MOSAIC PRESENTED BY
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EXECUTIVE PERSPECTIVES
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DEEPER INTO DATA MANAGEMENT FINDING THE SINGLE SOURCE OF TRUTH
SUMMER 2026 ISSUE II
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FOCUSED INSIGHTS ON FAMILY OFFICES What's inside? DISCOVER THE IDEAS, STRATEGIES, AND TRENDS BEHIND WEALTH MANAGEMENT'S TRANSFORMATION
Switzerland P.60
as a wealth centre
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/Inside this issue
Contents
P. 18 P. 10 From the Editor A welcome to this second issue of Mosaic from our editor Douglas Thomson, with a preview of what's inside.
4 | Mosaic Magazine
Wealth Recap Wealth management is entering a new phase, as firms shift from innovation to execution. This quarterly recap explores the drive for returns on AI investment, renewed scrutiny of private-market liquidity, and the enduring importance of human advice in an increasingly technology-enabled industry.
Summer 2026
P. 54 P. 28 Focus on Family Office Our regular Focused Insights series focuses on the family office segment: how it's evolving, the challenges it faces, and the trends reshaping investment, technology, governance, and succession planning.
Deeper into Data Management Discover how wealth managers are unlocking greater value from their data through better governance, stronger foundations, and AI-ready strategies that improve decisionmaking and client outcomes.
P. 60 Switzerland as a Wealth Centre What makes Switzerland one of the world's premier wealth centres? We explore the institutions, expertise, innovation, and global trends that continue to define its role in international wealth management.
Mosaic Magazine | 5
/Navigation
Contents
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Editor's Note
Wealth Management News
A welcome to this second issue of Mosaic from our editor Douglas Thomson, with a preview of what's inside.
An update on the latest wealth management news for Q2 2026.
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Focus on Family Offices
Mastering family complexity
Focused insights, data, and An interview with Anneke expert perspectives on the shape, Stender, Executive Vice evolution, and outlook for the President at Plumb Bill Pay family office segment today. 6 | Mosaic Magazine
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Regulatory Update
Wealth Recap
A roundup of the key regulatory developments affecting wealth management in the last quarter.
A roundup of the key regulatory developments affecting wealth management in the last quarter.
Discover our Global Directory
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Research Summary: Order from disorder
Deeper into Data Management
Switzerland as a Wealth Centre
Key takeaways from our research paper into effective data management.
An interview with Preya Patel, Managing Director at Raw Knowledge
An exploration of Switzerland's evolving role as a global wealth centre.
Exploring The Wealth Mosaic's Solution Provider Directory.
Mosaic Magazine | 7
/Navigation
Contents 8 | Mosaic Magazine
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From patchwork to platform
Focused on the client’s life journey
Why Swiss private banks need an architecture reset by Kim Bliksas, Sales Manager at ERI Bancaire
An interview with Amit Dogra, Managing Director & EVP, Head of Retirement & Wealth at Alliant (RWA)
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The end of transaction-led wealth management
How perpetual KYC supports a proactive compliance framework
By Gautam Suri, Manager of Synpulse
By Robert Roome, Chief Strategy Officer of Wealth Dynamix
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Solution Showcase: Patrimeum
Company Profile: Multrees
Redefining wealth infrastructure
From narrow personalisation to scalable integrated planning with Patrimeum Lifetime Wealth Engine
Introducing Multrees Investor Services, building independent infrastructure for wealth management.
An interview with Martyn Johnson, Chief Operating Officer at Multrees Investor Services
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The Wealth Mosaic's Event Highlights
WealthTech 2026: US Event Recap
About The Wealth Mosaic
Detailing our comprehensive schedule of targeted in-person events for 2026-2027.
Exploring how firms can translate technological potential into sustainable operating models.
The global intelligence resource for wealth management. Mosaic Magazine | 9
Summer 2026
Editor's Note ISSUE #2 Drawing on interviews with industry practitioners and extensive research, we examine how family offices are becoming more institutional, technology-enabled, and governance-focused while remaining deeply personal organisations built around long-term stewardship.
Douglas Thomson
Head of Content, Editor The Wealth Mosaic When we launched Mosaic I this Spring, our ambition was to create a publication that looks beyond the headlines to explore the structural forces reshaping wealth management. Now as we present Mosaic II, our Summer 2026 second edition, it is increasingly clear that those forces have reached a new stage in their transformation of this industry. The conversation is no longer about whether firms should embrace AI, modernise their technology, or rethink their operating models. Those decisions have largely been made. The pressing question now is execution: how can years of investment in technology, data, people, and platforms be translated into better outcomes for clients and meaningful return on investment? That shift in emphasis runs throughout this edition. Our principal feature explores one of the industry's most fascinating and fastestevolving segments: the family office.
10 | Mosaic Magazine
We also turn our attention to Switzerland, asking why it continues to rank among the world's foremost wealth management centres. The feature explores the country's unique blend of stability, expertise, and innovation, while examining how its private banking industry, technology ecosystem, and regulatory environment are adapting to changing client expectations and intensifying global competition. The wider issue continues this focus on transformation, examining through a range of partner contributions how client advice is becoming more holistic, operations more technology-enabled, innovation more diverse, and compliance increasingly continuous, intelligent, and embedded within the client relationship. The common thread through all is that sustainable competitive advantage comes from combining innovative technology with stronger operations and deeper client engagement. Across these pages, a common theme emerges. Success in wealth management will not be determined by technology alone, nor by scale for its own sake. It will come from combining innovation with operational discipline, strong governance, trusted relationships and the ability to deliver measurable value.
Editorial Douglas Thomson Head of Content Mungo Hamlet Managing Director Stephen Wall Founder
Design Mungo Hamlet Design Lead Celine Salac Design Support
Supporting Team Kiarra Astejada Marketing Manager Tricia Bebita Sales Manager Marcus Pangilian Data Manager
Contributors Trusted Family, Clockwork, ERI, Raw Knowledge, Alliant, Multrees Investor Services, Synpulse, Wealth Dynamix
Summer 2026
The Wealth Mosaic
The Global Intelligence Resource for Wealth Management Discover The Wealth Mosaic
Contribute to our Autumn 2026 edition!
Work on Mosaic III: Autumn 2026 is already underway. If you would like to feature in the next edition, you can discover the range of contribution options available here. Or, if you would like to speak to us directly, email office@thewealthmosaic.com.
Mosaic Magazine | 11
Summer 2026
Wealth Management News The second quarter of 2026 has been defined by two forces reshaping the wealth management market – consolidation and artificial intelligence (AI). Across major markets, firms have pursued scale through acquisitions as they sought to broaden their capabilities, deepen their client relationships, and strengthen their competitive positions.
At the same time, wealth managers have accelerated their adoption of AI – moving beyond experimentation and pilot programmes towards the deployment of agentic systems, adviser copilots, and AI-enabled client experiences.
This quarter’s developments highlight an industry increasingly polarised around scale, technology, and specialised expertise. As firms continue to invest in technology, pursue acquisitions, and compete for talent and client assets, the trends that have dominated Q2 are likely to remain central to the reshaping of global wealth management throughout 2026 and beyond.
NatWest completes Evelyn Partners acquisition
LPL Financial to lead acquisition of Mariner Advisor Network
Morgan Stanley opens wealth platform to AI agents
NatWest - 9 February
LPL Financial - 14 April
Morgan Stanley - 3 June
The UK wealth management sector's cons olidation trend gathered further momentum w ith NatWe st's £2.7 bi l lion (US$3.57 billion) acquisition of Evelyn Partners. The transaction adds approximately £69 billion (US$91 billion) in client assets t o N a t We s t 's w e a l t h a n d pr ivat e ban king op eration s, significantly strengthening its position in the UK's affluent and high-net-worth market.
On 14 April, LPL Financial announced it had agreed to acquire Mariner Advisor Network, a business affiliated with LPL Financial supporting 367 financial advisers and around US$31 billion in client assets, further strengthening its position in the US independent wealth management market. Under the deal, 223 advisers will remain directly affiliated with LPL, while 144 hybrid advisers will transition to a hybrid RIA platform operated by Private Advisor Group, an LPLbacked partner.
Morgan Stanley has taken a significant step in the industry's adoption of artificial intelligence (AI). On 3 June, the bank announced plans to enable AI agents to interact directly with elements of its wealth management infrastructure, pulling data directly from its stockplan administration platforms ShareWorks and Equity Edge. The move represents a shift beyond adviser-focused generative AI tools towards more autonomous, agentic systems capable of executing tasks and supporting workflows across the advisory process.
12 | Mosaic Magazine
Summer 2026
Corebridge Financial and Equitable Holdings agree US$22 billion merger
Rockefeller Capital Management partners with Anthropic
Corient announces three RIA acquisitions
Corebridge Financial - 3 March
Rockefeller Capital - 10 June
Corient - 9 April
C o r e b r i d g e Fi n a n c i a l a n d Equitable Holdings a g re e d an all-stock merger valued at approximately US$22 billion in May. The combined company will operate under the Equitable name and serve over 12 million clients with more than US$1.5 trillion in assets under management and administration. The deal is intended to create a platform spanning retirement, wealth, and asset management, with Corebridge’s Marc Costantini becoming CEO of the new entity.
On 10 June, Rockefeller Capital Management announced a strategic collaboration with Anthropic to build an AI-enabled wealth management platform using its Claude model. The announcement is the latest signal of firms moving beyond the experimentation phase with AI, now embedding it directly into their adviser workflows to enhance insight and client service. Rockefeller’s announcement came after it appointed its first Chief AI Officer (CAIO), Lena Mass Cresnik, in December.
Corient emerged as one of the wealth management sector's most active consolidators of the second quarter, announcing a series of acquisitions designed to expand its scale, geographic reach, and ultrahigh-net-worth capabilities. Across April and May, the firm agreed deals for Chicago-based Vivaldi Capital Management (US$5.6 billion AUM), Geneva-headquartered Bedrock Group (US$10.7 billion) and Oklahoma-based Capital Advisors (US$7.8 billion), while also completing previously announced acquisitions of Stonehage Fleming and Stanhope Capital Group. Together, the transactions have helped propel Corient beyond US$500 billion in client assets.
