Wealth management executives are more bullish and confident in the health of the business this year than in past years, according to a recent survey by Wipfli, the advisory and accounting firm.
In the firm’s State of the Wealth Management Industry 2026 research report, 94% of the 124 wealth management executives surveyed said they expect their firm’s revenue to grow by 5% or more over the next 12 months, while two-thirds expect growth of 8% or higher.
The report states that’s an indicator that confidence has returned, but there are still rising pressures from technology, compliance and talent demands.
Rusty Planert, a manager in Wipfli’s financial services group, attributes the confidence to the fact that the presidential election is behind us and markets have steadied.
“The election created uncertainty that made it harder for leaders to lock in plans,” Planert said in the report. “Now that some of that’s behind us, there’s more clarity, and that’s allowing firms to project with greater confidence.”
But wealth managers continue to face increased complexity in their businesses.
“Firms are optimistic, but they’re also managing more moving parts than ever before,” said Anna Kooi, Wipfli partner and financial services practice leader, in the report. “Success depends on how well leaders can prioritize and execute amid all that noise.”
Technology will be key to managing those moving parts and driving growth in the next year.
“But some firms clearly see opportunities for technology to help them attract and serve more clients and increase AUM,” Kooi said. “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. Firms can’t get away from making investments in technology, data analytics and AI.”
When firms were asked to rate their most important growth strategies, improving data analytics capabilities, enhancing digital customer engagement, automating processes, using AI in marketing and adopting cloud solutions were at the top of the list.
And technology was cited as a top concern among wealth executives, including cybersecurity (62%) and investing in or implementing the right technology (58%).
In addition, technology is shaping how these firms conduct business. For example, 64% said enhanced cybersecurity and data privacy measures are impacting how they do business. Sixty-three percent say digital platforms and apps are improving account management processes, and 61% report using AI tools in marketing and account management processes with prospective clients, according to the report.
“Technology should strengthen relationships and create better experiences for clients and advisors alike,” said Robert Zondag, Wipfli partner, in the report. “For smaller firms, it can also be a great equalizer.”
Roughly 90% of respondents reported having a comprehensive roadmap for using AI or actively implementing AI tools; however, only about one-third (32%) stated that they have an enterprise-wide roadmap with governance frameworks and measurable business impact. Larger firms were more likely than smaller firms to have that comprehensive AI roadmap in place.
The top use case for AI was fraud detection and cybersecurity (67%), followed by risk management (60%).
“A lot of firms are experimenting,” Kooi said. “They may have AI embedded in certain tools or workflows, but that’s not the same as having a roadmap that ties back to business strategy.”
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