6NOVEMBER 2024Editor's NoteStrategic Insights for Wealth GrowthAs the financial sector grows more intricate, the demand for wealth management service providers has significantly increased. Individuals are actively seeking customized strategies to enhance their asset growth while ensuring their financial security. Wealth management service providers offer vital expertise in areas such as investment management, tax optimization and retirement planning, helping clients effectively navigate market fluctuations and achieve their specific financial objectives.According to reports, the wealth management market, valued at $3.75 trillion in 2022, is expected to reach $12.07 trillion by 2031, growing at a CAGR of 13.9 percent.Several key drivers are fueling this growth. Generative AI is rapidly gaining traction in wealth management, with 45 percent of professionals planning to adopt it within the year. This technology can enhance customer interactions by improving timelines and clarity, leading to more effective service delivery. The growing use of application programming interfaces will enable wealth managers to deliver more targeted and relevant solutions across various client segments and geographies, enhancing service offerings for global and multi-region providers.Blockchain technology has the potential to revolutionize wealth management by enhancing transactional efficiency, security and transparency. Providing a decentralized and immutable database of financial transactions, it can reduce counterparty risk and fraud while streamlining operations.This edition of Financial Services Review presents the latest developments in the wealth management service industry. It features insights from Amy Jansen, senior vice president wealth product management at Johnson Financial Group, who highlights the importance of maintaining client service during significant business transformations by prioritizing tasks, hiring skilled support and managing expectations. Jeanne Krigbaum, chief wealth planning officer at Old National Bank, emphasizes the importance of understanding various wealth transfer strategies beyond basic estate planning to effectively pass on assets to the next generation. She encourages consulting with financial advisors to select the best approach based on individual goals and circumstances while considering factors beyond just tax implications.The magazine also includes insights within the industry. Platinum Wealth Management of Buckhead, a financial advisory firm specializes in personalized wealth management. It focuses on long-term relationships and tailored strategies to achieve financial goals.We hope this edition, featuring the Top Wealth Management Services Providers of 2024, helps you make informed financial decisions for your future.Let us know your thoughts!Copyright © 2024 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorJeff RodriguezVisualizerChris LynnAmelia Stewart*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEmail:sales@financialservicesreview.comeditor@financialservicesreview.commarketing@financialservicesreview.com November - 22 - 2024, Vol 05, Issue - 40 (ISSN 2835-9771)Published by ValleyMedia, Inc. To subscribe to Financial Services ReviewVisit www.financialservicesreview.com Jeff RodriguezManaging Editoreditor@financialservicesreview.comEditorial StaffAaron Pierce Ashik Jain Ancel Castelino Ava GarciaGilbert Hoover Joshua Parker
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