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Offer any Wall Street firm the chance to boost annual revenues by nearly 10% while growing market share and boosting productivity of key employees, and most chief executives would jump at the chance without hesitation.
That may sound like a fantasy, but that's happening at wealth management firms that are advanced in their digital transformation.
In an article for Investment News, Steve Scruton, President of Broadridge Advisor Solutions, discusses how an overwhelming majority of CEOs at wealth management firms are putting digital transformation at the top of their agendas to drive growth and efficiency. He cites Roubini Thoughtlab's new report, Wealth and Asset Management 2022: The Path to Digital Leadership, which says firms with a mature digital business plan are seeing annual revenues rise by 8.6% and market share grow by 6.3%. Conversely, laggards who fail to evolve will lose $79 million for every billion dollars of annual revenue and stand to lose market share.