A Look at Wealth Management Today: The Rise of New Customer Segments & What They Value with Chirag Thakral

In this episode, we sit down with Chirag Thakral, Head of the Banking and Capital Markets practice at Capgemini Research Institute for Financial Services, to shed light on the World Wealth Report, a renowned publication in the wealth management industry that provides a 360-degree view of what's happening in the industry. He stresses how building emotional connections with clients is seen as essential and why firms need help finding ways to measure the impact of ESG investments. Chirag navigates how family offices are gaining popularity and why wealth management firms must balance providing services through digital and hybrid channels. Join us in this episode as we explore these fascinating insights into wealth management trends today!

Chirag has over 15 years of experience as a strategy and thought leadership professional with in-depth FS expertise and a wealth management industry focus.

[00:01 - 07:45] Opening Segment

• The leadership in the financial services industry

• One of the most renowned publications in the wealth management industry

• The World Wealth Report by Capgemini

• Embrace market dynamics, build data-driven digital platforms, and engage with clients

[07:46 - 14:51] Wealth Management Industry Experiences

• Wealth management industry is undergoing significant shifts

• Emotional connection with clients is essential for the industry

• How family offices are gaining popularity due to their personalized offerings

• Why building relationships in wealth management is a complex process 

[14:52 - 22:09] Embracing Digital to Personalize Client Experience

• The new edge players disrupting the wealth management market

• Advantages of starting fresh and having the right technology and mindset

• The misconception that millennials only want digital advice

• Why wealth management firms need to have digital capabilities

[22:10 - 29:41] Democratizing Assets to Wealth

• Large Wall Street firms are going downstream to capture the affluent mass segment

• Successful firms are leveraging technology and digital transformation to cater to this segment

• Challenges include profitability, legacy technology systems, and building digital capabilities.

[29:42 - 36:11] Closing Segment

• Private equity is impacting the wealth management ecosystem

• Democratizing assets and offering alternative investments

Want to connect with Chirag? Follow him on LinkedIn and Twitter to learn more about financial services (FS), professional services, and the FinTech industry!

Key Quotes:

"Wealth management firms need to have advantage digital capabilities within their kit to be able to deliver the balance and the scale that they have to provide." - Chirag Thakral

"While the wealth management industry still remains a relationship-intensive business, digital is a must." - Chirag Thakral

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