Citi Wealth launches “Citi Sky”, an agentic AI member of its advisory team
New leadership at AlTi Global
UBS adviser team launches independent wealth firm
Citi Wealth - 22 April
AlTi Global - 31 March
UBS - 15 June
Built on Google Cloud and G o ogle D e e pMind’s mo del s through the Gemini Enterprise Agent Platform, Citi Sky is being rolled out to Citigold clients in the US this summer, with a phased launch announced at the Google Cloud Next 2026 conference on 22 April. It is designed to d e l iv er f i n a n c i a l g u i d a n c e , conversational interaction with real-time avatar technology, and multilingual support starting in English and Spanish, working alongside human advisers rather than replacing them.
US$93 billion AUM global wealth manager AlTi announced a leadership change on 31 March, with CEO and Co-Founder Michael Tiedemann stepping down from his executive role and moving to a strategic advisory position. The firm’s board has appointed Nancy Curtin, currently a board member and a former global chief investment officer at Close Brothers Asset Management, as interim CEO while a search for a permanent successor is conducted.
A prominent UBS advisory team overseeing approximately $3.5 billion in client assets has departed to establish independent wealth management firm Beacon Coast Partners. The new firm specialises in working with founders, executives, and early employees whose wealth is tied to a single company and who are preparing for or have recently completed a liquidity event.
Mosaic Magazine | 13
Summer 2026
❝ Q2 2026
Regulatory Update
Across major wealth management centres, Q 2 2026 saw regulators placing greater emphasis on governance, liquidity management, operational resilience, and demonstrable client outcomes, while seeking to reduce unnecessary complexity in areas such as disclosures and client onboarding.
Europe
United Kingdom
AIFMD II liquidity management rules enter into force
Consumer Duty remains the supervisory priority
The EU's revised AIFMD II regime took effect on 16 April, marking one of the most significant European fund regulatory developments in recent years. Managers of open-ended alternative funds must now have access to at least two liquidity management tools from a harmonised EU-wide toolkit. The reforms are intended to strengthen market resilience, improve investor protection, and reduce the risk of disorderly fund redemptions during periods of market stress.
The Financial Conduct Authority (FCA) continued to place the Consumer Duty at the centre of its supervisory agenda throughout Q2, updating its 2025/26 focus areas in May and continuing thematic work on outcomes monitoring, customer journeys, and consumer understanding. For wealth managers, the emphasis is increasingly on demonstrating outcomes through robust management information rather than simply documenting compliance processes.
ESMA sharpens focus on liquidity governance
Investment disclosure reforms continue to progress
On 15 April, the European Securities and Markets Authority (ESMA) published detailed guidance on the selection, activation, and deactivation of liquidity management tools by UCITS and openended alternative investment fund managers, completing a key element of the AIFMD II liquidityrisk framework. The guidance aims to promote supervisory convergence across member states and signals a broader regulatory focus on fund governance, liquidity risk management, and contingency planning. Wealth managers using third-party funds may see greater scrutiny of underlying fund liquidity practices and redemption arrangements.
The FCA's post-Brexit overhaul of retail investment disclosures entered a new phase during Q2, with the optional implementation period for the Consumer Composite Investments (CCI) regime beginning in April. The new framework replaces PRIIPs and UCITS disclosure requirements with a UK-specific approach designed to provide clearer, more engaging, and decision-useful information.
14 | Mosaic Magazine
Summer 2026
South Africa
United States
Strengthening conduct-focused supervision
SEC intensifies scrutiny of adviser conflicts and disclosures
South Africa's Twin Peaks regulatory reform programme advanced during Q2 with the introduction of the Conduct of Financial Institutions (COFI) Bill to Parliament. The legislation would establish a single market-conduct framework across the financial sector, replacing a patchwork of sector-specific rules and marking a significant milestone in the evolution of the country’s conductfocused supervisory regime. The reforms are intended to bring regulatory expectations closer to those seen in leading international wealth management markets, particularly in areas such as suitability, disclosure, and client protection.
A June SEC risk alert highlighted recurring deficiencies in how Registered Investment Advisors (RIAs) disclose and manage economic conflicts of interest. Examination findings included weaknesses in disclosures related to fees, cashsweep arrangements, share-class selection practices, and revenue-sharing arrangements. The risk alert demonstrates that, although the broader US regulatory environment has become somewhat less interventionist, the SEC continues to view fiduciary obligations and transparent disclosure as core investor protection priorities.
Singapore
Outlook for Q3 2026
MAS consultation on fund liquidity risk management moves towards conclusion
Several important initiatives are expected to reach key milestones over the next quarter:
The Monetary Authority of Singapore (MAS)'s December 2025 consultation on liquidity risk management practices for fund management companies moved closer to conclusion during Q2. The proposals would strengthen expectations around governance, stress testing, and liquidity monitoring, while promoting greater alignment between portfolio liquidity and investor redemption terms. The initiative reflects a broader international regulatory trend towards strengthening resilience within the asset and wealth management ecosystem following recent periods of market volatility.
In Singapore, the industry is awaiting final guidance from MAS on liquidity risk management, which could have implications for fund governance stresstesting practices, and redemption management arrangements. Further progress is also expected on consultations relating to operational risk management and third-party risk oversight.
Risk-based onboarding reforms for private banking
Across Europe, regulators are expected to shift from policymaking to implementation, with supervisory attention increasingly focused on how firms are embedding AIFMD II requirements into day-to-day operations. Further developments relating to the Capital Markets Union agenda and cross-border market integration are also likely.
On 25 May, MAS issued a Dear CEO letter designed to streamline onboarding for wealthy clients while maintaining robust anti-money laundering (AML) safeguards. The reforms seek to reduce duplication in due diligence processes and improve efficiency in source-of-wealth verification – addressing a longstanding challenge for international private banking centres.
In the UK, attention is likely to focus on the next phase of disclosure reform as the FCA continues its efforts to replace legacy EU frameworks with a more proportionate domestic regime. Additional supervisory work on Consumer Duty is also anticipated.
Meanwhile, in the United States, cybersecurity, operational resilience, and conflicts of interest are expected to remain central examination themes as regulators continue to balance investor protection objectives against a broader policy emphasis on market competitiveness and innovation. Mosaic Magazine | 15
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Join us at TWM Live 2026: US on November 2nd, 2026, for a full-day immersion across the leading technology themes around the US wealth management sector. Hosted at the Nasdaq MarketSite, Times Square, New York, the event will bring together key players from across the ecosystem to inform, share, dicuss and network the leading business and technology trends at play. Discover more
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Meet and network with a diverse group of wealth management professionals, including Asset Managers, Bank Trust, Broker-Dealers, Credit Unions, Family Offices, Registered Investment Advisors, and more. We'll also host on the day a range of solution providers, including technology firms, industry consultants, marketing & PR firms, investors, and critical stakeholders.
The event will feature a highly relevant program delivered through presentations, panels, interviews, breakouts, demos, and networking sessions, supporting every attendee's knowledge of what topics are in play, mechanisms to approach them, strategies to develop business, and tools that support growth, efficiency, and delivery across a broad range of business
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Summer 2026
/ Q 2 2026
Wealth Recap
18 | Mosaic Magazine
Summer 2026
From AI to ROI If Q1 was defined by excitement around agentic AI, Q2 has been marked by a more practical question: where is the return on investment? Across financial services, firms are increasingly focused on translating their spending on AI, data platforms, and digital infrastructure into measurable improvements in productivity, client service, and profitability.
I
n Mosaic I, we covered developments including accelerating consolidation, agentic AI, and the need for better data foundations. In Mosaic II those themes remain highly relevant, but the past quarter suggests the industry has entered a new phase. The debate is increasingly shifting – from whether firms should invest in technology to how they can convert years of investment into commercial outcomes. The last three months have been characterised by four interconnected developments: • • • •
The move from AI experimentation to execution Growing scrutiny of private market liquidity The continued rise of family offices as influential allocators of capital A renewed emphasis on human advice despite technological progress.
❝ As private-market access expands beyond institutions and UHNW investors, operational design, liquidity management, and client education will become increasingly important.
Industry research from Alpha FMC has described a shift in focus from innovation to execution, with firms under pressure to demonstrate tangible benefits from technology programmes launched over recent years. That research demonstrates that firms are increasingly discussing adviser productivity, workflow automation, and operational efficiency, rather than announcing new AI initiatives.
Liquidity questions in private markets Private markets remain one of the industry's most important growth areas – and were the subject of focused insights in Mosaic I – but recent events have highlighted some of the tensions that accompany broader access to illiquid assets. In June, Partners Group capped withdrawals from a US$8.6 billion evergreen private-equity fund after elevated redemption requests, reigniting industry debate about liquidity management and the suitability of private-market structures for a wider investor base. The episode triggered wider concerns across listed alternative asset managers and renewed attention on the mismatch between illiquid underlying assets and investors' expectations of access to capital. The development is unlikely to derail long-term enthusiasm for private markets. Major firms including BlackRock continue to position private assets as a key component of future portfolio construction. However, it does suggest that, as private-market access expands beyond institutions and UHNW investors, operational design, liquidity management, and client education will become increasingly important.
Mosaic Magazine | 19
Summer 2026
An evolving family office landscape
❝
❝
Family offices become increasingly influential
The family office sector has continued to emerge as one of the most dynamic segments of global wealth management.
20 | Mosaic Magazine
Increasingly, they are behaving not simply as allocators of capital but as investment organisations in their own right.
The family office sector has continued to emerge as one of the most dynamic segments of global wealth management. Recent evidence points to growing direct investment activity by family offices, with many bypassing traditional private-equity structures in favour of direct ownership stakes. According to Citi Wealth’s 2025 Global Family Office Report, 70 percent of family offices are now engaged in direct investments, while investment volumes increased sharply during the past year.
