“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 survey also asked about succession planning. 52% said rapid technological advancement was highly likely to drive future ownership changes for their firm. While respondents expressed a strong preference for an internal transition — to employees, shareholders or family members — over an external one, third-party sales are actually much more common. “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.
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Technology is increasing the efficiency and effectiveness of wealth management work. Over 50% of respondents said tools like automation and AI were having a large impact on their business.
When it comes to the use of AI in business applications, our survey suggests most wealth management leaders are still in the consideration stage.
52% of respondents believe that rapid tech advancement will play a role in a future firm ownership change. Respondents also had strong preferences for an internal ownership transition when the time comes for succession planning.
Covered in the full report
This year’s report provides a comprehensive analysis of the wealth management industry’s concerns, priorities and opportunities:
- Executives are bullish on growth: Respondents expect 2025 to be a growth year, with 91% anticipating revenue growth of 5% or more for their firm, 36% expecting growth of 8% to 10%, and 8% predicting growth of 10% or more.
- Top concerns related to technology: Participants’ top three concerns for the coming year were cybersecurity and regulatory compliance (tied at 56%), implementing the right technology tools (52%) and AI readiness (51%).
- Automation, apps and AI driving business growth: The tools that respondents saw as having the greatest impact on their day-to-day work were automation (58%), AI marketing tools (55%), cybersecurity and data privacy (54%), and digital platforms and apps (54%).
- Thoughts on the future: Wipfli’s advisors provide rich context to the survey findings, taking particular note of respondents’ preferences on succession planning. With rapid tech advancement likely to drive future ownership change, advisors comment on what executives might do now to achieve company goals for the short term and for the next generation.
- Appendix with full data: The appendix offers a detailed breakdown of responses from the national survey, providing nuanced insights into the wealth management industry’s priorities and challenges. Dive into the raw data to uncover trends and metrics to inform your strategies.
Access the full report for a deeper analysis and a detailed breakdown of all the data. For media inquiries, contact Alicia O’Connell at alicia.oconnell@wipfli.com.
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