Wealth as a Service: The Future of Wealth Management with Justin Singer

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May 27, 2025

Justin Singer, a Partner at EY, shares his insights on the transformative concept of Wealth as a Service (WaaS) in financial services. He discusses how WaaS offers integrated, scalable solutions that enhance efficiency and client outcomes. Justin highlights the challenges wealth management firms face in adapting to this shift, including the need for technology integration and competition. He also touches on the expected consolidation trends among broker-dealers and RIAs, shedding light on the exciting opportunities and industry implications of this evolving landscape.

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INSIGHT

Wealth as a Service Defined

Wealth as a Service (WaaS) offers an integrated, cost-effective, scalable solution for financial institutions to deliver wealth management turnkey.
It addresses the lack of scalable, profitable wealth management solutions requiring complex setups by financial institutions.

INSIGHT

Wealth Management Service Provider Landscape

Service providers in wealth management fall into three groups: clearing & custody, white-labeled broker-dealers, and fintechs.
These groups are converging into all-encompassing platforms that improve operating margins and advisor capabilities.

INSIGHT

Consolidation of Broker-Dealers and RIAs

The number of broker-dealers and RIAs is expected to decline due to rising competitiveness and complexity in wealth management.
A few large providers will emerge as leaders offering integrated solutions supporting institutions and advisors.

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In this episode, Jack Sharry talks with Justin Singer, Partner at EY. Justin provides strategy and management consulting services to many top wealth management, asset management, insurance, and retirement firms to drive growth and retention, improve their offerings, and achieve stronger operating margins through strategic and tactical projects.

Jack and Justin discuss why WaaS (Wealth as a Service) is the future of financial services. Justin explores how financial institutions can use this integrated, cost-effective, scalable solution to drive efficiency and growth. He also dives into the key drivers behind this shift, the players involved, the exciting opportunities it presents, and the broader industry implications.

In this episode:

(00:00) - Intro
(02:23) - Wealth as a Service defined
(05:23) - Service providers in the wealth management space
(08:56) - The expected consolidation of broker-dealers and RIAs
(11:14) - Challenges for firms in operating wealth management businesses
(16:20) - How WaaS improves client outcomes and advisor efficiency
(18:51) - The industry's reaction to EY's Wealth as a Service research
(21:59) - Justin's key takeaways
(23:52) - Justin's interests outside of work

Quotes

"Wealth as a Service (WaaS) is an integrated, cost-effective, and scalable solution for financial institutions to deliver wealth management in a more turnkey way." ~ Justin Singer

"The assets we've built are really positioning financial institutions to be able to drive toward the outcomes that many of them are looking to achieve, which are growth, improved operating efficiency, and scale." ~ Justin Singer

"If we end up in a world where there's less broker-dealers, less RIAs, less trust companies, and a few providers that are supporting those entities that are left, I truly believe it's going to drive down costs and allow many firms to be able to go more down market to the mass affluent segment with a more scalable offering." ~ Justin Singer

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