This reflects a broader evolution in the role of family offices, profiled in greater detail in a focused insights feature series elsewhere in this edition of Mosaic. Increasingly, they are behaving not simply as allocators of capital but as investment organisations in their own right – seeking greater control, lower fees, and direct access to opportunities. For wealth managers and technology providers alike, this trend creates demand for more sophisticated reporting, governance, deal-management, and collaboration capabilities. At the same time, the ongoing intergenerational transfer of wealth is placing greater emphasis on education, engagement, and succession planning as younger family members begin to influence investment decisions.
Summer 2026
Human advice proves resilient
A new phase for wealth management
Perhaps the most interesting development of the quarter is that the rise of AI has, somewhat paradoxically, reinforced the perceived value of human advisers.
Taken together, these developments suggest that wealth management is entering a more mature phase of transformation.
As AI capabilities become more sophisticated, leading wealth firms are increasingly positioning technology as a complement to advice rather than a substitute for it. Speaking in June, St. James's Place chief executive Mark FitzPatrick argued that AI would enhance adviser effectiveness but would not replace advisers, a view echoed across much of the industry. This reflects a growing recognition that many of the most valuable elements of wealth management – trust, behavioural coaching, family dynamics, succession planning and complex decisionmaking – remain fundamentally human activities. Rather than creating a fully automated future, AI appears to be accelerating the emergence of a hybrid model in which technology handles information processing and administrative complexity while advisers focus increasingly on judgement, relationships, and strategic guidance.
The industry's attention is shifting away from the technologies themselves and towards their practical implications. Questions of execution, client trust, liquidity management, and adviser effectiveness are increasingly replacing discussions about innovation for its own sake. The firms that succeed over the coming years are likely to be those that combine technological capability with operational discipline and human expertise. The challenge is no longer deciding whether change is necessary. It is proving that change can deliver better outcomes for clients and stronger economics for the business.
❝
The firms that succeed over the coming years are likely to be those that combine technological capability with operational discipline and human expertise. Mosaic Magazine | 21
/ TWM 2.0
Discover our Global Directory
22 | Mosaic Magazine
Summer 2026
The Wealth Mosaic
Solution Provider Directory
By Stephen Wall Founder The Wealth Mosaic
A
t the core of The Wealth Mosaic, from its very beginning, has been our global solution provider directory.
It is a single source, covering thousands of solution providers, relevant to a wide range of business needs, for all types of wealth managers, all accessible in one place. It’s good both for the solution providers positioning their products and services, and for the wealth managers searching for solutions to their business needs, and this is relevant to a fast-changing sector.
Meet Stephen Wall With that backdrop, in building TWM, I worked from several key principles. The directory I wanted to build would be: •
Comprehensive We seek to include every single relevant provider and solution (product or service). We don’t skip it if it’s relevant, whether we find it or they find us.
•
Focused on wealth management The directory is focused solely on wealth management and all its aspects. That gives it depth and relevance.
•
Research-based We are actively out in the market looking for what should be included in our directory, who should be removed, and so on. We don’t sit back and wait.
•
Online-first To be effective, the directory must be online. No other format works. In that sense, you might consider it a digital marketplace as much as a directory.
•
Global We built the directory with a global view because so much of the industry is cross-border. But being digital also allows for deep country, region, segment, and topic views.
•
Accessible At its heart, the directory is accessible. Both being listed in the directory and accessing it are free. We have put no friction in the way for either side of the marketplace.
Background As an industry analyst until I started TWM, I was looking at a changing sector, and a few things increasingly stood out: •
The wealth management industry was set for significant change over the coming decades.
•
The role of third-party solution providers as enablers to the business strategies and challenges of wealth managers would be central to the industry’s delivery.
•
No-one had a solid view of the complete solution provider marketplace. Therefore, every solution provider selection decision was based on an incomplete view of the options.
•
The places where you might look for that ‘completeness’ were a mix of ‘far from complete’, an afterthought to another lead business model like publishing, not completely focused on wealth management, paper-based, awards-based, or some other factor that limited their use.
Mosaic Magazine | 23
Summer 2026
A unique & accessible knowledge resource
Size, structure, and highlights As of today, the directory includes over 3,180 business profiles, and from these businesses, over 7,150 solution profiles. For every relevant business, we offer a free business profile within our directory and unlimited free solution profiles to support a full showcase of their offering to the wealth management marketplace.
Directory Marketplaces Our first and main marketplace, Technology & Data (T&D), is the world’s most extensive and accessible WealthTech directory. Its size today, and its continual growth and development, showcase the depth of the technology and related offerings available to the wealth management sector today – covering an increasing range of solutions to meet the growing range of business needs in the industry. It contains start-ups, scale-ups, enterprise businesses, point solutions, broad-based platforms, integrators, consultants, and more. The second marketplace, Consulting, Research & Support Services, includes a wide range of companies that support the industry across areas such as: •
Business advisory
•
Strategy
•
Competitive and market intelligence
•
Operational outsourcing
•
Compliance advice
•
Market research – related to the wealth management business as well as the investment markets
•
The selection, implementation, and ongoing development and management of technology providers
•
And much more.
Overall, the director y is an international resource with solution providers coming from 69 countries, including small, focused, singlesolution businesses alongside global multisector providers. Regardless of any firm's individual profile, each entry in this marketplace offers a service or solution of relevance to the business needs of the wealth management marketplace. Further elements to the existing taxonomy include categorisation by wealth manager type (bank wealth manager, broker-dealer, family office, financial adviser, etc.), regional relevance (Asia, Middle East, North America, Western Europe, etc.), and so on.
❝ Our directory was always intended to be a living, breathing industry resource, constantly changing to reflect the offerings and trends within the market. Stephen Wall Founder The Wealth Mosaic
24 | Mosaic Magazine
/ TWM 2.0
Discover our New Platform Introducing our new platform: the global intelligence resource for wealth management Our new platform, or as we call it 'TWM 2.0', is under development with a planned rollout of Q4 2026. To discover more about the platform, a n d m a n a ge y o u r m i cro sit e presence, please contact us for more information.
Mosaic Magazine | 25
Summer 2026
Directory benefit
Directory Membership
For both sides of our directory, buyers and solution providers – as well as the others that navigate it for other reasons, for instance consultants and investors – the directory provides a multitude of benefits.
Although it is free to be in our directory, we also offer paid entry through membership.
For buyers, it supports an easier journey to discovery and engagement with the solution providers that can meet their needs: the goal is a single listing for all their possible providers, saving them time and money. The fact that it is built for wealth management means everything in the directory has been screened for relevance to this industry. For solution providers, it offers a set of significant benefits that they do not get through other channels, including: •
Elevating their discoverability
•
Improving visibility and accessibility, SEO positioning, and reach for search outside of TWM
•
A truly cost-effective marketing resource
•
Market credibility through their association with TWM
•
Lead generation
❝ Our Membership delivers discoverability, positioning, reach, credibility, and leads. 26 | Mosaic Magazine
Membership builds microsites in our directory for firms to truly build out their profile and explain more about who they are, what they do, and why they are relevant. These microsites are brand extensions within TWM and support the greater discoverability of these profiles through enhanced tagging and directory prioritisation. They also allow firms to publish a wide range of their business, solution, and market content on our site – with each piece not just available through search and knowledge but also building out the firm’s business and solution profiles. The top-performing members within our directory generate tens of thousands of page views, hundreds of leads, and hundreds of thousands of search impressions across the web. Membership delivers discoverability, positioning, reach, credibility, and leads.
Summer 2026
Future development plans Our directory has never been static; indeed, it cannot be. Businesses start, they end, they merge, they partner, they launch new solutions, they rebrand, they evolve. Our directory has always sought to evolve, which is no easy task. But after developing it, since its launch as a much smaller resource in late 2017 to today, we have learned a significant amount about what is out in the market and how to categorise and present it. So as we look into the future, we expect this resource to further deliver much greater impact for both sides of the market – with a continually developing directory, a growing global user base now averaging around 35,000 users per month, a new website home to more expansively showcase the directory, plus a support model of content, editorial, research, and events. Among the developments we have in the planning in relation to the directory are: •
Redesigned and more extensive membership profiles for the business and solution profiles – including people profiles for direct connections.
•
Significant additions to our tagging structure – allowing for categorisation and discovery by country, region, and wealth manager segment; refined business and sub-business needs; industry themes; and more. Our headline categories will rise from 42 to 74, while categorisation within each category will be much more accessible and extensive.
•
A people profile directory so individuals within firms can be more accessible – both for pure marketing purposes as well as for specific lead opportunities.
•
Visualisation and interactivity of the directory to support discovery and engagement.
These developments are built into our broader website relaunch project, which will showcase all aspects of our work – directory, content, editorial (reports and Mosaic magazine), events, and more – within a far more fit-for-purpose design. Our directory was always intended to be a living, breathing industry resource, constantly changing to reflect the offerings and trends within the market. Delivering that is hard, but with a growing footprint around the world, with revenues rising from the directory and other channels, we will be able to deliver what we always promised – the global wealth management industry’s most comprehensive, accessible, and relevant solution provider directory. Not a Yellow Pages of static listings, but a deep resource of microsites, backed by an extensive taxonomy, that allows solution providers to be positioned for discovery without breaking the bank. Watch this space as that vision continues to develop!
Mosaic Magazine | 27
/ Focused Insights
Focus on Family Offices
28 | Mosaic Magazine
Feature Navigation Built for generations: how the family office is evolving beyond investment Family offices today occupy a unique and increasingly influential position within global wealth management. In this special feature, we'll explore this sector from multiple angles – combining expert perspectives, market intelligence, and practical insight to build a fuller picture of what the family office represents today and where it's heading next.
Beyond wealth: the family office redefined Pages 30-37
Data and Insights Pages 38-45
Mastering family complexity with Plumb Bill Pay Pages 46-51
How family offices are evolving beyond investment management to address governance, succession , technolog y, operational complexity, private markets, and multi-generational family continuity.
