Wealth managers are entering a more competitive phase as client expectations rise and behaviors evolve, increasing pressure on firms to demonstrate clear value and strengthen relationships, notes the 2026 EY Global Wealth Management Industry Report.
Among the report’s highlights:
- Highlighting intensifying competition for client share of wallet, 45% of wealthy clients plan to move 25%–50% of their assets.
- Clients now use 2.3 wealth managers on average globally, reflecting more dynamic and less concentrated relationships.
- About 29% of assets are already self-directed, reshaping how firms deliver and differentiate advice.
The report highlights a structural shift in the industry: clients are becoming more active, more selective and more willing to move assets in pursuit of better outcomes. At the same time, advances in artificial intelligence and digital tools are changing how advice is accessed, delivered and evaluated.
Together, these dynamics are reshaping competition — from a focus on scale and product breadth toward relevance, trust and measurable client outcomes.
Client loyalty becomes more fluid as expectations rise
Client relationships are becoming increasingly dynamic. Wealthy individuals are no longer relying on a single provider, instead building portfolios of relationships tailored to different needs, from execution and investing to planning and complex advice.
This shift is reflected in rising multi-provider behavior and increasing willingness to move assets. Rather than long-term, stable mandates, client relationships are becoming more contestable — with decisions driven by the perceived quality, timeliness and relevance of advice.
At the same time, client expectations are broadening beyond investment performance alone. Clients are seeking more holistic support, including financial planning, tax, lending and intergenerational wealth advice, and they expect this to be delivered seamlessly across channels.
Firms that can respond with more proactive, personalized and outcome-focused engagement are better positioned to capture a greater share of client assets.
“Client expectations are rising at a time when relationships are becoming more fluid and more competitive,” says Jun Li, EY global and Americas wealth and asset management Leader. “Clients today are more engaged, more informed and more willing to act when they do not see clear value. This creates both challenge and opportunity for wealth managers. The firms that succeed will be those that can respond with advice that feels timely, relevant and grounded in the client’s full financial context — not just their portfolio.
“Technology, including AI, will play an important role in enabling this, but it is how firms apply these capabilities to deliver consistent, meaningful outcomes that will ultimately define success.”
A widening gap between capability and delivery
Despite significant investment in technology and client insight, the report finds that many firms have yet to translate capability into consistent client experience. While segmentation and personalization strategies are widely established, they are not always reflected in how advice is delivered in practice. Proactive guidance remains limited, and differentiation across client segments often falls short of expectations.
This creates a widening gap between what firms promise and what clients experience — particularly as digital and AI-enabled tools raise the benchmark for responsiveness and relevance.
Closing this gap represents one of the most immediate opportunities for wealth managers to strengthen trust, improve retention and drive organic growth.
Advice models shift as self-direction and AI expand
The rise of self-directed investing is accelerating this shift. With nearly a third of assets already self-directed, clients are increasingly comfortable making decisions independently, supported by digital tools and AI-driven insights.
As a result, standard investment guidance is becoming more accessible and, in some cases, commoditized. The role of the advisor is evolving accordingly — with value shifting toward more complex, judgment-based areas such as financial planning, portfolio structuring and navigating market uncertainty.
AI is expected to play a central role in enabling this transition, not only by enhancing client interfaces but by becoming embedded in advisory workflows, improving decision-making, and supporting more timely, tailored client engagement.
From scale to relevance: redefining competitive advantage
Scale, product breadth and brand remain important but are no longer sufficient on their own, the report points out. Instead, advantage is increasingly determined by a firm’s ability to:
- Translate client insight into action
- Deliver consistent, personalized experiences at scale
- Demonstrate clear and measurable value over time
Olaf Toepfer, EY Global Center for Wealth Management Founder and Leader, adds: “This is not just a technology story. It’s an operating model shift. As advice becomes more accessible and client expectations rise, the bar is shifting from insight to execution. Firms that can consistently translate insight into timely, outcome-focused engagement will stand apart. Embedding these capabilities at scale will be critical to strengthening client primacy, defending margins and capturing future growth.”
The report draws on research by the EY Global Center for Wealth Management, combining insights from EY professionals and a wide range of market data sources.
