli partner and financial services practices leader. “Firms cannot get away from making investments in technology, data analytics and AI.”