A data-led overview of family offices worldwide exploring their client base, operations, investment strategies, regulatory landscape, geographic variations, and growing institutional sophistication.
We speak with Plumb Bill Pay Executive Vice President Anneke Stender, who explains how family offices are evolving and adapting to new operational challenges as wealth structures become more sophisticated.
Mosaic Magazine | 29
Summer 2026
/Focused Insights
Beyond wealth: the family office redefined
Focused insights, data, and expert perspectives on the shape, evolution, and outlook for the family office segment today.
30 | Mosaic Magazine
Summer 2026
T
he subject of our regular Focused Insights section for Mosaic II is the family office segment. We asked a pair of firms serving the family office space for their insights on how the segment is evolving, the challenges families are confronting today, and the trends that will shape the next generation of family offices. Edouard Thijssen is the Co-Founder of Trusted Family, a governance platform for multigenerational family businesses, family offices, and their advisers. Founded in 2007, Trusted Family is headquartered in Brussels, with offices in Lisbon and Austin, Texas, and serves over 200 families across 35 countries.
Meet Edouard Thijssen
Cory Shea is Founding Partner at Clockwork, a US-based private investment firm. Clockwork's technology + team approach powers the digital investment office for global private investors.
A new era for family offices The family office sector has entered a new phase of evolution. Once regarded primarily as investment vehicles for preserving and growing wealth, family offices today are on a journey as they increasingly become institutions focused on governance, continuity, education, decisionmaking, and family cohesion. At the same time, the segment is contending with a growing list of challenges: increasingly complex private market portfolios, geopolitical uncertainty, succession planning gaps, operational resilience concerns, and the largest intergenerational transfer of wealth in modern history. The result is a sector that is simultaneously becoming more institutional and more personal. “The family office landscape has without a doubt evolved over the past five years,” says Cory Shea, Founding Partner at Clockwork. “The sheer volume of groups defining themselves as family offices has multiplied, with a steadily lower assets under management (AUM) threshold required to claim the distinction.”
Meet Cory Shea Another factor changing the family office landscape, Shea says, is the expanding universe of service providers catering to the segment – including consultants, technology, wealth management, and related offerings. The changing basis of wealth is also a source of change for the segment, he adds, as “entrepreneurial, first-generation wealth” comes to dominate in place of traditional dynastic structures. The change has occurred alongside a dramatic increase in the importance of family offices within global capital markets. Family offices now collectively manage trillions of dollars and have become some of the world's most influential investors in private equity, venture capital, private credit, and direct investments. They are also continuing to increase their exposure to private markets and alternative assets, leveraging their long-term investment horizons and freedom from short-term institutional constraints. Yet as wealth becomes more complex, the role of the family office itself is changing.
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Beyond investments: the rise of the family enterprise office
❝ Family wealth failures are often failures of governance rather than of investment. Many wealthy families are fundamentally redefining what they expect from their family office. “For a long time, the family office was where the money got managed,” says Edouard Thijssen, CoFounder of Trusted Family and a fifth-generation member of the Aliaxis Family. “The families we work with at Trusted Family have come to see it as where the family itself gets managed.” Investments remain central, but they now sit alongside governance, family education, philanthropy, succession planning, and lifestyle coordination. According to the December 2025 Global Family Office Report published by IMD Global Family Business Center and the Family Business Network (FBN), over 80 percent of family offices surveyed support family communication and engagement. Some go further: 55 percent provide education programmes, and 41 percent provide family members with psychological support. Trusted Family identifies two major forces driving this shift. The first is longevity, as multiple generations now commonly co-exist within a family's decisionmaking structure. The second is the unprecedented wealth transfer already underway. “In the US alone, roughly US$124 trillion will change hands over the next two decades,” Thijssen says. “A transfer that size rises or falls on decisions, not just on returns.” This focus on decision-making rather than simply portfolio performance reflects a growing recognition in the sector that family wealth failures are often failures of governance rather than of investment. “Around 70 percent of wealthy families lose the wealth by the second generation, and 90 percent by the third,” Thijssen says. “When you dig into those cases, the culprit is almost never a bad portfolio, but a breakdown in how the family communicates and governs itself.”
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Governance, succession, and managing complexity
“For all the sophistication on the investment side, fewer than half of family offices have a formal governance framework with board-level oversight, and only a third have a defined succession plan for the office itself,” Thijssen says. UBS’s 2026 Global Family Office Report found that only 35 percent of family offices have a defined succession plan. J.P. Morgan’s own annual report into the sector found that 86 percent lack succession plans for their key decision-makers. The challenge extends beyond leadership transitions. Clockwork argues that operational resilience has become one of the most significant risks facing family offices today. “Employee turnover can be unpredictable and very disruptive, alongside other succession-related events,” Shea says. “It’s important to maintain consistency in the office despite these changes, and to plan for contingencies ahead of time.” The operational fragility of many family offices is reinforced by their size. The IMD/FBN survey found that nearly 57 percent operate with just one to five full-time employees, underscoring how much institutional knowledge and decision-making authority can become concentrated in a small number of individuals. “Key-person risk is the one we hear about most,” says Thijssen. “Many offices are lean shops built around a single long-serving executive or one outside provider – with no plan for the day that person walks out the door.”
Key-person risk is amplified as family office operations – and portfolios – continue to grow more complex, particularly where their data management remains unaddressed. Without integrated systems, that vulnerability only increases. At the same time, there is evidence that governance formalisation is advancing. The IMD/FBN survey found that 53 percent of family offices now operate with a formal Investment Policy Statement; a similar number maintain an investment committee. More than two-thirds of respondents to the survey said they believe their governance arrangements provide effective oversight. Family offices are now recognising that governance structures are not bureaucratic constraints but essential mechanisms for continuity, Shea argues. “Clear decision-making frameworks and welldocumented processes not only guide the office through change but also give the next generation a structured way to understand the portfolio and step into it over time.”
For all the sophistication on the “investment side, fewer than half of
family offices have a formal governance framework with board-level oversight, and only a third have a defined succession plan for the office itself.
“
Across the family office sector, there is growing concern about what Trusted Family calls the “governance gap”.
Edouard Thijssen, Co-Founder Trusted Family
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Technology becomes core infrastructure For the family office sector as a whole, technologyenabled transformation is moving from aspiration to necessity. “Now ubiquitous, it is becoming a ‘must have’ rather than a ‘nice to have’,” Shea says. The next stage of technology adoption appears likely to be driven by artificial intelligence (AI), automation, and data intelligence. “What AI is capable of today is markedly improved compared with only a few months ago, and the resulting potential for family offices to streamline their operations is considerable,” Shea says. Given the issues facing the sector described above, he says AI of fers potential for its ability to create actionable intelligence from fragmented information. “Data intelligence is one specific area where AI can create real value, helping investors better understand their own portfolios, exposures, performance, and return drivers – and compare against other datasets to enable better benchmarking,” says Shea. “A great deal of energy, time, and cost is presently spent on back office efforts. Structured correctly, modern solutions can power those operational functions and free up time for more value-add endeavours.”
But although family offices may in theory accept that exploiting AI potential is strategically important, that’s yet to be reflected in investment allocations. J.P. Morgan’s 2025 survey of the segment found that although 65 percent of family offices plan to prioritise AI, many remain underexposed to venture, growth, and infrastructure assets supporting the AI ecosystem. Trusted Family has observed a regional variance in technology adoption. “US offices have generally been quicker to put platforms and AI to work, while European families have moved more deliberately, partly out of a stronger privacy culture and stricter data rules,” Thijssen says. “The trajectory is the same on both sides, though. The families treating their data and decision-making as core infrastructure, rather than an afterthought, are pulling ahead regardless of where they sit.” There’s also a generational shift when it comes to technolog y adoption , Trusted Family argues – noting that next-generation family members expect information transparency, digital collaboration, and accessible rounds of decision-making rather than traditional reporting models built around quarterly updates and static documents.
❝ Family offices are now recognising that governance structures are not bureaucratic constraints but essential mechanisms for continuity. 34 | Mosaic Magazine
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Private markets remain essential – but complexity is growing Alternative investments remain a defining characteristic of the segment. Family offices have historically been early movers in the space, and most are comfortable managing sizeable and diverse direct portfolios of alternative assets. The alternatives space rewards one of the family office sector’s key competitive advantages – the ability to invest with patience, as family offices often operate without fixed investment horizons or liquidity constraints, enabling them to pursue long-duration opportunities in private markets. But alternatives also create unique challenges and forms of complexity – including valuation uncertainty, illiquidity, due diligence requirements, capital-call management, and performance measurement. As the market grows and family offices increase their exposure, that complexity increases. Clockwork has observed family offices growing more disciplined in response. “A lot of family offices and high-net-worth individuals (HNWIs) are evolving their approach to alternatives to become more proactive,” Shea says. “They’re making more investments within defined Investment Policy Statement frameworks and reacting less to the headline deal of the moment.”
Liquidity management has become especially important, he adds. “Managing liquidity is critical, with cashflow planning key to understanding capital calls, commitment schedules, and other outflows.” Private-market enthusiasm remains strong in the segment, according to the IMD/FBN survey. Private equity already accounts for 15 percent of average portfolio allocations, while 65 percent of respondents to the survey expected to increase their exposure over the next two to three years. More than half also expect to increase venture-capital allocations, reinforcing the long-standing role of family offices as important providers of patient capital.
❝ What AI is capable of today is markedly improved compared with only a few months ago, and the resulting potential for family offices to streamline their operations is considerable. Cory Shea Founding Partner Clockwork
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The next generation changes everything One market, many models
Perhaps the most transformative force shaping the family office sector is the next generation. Trusted Family argues that younger family members are not simply inheriting wealth but redefining its purpose. “They’ve grown up with a more connected view of wealth, where how it’s made, invested, given away, and passed on, are one expression of what the family stands for,” Thijssen says.
