Wealthy expect advisors to be financial hub

Canada’s wealth managers will need to expand their skills if they’re to keep up with the demands of their rich clients, says a new report.

A joint CSI-Investor Economics report says high-net-worth clients increasingly want their wealth manager be the primary relationship manager for all or most of their financial advisory needs.

Read: Insights for working with the wealthy

The report states:

• The number of households with more than $1 million in investable assets is expected to increase by 76% to 1.1 million by 2022.
• By 2022, wealthy households will control about $3.7 trillion – or two thirds – of all financial wealth in Canada.
• Rich households are seeking opportunities to consolidate their financial dealings with fewer providers.
• Financial institutions are providing more integrated offerings and are increasingly expanding the competencies of their wealth managers so they can serve the role of primary relationship manager.

Read the full report here.

Also read:

NHL players: young, rich and fragile

Don’t underestimate global wealth gap

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.