This is a watershed moment for the asset management industry. New technologies are reshaping the sector, commoditizing large parts of the value chain, forcing incumbents to sharpen their value propositions. Inspired by platform models in other industries, clients are also advancing new demands with respect to the immediacy, connectivity and ubiquity with which they interact with their providers.
At the same time, regulators are doing their best to prevent consumers from being sold inappropriate products, which are often the most lucrative for providers. As a result, regulatory costs continue to climb during a time in which fees are falling and a veritable battle to claim ownership of the client relationship has erupted.