Although family offices are often discussed as a single segment, important regional differences remain. Trusted Family, which operates in both Europe and the United States, sees the two markets approaching family office management from different historical foundations.
The IMD-FBN report found that the average office now serves three generations and approximately 29 family members, illustrating why governance, communication, and education have become central organisational priorities rather than secondary considerations.
Many European family offices originate from multigenerational operating businesses, often spanning four or more generations. As a result, governance structures such as family councils, family charters, and shareholder assemblies tend to be deeply embedded.
Transparency ranks among this transformed client base’s highest priorities. “Where the old model assumed the next generation would learn by watching, this one wants the implicit made explicit: how decisions get made, and what the money is ultimately for.”
US family offices, by contrast, frequently emerge from more recent liquidity events, entrepreneurial exits, or wealth creation episodes. “The US tends to lead at the investment level,” Trusted Family’s Thijssen observes. “US offices are quick to stand up investment committees, write investment policy statements, and formalise the board of the office.”
This generation also seeks earlier involvement in governance and decision-making – demanding participation rather than observation: the IMDFBN report has found younger heirs increasingly stepping into leadership roles.
Clockwork identifies a similar distinction, observing that markets with longer institutional histories often favour established governance structures, while newer entrepreneurial wealth tends to be more opportunistic and faster to adopt technology.
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As they do so, the younger generation is introducing new priorities – prioritising impact investing, sustainability, technological innovation, and diversity and inclusion in the advisers and specialists they choose to hire.
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A sector being rebuilt for continuity Taken together, these trends point towards a fundamental shift in what family offices are becoming. Investment management remains critical. But increasingly, the defining challenge is not generating returns. It is preserving decisionmaking capability across generations, integrating increasingly complex portfolios, and building organisations capable of enduring long after today’s principals have stepped aside. Thijssen says the best-prepared families have “stopped asking how to manage their capital and started asking how to keep making good decisions together for the next hundred years”. The portfolio is part of that, he says, but it is no longer the whole of it. Perhaps the clearest sign of the family office’s evolution is that wealth itself is being redefined. Increasingly, leading families view the office not merely as a manager of financial assets but as a steward of what IMD describes as “total family wealth” – encompassing human, social, intellectual, and reputational capital alongside financial capital. In that sense, the future family office may be less an investment institution than a coordination platform for family continuity itself.
❝ Younger family members are not simply inheriting wealth but redefining its purpose. Mosaic Magazine | 37
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Family Office Data & Insights For most of their existence, family offices operated quietly behind the scenes – managing investment portfolios, preserving wealth, and supporting succession for a single wealthy family. Today, they occupy a far more prominent position.
As global wealth has expanded and the population of ultra-high-net-worth (UHNW) families has grown, family offices have evolved into increasingly sophisticated organisations whose remit now extends well beyond investment management. Modern family offices oversee governance, succession planning, operating businesses, philanthropy, education, and family cohesion – reflecting the growing complexity of managing wealth across multiple generations and jurisdictions. At the same time, the operating environment has become more demanding. Family offices are professionalising their governance, strengthening risk management, embracing technology, and relying more heavily on specialist external advisers. They must also navigate increasing regulatory scrutiny, cross-border compliance, and rising expectations from younger generations of family members. This report examines how family offices are responding to these structural shifts and the forces reshaping one of wealth management's fastest-evolving segments.
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Regional asset allocation 2021-2026 2021 2022 2023 2024 2025 2026 Western Europe 33%
30%
30%
27% 26%
26%
Eastern Europe
4%
2%
2%
2%
1%
2%
Middle East
3%
4%
1%
2%
2%
2%
Africa
1%
1%
0%
0%
0%
1%
Latin America
3%
5%
3%
2%
3%
4%
North America 40%
44%
48%
50% 53%
52%
Greater China 10%
9%
7%
8%
7%
7%
Asia Pacific (excl. Greater China)
6%
8%
9%
7%
7%
6%
Figure 1: Regional asset allocation 2021 -2026 (UBS Global Family Office Report 2026)
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Family offices around the world One model, many variations Although family offices share common objectives, they vary significantly across major wealth centres in terms of regulation, investment culture, taxation, governance, and the origins of family wealth. North America remains the world's largest and most mature market. According to JPMorgan's Global Family Office Report 2026, family offices in the region typically allocate more capital to private investments and direct ownership than their international peers, supported by deep private capital markets and a well-developed ecosystem of specialist advisers and investment managers. Europe presents a more diverse landscape. As illustrated in more detail elsewhere in Mosaic II, Switzerland remains one of the world's leading wealth centres – combining political stability, sophisticated private banking, and expertise in cross-border wealth management. The UK similarly plays a major role, particularly for internationally mobile families requiring legal, governance, investment, and philanthropic expertise. The fastest growth, however, is taking place in Asia. Singapore has established itself as a leading destination for family offices through political stability, a supportive regulatory environment, favourable tax policies, and its position as a gateway to Asian wealth. Hong Kong remains an important complement for families seeking access to Greater China, while the United Arab Emirates continues to attract international wealth through specialist financial centres in Dubai and Abu Dhabi.
❝ Family offices are becoming simultaneously more global and more local.
Regional differences and growing convergence Investment strategies continue to differ by region. North American family offices generally maintain greater exposure to equities and private markets, according to UBS’s Global Family Office Report for 2026. European offices place greater emphasis on diversification and capital preservation. In many emerging markets, families also retain significant ownership of the operating businesses that created their wealth. Talent and governance practices var y by region. KPMG’s 2025 Global Family Office Compensation Benchmark Report found family offices becoming more professionalised across the globe, but that mature markets such as North America, the UK, and Switzerland generally possess deeper pools of experienced family office executives and specialist advisers. Emerging markets, by contrast, often compensate through greater flexibility, stronger growth prospects, and supportive regulatory frameworks. Despite these regional differences, family offices are confronting many of the same challenges. Technology adoption, cybersecurity, regulatory transparency, geopolitical uncertainty, and the intergenerational transfer of wealth are driving greater professionalisation across every major market. As a result, family offices are becoming simultaneously more global and more local. Capital, expertise, and investment opportunities increasingly move across borders – yet local regulation, culture, and wealth-creation histories continue to shape how offices are structured and operated. Rather than being dominated by a single financial centre, the future family office landscape is likely to be defined by a network of competing global wealth hubs, each offering its own combination of expertise, regulation, and opportunity. Mosaic Magazine | 39
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The client base Wealthier, younger, more complex The modern family office no longer exists simply to manage investments for a wealthy founder. Today's clients are more geographically dispersed, increasingly multi-generational, and concerned with preserving not only financial capital but also governance, education, philanthropy, and family cohesion. As a result, family offices are evolving into platforms for managing the broader family enterprise. According to the IMD Global Family Business Center and the Family Business Network (FBN)’s Global Family Office Report, published in December 2025, their responsibilities increasingly extend beyond financial assets to encompass a family's human, intellectual, social, and reputational capital. The core client base remains ultra-high-networth (UHNW) families. UBS estimates the average family office it surveyed represented around US$2.7 billion in family wealth, while JPMorgan reports the average family office oversees US$1.17 billion in assets.
Assets under supervision
$1,165,991,000 Global Mean
28% $1B+
16%
$501MM$999MM
20%
$251MM -$500MM
Figure 2: Assets under supervision (JPMorgan, Global Family Office Report 2026)
These organisations also serve increasingly complex family structures: JPMorgan found the average office supports 16.6 family members across 5.5 households and 2.4 generations, with almost half already serving third-generation families or beyond.
❝ Family offices increasingly serve not only beneficiaries, but future leaders responsible for sustaining family wealth, values, businesses, and legacy across generations. 40 | Mosaic Magazine
37%
$250MM or less
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The single-family office – serving increasingly complex family networks Single-family offices (SFOs) remain the dominant model, accounting for more than 70 percent of respondents in the IMD/FBN survey. Their role has expanded beyond investment management to include governance, succession planning, education, legal and tax oversight, philanthropy, and, increasingly, the coordination of complex family networks. Many now support not only immediate family members but also extended relatives, in-laws, and charitable foundations. The traditional founderled model is giving way to organisations serving multiple stakeholders whose interests must be balanced across generations.
The multi-family office – serving the expanding middle market Multi-family offices (MFOs) are growing rapidly as increasing numbers of wealthy families seek institutional-quality services without establishing a dedicated office. Typically serving affluent first- and second-generation wealth creators, MFOs provide investment management, governance, reporting, tax, and succession expertise while allowing families to outsource specialist capabilities rather than build them internally.
The Great Wealth Transfer is reshaping the client base The greatest force reshaping the family office client base is the intergenerational transfer of wealth that’s already now well underway. Succession planning, governance, and education are becoming strategic priorities rather than secondary considerations as assets pass to younger family members. Many family offices are responding by investing in programmes that prepare future generations for leadership. According to IMD/FBN, more than half now provide educational or professional development programmes, recognising that longterm success depends as much on developing capable future owners and stewards as it does on preserving financial assets. The definition of the client is therefore expanding. Family offices increasingly serve not only beneficiaries, but future leaders responsible for sustaining family wealth, values, businesses, and legacy across generations. This broader remit is transforming family offices from investment organisations into long-term custodians of the family enterprise.
Their growth reflects the emergence of a “family office as a service” model, making sophisticated wealth management accessible to a broader segment of wealthy families. Future expansion is therefore likely to come not only from the creation of new SFOs but also from the continued growth of multi-family and hybrid operating models.
❝ The modern family office no longer exists simply to manage investments for a wealthy family. Mosaic Magazine | 41
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Operational transformation From boutiques to institutional enterprises Family offices are becoming increasingly professionalised as they respond to more complex portfolios, international family structures, and rising expectations from multiple generations. Many now resemble sophisticated enterprises with responsibilities spanning governance, technology, operations, and family engagement. Technology sits at the heart of this transition. A 2024 study by Deloitte found that almost half of family offices were already developing formal technology strategies – ref lecting growing recognition that digital capabilities are now fundamental to operational resilience and informed decision-making.
