Wealth Management on Pace to Become Growth Engines for Banks

Summary: In a study of 140 senior executives, Fidelity Institutional found that more than half (55%) expect to boost revenue from their wealth management practices 25% or more in the next five years. Nearly one-third (31%)— those having made the most progress in developing their wealth management businesses and identified in the report as “pacesetters”—anticipate that wealth management will contribute 35% to total bank revenue in five years’ time.