Wealth management executives optimistic about revenue growth but cautious about tech investments for 2025, according to new Wipfli research
MILWAUKEE, Feb. 19, 2025 /PRNewswire/ -- Wipfli, a top 25 advisory and accounting firm, released the results of its latest wealth management survey, offering valuable insights into current market challenges and outlining long-term growth strategies. Among the top concerns for participants in the coming year are cybersecurity and regulatory compliance, implementing the right technology tools and ensuring AI readiness.
Wealth management leaders recognize that technology is the critical factor determining their company's success or failure. While confident about revenue growth in 2025, they are acutely aware of the risks associated with future tech investments. Notably, 91% of respondents project their firms to grow 5% or more, with a contingent of 36% expecting growth of 8%-10%.
"Respondents' answers reflect an understanding that technology is essential to success in high-performing companies. They've seen automation, AI and digital apps enhance the efficiency and effectiveness of their work, and they want to ensure that they're taking full advantage of these tools," said Wipfli partner Ronald Niemaszyk.
The wealth management trends report also delved into succession planning, revealing that 52% of respondents believe rapid technological advancements will drive future ownership changes within their firms. Despite a strong preference for internal transitions — to employees, shareholders or family members — the reality is that third-party sales are far more prevalent. This discrepancy highlights a critical area for executives to address if they wish to align their succession plans with their long-term vision.
"It's an interesting insight and suggests an opportunity for executives to start thinking about how they can facilitate an internal transition, if that's what they want to see," said Justin Koebel, CPA, CITP, director at Wipfli.
Technology is revolutionizing the efficiency and effectiveness of wealth management operations. Respondents highlighted that tools like automation apps and AI are making a significant impact on their business. However, when it comes to AI in business applications, most wealth management leaders are still in the exploratory phase, recognizing the potential but proceeding with caution.
Wipfli gathered these insights by surveying 109 C-level executives at wealth management firms across the United States. Access the full Wipfli wealth management research report for a deeper analysis and a detailed breakdown of all the data on trends in wealth management.
2025 Wealth management research report
About Wipfli LLP
Wipfli is an advisory firm that delivers holistic solutions to help clients navigate the modern marketplace, optimize performance and drive growth. Our more than 3,300 associates deliver digital, people, strategy, risk, financial and outsourcing solutions to 55,900+ clients.
Media Contact
Alicia O'Connell
alicia.oconnell@wipfli.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/wealth-management-executives-optimistic-about-revenue-growth-but-cautious-about-tech-investments-for-2025-according-to-new-wipfli-research-302379175.html
SOURCE Wipfli LLP