❝ Despite their reputation for conservatism, many family offices now view technology as essential infrastructure rather than an optional enhancement.
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Technology adoption Despite their reputation for conservatism, many family offices now view technology as essential infrastructure rather than an optional enhancement – particularly when it comes to nonnegotiables like cybersecurity, risk management, and – increasingly – data management. According to Deloitte, 87 percent of family offices use cloud-based applications, 61 percent employ identity and access-management systems, and more than half use data analytics to support investment decision-making. Alongside digitisation has come a greater willingness to outsource specialist functions. Campden Wealth’s 2025 Family Office Operational Excellence Report finds that 79 percent of families now outsource at least part of their investment activities – particularly public market investing – even as they retain greater control over areas including private equity and real estate. Similarly, estate planning, tax structuring, legal advice, cybersecurity, and compliance are increasingly delivered through external specialists. Managing these external relationships has itself become a strategic capability, requiring strong governance and clear oversight to ensure advisers remain aligned with a family's long-term objectives.
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How family offices use new technology
This evolution has accelerated the growth of hybrid and virtual family offices. Rather than building ever y capability in-house, many families now coordinate a network of specialist providers supported by integrated technology platforms. The result is a more flexible and scalable operating model capable of supporting increasingly international families and more diverse investment portfolios.
Front Office
Investments
23% 31% 34% 13% 31% 34% 27%
Tax & wealth planning 8%
Client management 6%
Philanthropy
25% 22%
47%
61%
26% 10% 3%
Middle Office Investment operations
19% 13%
Finance & operations Security & risk control processes
No use
Minimal use
Talent is equally important. Family offices increasingly compete with private banks, asset managers, and professional services firms for experienced investment, legal, operational, technology, and governance professionals, reflecting their evolution into sophisticated employers rather than private investment vehicles. At the same time – as elsewhere in the industry – operational complexity continues to increase. Campden’s report finds that 57 percent of family offices now support family members living in multiple jurisdictions, creating new demands around tax, estate planning, reporting, and compliance. Family offices serving multiple generations, households, and family branches require increasingly formal governance and communication structures.
32% 36%
Back Office Document management & storage
New operating models
14%
30% 37% 20%
X
11%
28% 37% 24%
10%
25%
18%
Moderate use
47%
Extensive use
Figure 3: Digital Transformation of Family Office Operations (Deloitte 2024)
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Regulatory complexity Navigating a more complex compliance landscape Regulation has become a defining challenge for family offices. Once operating largely outside the regulatory spotlight, many now face growing obligations covering tax transparency, antimoney laundering (AML), cybersecurity, data privacy, sanctions compliance, and emerging AI governance. These demands are particularly acute for internationally active families with assets, businesses, and beneficiaries spread across multiple jurisdictions. Regulatory compliance is no longer a specialist legal issue but a core component of operational resilience. In its 2024 survey report into the evolving risk landscape for family offices, Dentons argues that family offices now operate in a world where “regulatory complexity has become the norm, not the exception”.
Regulatory focus areas Across major wealth centres, regulators are converging around common priorities. Greater transparency, stronger governance, cybersecurity, and effective risk management are now central themes, while cross-border reporting and data protection requirements continue to expand. The IMD/FBN Global Family Office Report argues that transparency initiatives such as the US Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and beneficial ownership registers have created a “paradigm shift” that will make it “virtually impossible for any SFO to remain anonymous”. The report further suggests that growing scrutiny of private wealth structures is likely to accelerate. The collapse of Archegos Capital Management in 2021 further highlighted the potential risks associated with lightly regulated family office structures. Although subsequent reforms largely targeted derivatives markets rather than family offices directly, the episode reinforced regulatory interest in governance, leverage, and risk oversight. Jurisdictions such as Singapore have since strengthened supervision of their rapidly growing family office sectors.
How family offices see the regulatory outlook Family offices increasingly recognise that effective compliance is essential to preserving wealth over the long term. The Dentons report, which surveyed more than 200 family office participants across 33 countries, ranks legal and regulatory risks among the most developed components of family office risk-management programmes, with 45 percent of respondents describing their regulatory capabilities as well-developed. Legal and regulatory risks are also among the issues most frequently flagged by advisers and among the areas receiving the greatest investment in improvement efforts.
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But there’s a reason why regulation is a focus for improvement. There is a sense that family offices are belatedly playing catch-up. According to Dentons, many continue to depend heavily on external expertise to navigate increasingly technical regulatory requirements, with only around half saying they believed their internal teams knew the right questions to ask advisers. Cybersecurity is a particular area of catch-up. Ocorian’s Global Family Office Report for 2026 reveals that, although fewer than 10 percent of firms had plans in place to strengthen their defences against cyberattacks two years ago, over threequarters have taken action within the last two years. Seven out of 10 family offices believe cyberattacks are more likely today than in the past, according to Dentons, yet only 31 percent believe they possess robust cyber-risk capabilities.
Compliance as a strategic capability The growing complexity of regulation is reinforcing the trend towards lean internal teams supported by specialist external advisers. Rather than attempting to build expertise across every jurisdiction and discipline, many family offices rely on networks of legal, tax, compliance, cybersecurity, and governance specialists. This reflects a broader shift in how regulation is viewed. Compliance is no longer simply about avoiding legal or reputational risk; it has become a strategic capability that underpins governance, operational resilience, and long-term wealth preservation. As family wealth becomes more international and regulatory expectations continue to rise, the ability to navigate this landscape effectively will become an increasingly important differentiator.
❝ Family offices are having to build out real compliance, reporting, and risk-management muscle.
Conclusion Put all this together, and what emerges is a sector that's outgrown its old job description. Preserving family wealth across generations is still the core mission, but how family offices pursue it has changed. Increasingly, the job isn't just managing money – it's managing governance, education, wellbeing, reputation, and family cohesion. Family offices are taking on a more institutional shape while trying not to lose the flexibility that's always set them apart from other financial players. That means formal governance frameworks, more investment in technology, dedicated specialist teams, and a heavier reliance on outside experts. On the investment side, strategies are getting more sophisticated, with a clear tilt toward direct ownership, private markets, and capital that's deployed for the long haul. And with regulatory demands climbing and family structures spanning more borders, family offices are having to build out real compliance, reporting, and risk-management muscle. Even with all this professionalisation, what still sets family offices apart is their genuine capacity – or, to put it another way, their luxury – of longterm thinking and planning. They're not boxed in by quarterly results, benchmarks, or shortterm capital pressure the way most institutional investors are. Decision horizons are measured in decades, not years, with choices shaped as much by family values and legacy as by raw returns. So, the family office of 2026 isn't a private bank, isn't an asset manager, and isn't really even just an investment office anymore. Instead, the family office of 2026 is a family enterprise platform – built to steward wealth, opportunity, and responsibility across generations. As wealth keeps growing, families keep going global, and the Great Wealth Transfer picks up speed, family offices look set to play an even bigger part in shaping where private capital goes next. The structures will look different depending on the region, but the trajectory is hard to miss: more sophistication, more complexity, more influence. Mosaic Magazine | 45
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Mastering family complexity An interview with Anneke Stender Executive Vice President at Plumb Bill Pay Meet Anneke Stender
F
or this Focused Insights on the family office, The Wealth Mosaic spoke with Plumb Bill Pay’s Executive Vice President Anneke Stender, who works closely with family offices, wealth management firms, private client advisers, and ultra-high-net-worth (UHNW) families navigating increasingly complex financial ecosystems. She tells us how family offices are evolving and how they are adapting to new operational challenges as wealth structures become more sophisticated.
Why has operational complexity become such a significant – and overlooked – challenge facing family offices today? One of the biggest trends we're seeing across family offices today is the rapid growth in complexity. Families are managing far more than investment portfolios. They may oversee multiple trusts, operating businesses, private investments, foundations, real estate holdings, and family members spread across different jurisdictions. As wealth structures become more sophisticated, the operational demands naturally increase as well. The challenge is that operational infrastructure hasn't always evolved at the same pace. Investment management has become highly institutionalised, but many family offices are still relying on processes and systems that were built for a much simpler environment. Because operations are largely
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invisible when they're working well, they often receive less attention than investments, tax planning, or estate strategies. From our vantage point at Plumb, we often see families reach an inflection point where the complexity of their financial lives has outgrown the infrastructure supporting it. That's typically when visibility begins to decline, reporting becomes more difficult, and operational risk starts to increase. In many ways, the next decade of family office evolution will be defined by operational excellence. The families that can manage complexity effectively will be best positioned to preserve wealth across generations.
What are some of the common signs that a family office’s operational infrastructure is struggling to keep pace with the complexity of a family’s wealth, entities, and activities? One of the clearest signs is a lack of visibility. If answering a relatively straightforward question about cash balances, spending activity, entity performance, or liquidity requires pulling information from multiple people and systems, it often indicates that complexity has outgrown infrastructure. Another common indicator is key-person dependency. Many family offices rely heavily on one trusted employee or adviser who understands how everything fits together. While that may
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work for a while, it creates significant operational risk and can make transitions difficult. We also see reporting delays become more common. As entities, investments, and activities expand, manual processes become harder to sustain. Information becomes fragmented, reporting cycles lengthen, and decision-making becomes less efficient.
How has the operational profile of family offices evolved over the past decade, and what trends are driving greater complexity in areas such as bill payment, accounting, reporting, and cash management?
The first thing that typically breaks down isn't the accounting – it's visibility. When leadership can no longer quickly access accurate information across the family enterprise, it is often a sign that operational processes need to evolve.
The family office has evolved from an investmentcentric organisation into a multi-disciplinary operating platform. Today's family offices are often responsible for coordinating investments, operating businesses, philanthropic initiatives, real estate portfolios, governance structures, and multi-generational planning.
As family offices expand across multiple trusts, foundations, partnerships, operating businesses, and jurisdictions, what new risks are emerging from an operational and accounting perspective? As complexity increases, the challenge shifts from managing individual entities to managing the interdependencies between entities. Family offices are coordinating activities across numerous structures, advisers, tax professionals, and jurisdictions – all of which introduce additional operational considerations. One of the biggest risks is fragmented information. Data often resides in multiple systems managed by different providers, making it difficult to create a consolidated view of the family's financial position. Most families don't suffer from a lack of information; they suffer from fragmented information. We also see growing challenges around liquidity management, reporting consistency, governance oversight, and fraud prevention. As transaction volume increases and organisational structures become more complex, maintaining strong controls becomes increasingly important. The risk isn't necessarily that one process fails. It's that multiple disconnected processes create blind spots. The family offices that are most successful tend to invest in standardisation, centralised reporting, and clearly documented operational procedures that create greater visibility across the entire family enterprise.
At the same time, expectations have changed dramatically. Families increasingly expect timely reporting, greater transparency, digital access to information, and more sophisticated financial oversight. The demand for visibility has increased across virtually every area of the family office. Functions that were once viewed as administrative have become strategic. Bill payment now incorporates fraud controls and approval workflows. Accounting involves consolidating information across multiple entities and asset classes. Cash management requires visibility into liquidity across a broad financial ecosystem. The common thread behind all these changes is complexity. As family enterprises become more sophisticated, operational infrastructure must evolve accordingly. The most effective family offices recognise that strong operations support better governance, better decision-making, and ultimately better outcomes.
❝ The family office has evolved from an investment-centric organisation into a multi-disciplinary operating platform. Mosaic Magazine | 47
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The first thing that typically breaks isn’t the accounting – it’s visibility.
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Most families don’t suffer from a lack of information; they suffer from fragmented information.
Fraud prevention is becoming an increasingly important concern for wealthy families. Where do you see the greatest vulnerabilities within family office payment and approval processes, and what best practices can help mitigate those risks? Fraud prevention is increasingly a governance issue rather than a technology issue. While technology plays an important role, most fraud events exploit weaknesses in processes, approvals, and verification procedures rather than system failures. The greatest vulnerabilities often involve payment approvals, vendor management, and wire transfer requests. Fraudsters have become increasingly sophisticated in their ability to
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impersonate trusted advisers, vendors, and even family memb ers. As transaction volumes increase, informal processes become more difficult to manage safely. From our position at Plumb, we see the importance of creating multiple layers of protection. Segregation of duties, dual approval workflows, independent verification procedures, and comprehensive audit trails can dramatically reduce risk while preserving efficiency. The strongest controls are not necessarily the most complex – they are the most consistently applied. Family offices that establish clear governance frameworks around payment processes are generally better positioned to protect family assets while maintaining a high level of service.
Summer 2026
Many family offices are seeking institutional-grade governance while maintaining the flexibility and personal service that families expect. How can operational processes and financial controls support that balance? There is often a perception that governance and service are competing priorities. In reality, the strongest family offices use governance to enhance the family experience rather than restrict it. Families don't want bureaucracy. They want confidence. They want to know that their financial affairs are being managed accurately, securely, and consistently while still maintaining flexibility and responsiveness. Strong operational processes create that confidence. Well-defined approval workflows, standardised reporting procedures, and documented controls provide structure without creating unnecessary friction. In many cases, effective governance becomes largely invisible to the family because it operates seamlessly in the background. Technology has also helped family offices strike this balance. Many controls that previously required significant administrative effort can now be automated, allowing teams to focus more of their time on service and relationship management. The most successful family offices understand that governance is not about limiting flexibility. It's about creating the foundation that allows flexibility to exist responsibly.
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Family offices often have access to sophisticated investment reporting, yet many struggle to achieve a consolidated view of their overall financial position. Why is total wealth visibility so difficult to achieve, and what steps can family offices take to improve it? Visibility has become the new currency of effective family office management. Yet many family offices struggle to achieve a truly consolidated view of their financial position. The challenge is not a lack of information. Investments, trusts, operating businesses, real estate holdings, liabilities, and banking relationships all generate significant amounts of data. The difficulty lies in bringing that information together in a consistent and meaningful way. Most families can see individual components of their financial lives, but far fewer can see the entire financial ecosystem. Information often resides across multiple systems, advisers, custodians, and reporting platforms, making consolidation difficult. Improving visibility starts with standardisation – consistent reporting frameworks, centralised financial data, documented processes, and integrated reporting practices all contribute to a clearer picture of the family's overall financial position. From our vantage point at Plumb, families that prioritise visibility are generally able to make better decisions, improve governance, and respond more effectively to changing circumstances. Visibility is not simply a reporting objective; it is a strategic advantage.
Fraud prevention is increasingly a governance issue rather than a technology issue. Mosaic Magazine | 49
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As wealth transfers to the next generation, expectations around transparency, digital access, and financial reporting are changing. How should family offices adapt their operational infrastructure to support a successful generational transition? The most successful generational transitions start long before assets are transferred. They begin with education, transparency, and engagement. The next generation has grown up in an environment where information is immediate, digital, and accessible. Their expectations around reporting and communication are very different from those of previous generations. Family offices need to adapt accordingly.
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Successful wealth transfers are ultimately about transferring responsibility and understanding, not just assets.
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This does not simply mean providing more information. It means presenting information in a way that encourages understanding and participation. Future stewards need visibility into family structures, governance frameworks, financial activities, and decision-making processes. Operational infrastructure also plays an important role in creating continuity. Documented processes, standardised reporting, and clearly defined governance structures reduce dependence on institutional knowledge and create smoother transitions over time. Families that prioritise transparency, education, and engagement tend to create more prepared future stewards. Successful wealth transfers are ultimately about transferring responsibility and understanding, not just assets.
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Summer 2026
What do you believe will distinguish the most operationally effective family offices from their peers over the next five years, and where should family office leaders be focusing their attention today? The family offices that will stand out over the next five years will be those that can scale complexity without sacrificing visibility, control, or service. As wealth structures continue to evolve, operational demands will only increase. Family offices will need stronger governance, better reporting, more sophisticated technology, and clearer operational frameworks to support future growth.
❝ The next decade of family office evolution will be defined by operational excellence because the ability to manage complexity is becoming a competitive advantage.
Artificial intelligence and automation will also play an increasingly important role. While much of the discussion around AI focuses on investing, we believe some of the most immediate benefits will be operational. Areas such as workflow management, reporting preparation, document processing, cash flow forecasting, and anomaly detection all present meaningful opportunities. At the same time, technology alone will not be enough. Strong leadership, accountability, governance, and operational discipline will remain essential. The most effective family offices will combine modern technology with experienced professionals and well-designed processes. For years, family offices focused on maximising investment performance. The next decade will be defined by operational excellence because the ability to manage complexity is becoming a competitive advantage.
Family offices will need stronger “governance, better reporting, more
sophisticated technology, and clearer operational frameworks to support future growth.
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Mosaic Magazine | 51
Research Collection WealthTech Insight Papers This research colleciton is part of The Wealth Mosaic’s WealthTech Insight Series (WTIS), an ongoing research process, mixing online surveys and interviews, and focused exclusively on technology in the wealth management sector across the world.
From fragmented data to competitive advantage
AI and analytics in wealth management
Sponsored by
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This new paper explores one of the most pressing strategic priorities facing the wealth management industry today: data.
This paper explores how AI-powered analytics and actionable data insights are driving competitive advantage in wealth management
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Optimising revenue management
Playbook for technology spend
Sponsored by
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This paper explores how revenue management is transforming from a purely operational concern to a competitive differentiator.
This paper looks at the past, present, and future of technology spend and transformation in the UK wealth management sector.
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Access our collection Gain more insight into the world of WealthTech, and the industry trends and topics shaping our industry! Discover more
Research Paper
Order from disorder: moving from fragmented data to competitive advantage Read & Download
I
n April 2026, The Wealth Mosaic published a new research paper in our WealthTech Insight Series – Order from disorder: moving from fragmented data to competitive advantage. Produced in partnership with specialist financial data provider and complex data management experts Raw Knowledge, the report explores data management and its newfound position at the top of the strategic agenda for wealth management firms. The paper found that:
Data has become a strategic business priority Data management has moved from a back office concern to a board-level priority for wealth management firms. Increasing 54 | Mosaic Magazine
regulatory demands, growing client expectations, ongoing industry consolidation, and the rise of artificial intelligence (AI) are all forcing firms to confront longstanding weaknesses in their data environments.
Good data is essential for growth, efficiency, and client outcomes High-quality data underpins virtually every aspect of a modern wealth management business. Firms are using improved data capabilities to enhance client reporting, strengthen regulatory compliance, improve management information, streamline operations, and support more personalised client engagement. Better data is increasingly viewed not just as an operational necessity, but as a driver of growth and competitive differentiation.
Fragmented systems remain a major challenge Many firms continue to struggle with legacy technology, disconnected data sources, and manual processes. Data is often spread across multiple platforms, departments, custodians, and external providers, making it difficult to create a consistent and trusted view of the business. The challenge is further complicated by growing volumes of unstructured data, including information held in emails, PDFs, meeting notes, and client correspondence.
The industry's goal is a ‘single source of truth’ Firms are actively working towards creating a unified and trusted data environment, typically through data lakes or data warehouses. While most organisations have established
Summer 2026
In partnership with:
data strategies and transformation programmes, achieving a true ‘single source of truth’ remains a complex and resource-intensive undertaking that often takes several years to deliver.
AI is raising the stakes The growing adoption of AI is accelerating investment in data management. Firms recognise that AI applications are only as effective as the quality of the underlying data. As a result, many are focusing first on improving data quality, governance, and accessibility before deploying more advanced AI use cases.
Success depends as much on people as technology Data transformation is fundamentally a cultural challenge. Effective data strategies require organisation-wide
buy-in, clear governance, defined ownership, and ongoing training. Data can no longer be viewed as solely the responsibility of technology or operations teams; rather, everyone across the business plays a role in ensuring data is accurate, consistent, and usable.
Data excellence is becoming a competitive advantage Although good data is rapidly becoming a baseline requirement, firms that achieve excellence in data management will be best positioned to improve client outcomes, scale efficiently, respond to regulatory demands, and unlock the full potential of AI. In an increasingly competitive market, data quality is emerging as a key differentiator between firms that merely keep pace and those that gain a lasting advantage.
Read on as we explore the paper's findings in more detail. Discover more in the following pages in a new interview with Preya Patel, Managing Director at Raw Knowledge, where we discuss: • • • • • •
Treating data as strategic infrastructure Creating trust through data lineage Managing growing volumes of unstructured data Avoiding common data strategy pitfalls Building strong foundations for AI Turning data into business value and growth
See page 36-41
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Summer 2026
Deeper into data management Preya Patel Managing Director at Raw Knowledge
Meet Preya Patel
P
reya Patel has been a managing director at Raw Knowledge since 2024 and has nearly a quarter-century's worth of experience in data management. She is based in London.
The report argues that data has moved from a back office issue to a board-level strategic priority. What has changed that is driving that shift? A few things are coming together. There are increased regulatory expectations, with the Consumer Duty, for instance, and stronger requirements around auditability. Client expectations have increased as well – people want more personalised services, real-time information, greater transparency, and fast, efficient, and proactive service. AI is highlighting weaknesses in firms’ data foundations. If you’re relying on outputs from AI, and the data that's being captured is not clean and accurate, it's ‘garbage in, garbage out’. At the board level, inefficient data management has now become a major cost. Firms are dealing with much larger and more complex volumes of data – often unstructured data – and it's spread across multiple systems and providers. But if data management is seen as a business asset, it can drive growth and create competitive advantage.
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Many firms in the report describe their data quality as “average to good”. In your experience, what separates those firms that genuinely have excellent data from those that only believe they do? The strongest firms are the ones that have the consistent data quality – across not only structured data, but unstructured as well, from back office functions to front office. Ownership is also another big differentiator: in a lot of organisations, the responsibility for data just exists on paper – you've got the processes there, but they're not necessarily put in practice. The firms that put the ownership in practice have better accountability and stronger governance across the business. Confidence is also a good indicator. Some firms only trust their data once a year, when they're running their reports and responding to audits. But the best firms trust their data every day – they know exactly where it's coming from and how it's managed. Firms with excellent data don't just see the benefits in efficiency or cost reduction. They're also using this data to make better decisions and spot revenue-driven opportunities – and therefore help the business move forward.
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The concept of a “single source of truth” appears throughout the paper. Is that realistically achievable, or is it more of a guiding principle than an end state?
Get that foundation right and everything above it gets easier: your reporting lines up, the client experience stays consistent, and the AI tools everyone's racing to adopt finally have data worth trusting.
That's what so many firms are striving for now, that single source of truth. It’s an achievable goal, but I think it's more of a journey than a final destination. There's a lot involved in that journey, as you’re bringing many parts together – the single source of truth can be difficult when you're dealing with fragmented systems, complex integrations, lots of manual processing, and increasing amounts of structured and unstructured data. The reality is that data is constantly changing, so I don't think there'll ever be a perfect end state. But that definitely doesn't mean firms shouldn't aim for it.
Several interviewees highlighted unstructured data as a major challenge. Why has this proved so difficult for wealth firms to solve, and what remedies can they constructively apply?
I think the real value comes from continuously improving data, so it remains trusted and consistent across the organisation. With the right technology, a centralised approach, standardised processes, strong governance, clear ownership, all adopted across the business, the single source of truth becomes so much more achievable. Even if perfection may not be possible, firms can still gain significant benefits by working towards those principles.
In practical terms, how do firms actually solve fragmentation? The mistake is thinking you must replace all your core systems – that's slow, risky, and rarely necessary. The real work is building a proper unified and governed layer that sits beneath those systems and becomes the single source of truth. Data feeds are standardised, validated, and consolidated into a golden copy that supports reporting, advice, and client tools. That layer is a real investment, but it's the one that actually makes the difference. What holds it all together is lineage. If every figure can be traced back to its source and the rules applied to it, your data becomes something you can stand behind, rather than just hope is right. My advice is to start where the pain is sharpest – usually product or market data – prove the value there, then extend it across the business. The firms that treat this as proper infrastructure, not a quick fix, are the ones that pull ahead.
For many years unstructured data has been challenging. It still continues to be challenging. The problem is that unstructured data doesn't follow a fixed format that systems can easily interpret. Things like PDFs or meeting notes contain the most valuable information, and they're so much harder to search, analyse, and use consistently. A lot of that information is captured manually, which introduces inconsistency and subjectivity as well. One of the ways to tackle this is by using structured and standardised methods of capturing information wherever possible. At the same time, AI and large language models are becoming much better at understanding unstructured data and making it more accessible, especially when they're trained with the right business context. The firms that have seen the most success tend to start with specific use cases, prove the value, identify the workflows, and then build from there.
The report suggests that data projects often fail because they become technology initiatives rather than business initiatives. What are the most common mistakes firms make when trying to implement a data strategy, and how can they do things differently? When they're treated as technology projects, the focus ends up being on implementing systems and tools, instead of delivering meaningful business outcomes. And when that happens, ownership can sit mainly within technology teams rather than being shared across the wider organisation. To be successful, something critical firms need is buy-in from the whole business – so people understand why the strategy matters and how it supports real business goals. People also need access to the data and the skills to use it effectively on a day-to-day basis. Mosaic Magazine | 57
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Data as strategic infrastructure
Many firms are investing heavily in AI while simultaneously acknowledging weaknesses in their data foundations. How concerned should the industry be about the gap between AI ambition and data readiness? It's something the industry should take seriously, because AI is only as good as the data behind it. Data is the foundation for AI: if the underlying data is incomplete, outdated, or inaccurate, AI won't produce those valuable, reliable results that you need. Nor can you trace AI outcomes back to
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❝ If data management is seen as a business asset, it can drive growth.
how a decision was made. That can impact client outcomes, regulatory compliance, and business decision-making. The encouraging part is that most firms are aware of the challenges, which is why many are taking a cautious approach – for instance, just starting with the transcription of notes and focusing on lower-risk internal use cases. But the bigger risk is that some firms see AI as a shortcut to creating value, but they're not sorting their data foundations out first – so they're moving ahead before they've built the importance of the data and built the foundations that are needed to support it.
Where do you see the greatest untapped value still sitting within wealth management firms’ data estates? This goes back to the unstructured data: there’s a huge amount of valuable information sitting in this manually gathered data – meeting notes, PDFs, emails – that’s often not really made use of. It contains a lot of important information about client goals, preferences, risk appetite, and extremely important events in their life as well. If the firm can capture and use that information effectively, they can provide more personalised services and identify growth opportunities.
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Another major opportunity is breaking down the data silos. In many firms, the data sits across systems; you've got teams trying to use this data in-silo which means that insights aren't shared. That can lead to inconsistent reporting, weaker decision-making, and an incomplete view of the client. Bringing that data together creates opportunities for better advice, stronger client relationships, and more effective cross-selling as well.
How have you been able to apply good data management in-house at Raw Knowledge? Our Managed Smart Data Solution was built to solve our own problems before becoming a product. We power the tax and reporting data used by the UK's leading wealth and fund managers, so we face the same challenges our clients do. Extraction comes first as a distinct step. Much of the data this industry needs sits inside corporate action and fund manager documentation, each in its own format and layout. UK Excess Reportable Income is our hardest case: the same figure may appear "Excess Reportable Income" in one report and "Deemed Distribution" in another – key dates are buried in sentences rather than held in fields. Pulling those values out reliably, across hundreds of pages and dozens of share classes, is complex.
How have you seen it best applied across the wider industry? Two use cases come up repeatedly. The first is reference and security master data – identifiers and classifications that don't line up between systems. The platform holds a single golden instrument, which every system draws from so a whole category of reconciliation problems disappears. The second is pricing, which clients raise most often – when vendors, custodians, and administrators provide conflicting valuations, our solution blends them on an agreed hierarchy, applies fallback logic where a price is missing, and produces a single validated golden price per instrument, ready for NAV.
We've gone from processing 50 documents a week to 350, and we're continuously improving. Today, 87 percent run fully automated, end-to-end, at full fieldlevel accuracy.
Looking ahead five years, what do you think will distinguish the wealth firms that have successfully mastered data from those that have not?
The solution then validates the data before it enters downstream systems, identifying issues like invalid ISINs, missing mandatory fields, outlier values, or inconsistent dates. Critical exceptions are surfaced for review rather than slipping through, with minor exceptions flagged alongside the data. Lineage underpins all of it. Every value traces back to its source, with a full audit trail, applied rules, and approvals. Changes that once took weeks to analyse now take about an hour.
The biggest difference will be how firms use their data. The leading firms will use it for more forward-looking activities – identifying opportunities, anticipating client needs – that make the business grow faster. Firms that fall behind will still mainly be using data for reporting compliance and looking backwards at what has already happened.
For us, the effect is straightforward: data delivery times to clients are faster (now 30 minutes, down from seven and a half hours), costs are down by roughly half, and there's no more arguing over which number is right.
We'll also see significant differences in operational efficiency – the leaders will have highly automated and streamlined processes, with very little manual intervention allowing them to reduce their costs within the business and scale faster. The rest will remain dependent on manual processes, higher operating costs, and larger teams to support growth.
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/ As a wealth centre
Switzerland as a Wealth Centre
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Feature Navigation A wealth centre transformed – exploring Switzerland’s evolving ecosystem, challenges, and future opportunities. Switzerland remains one of the world’s indispensable wealth management centres, even as its position evolves. This feature explores the market’s enduring strengths, changing competitive landscape, diverse ecosystem, and growing technology demands. It examines how private banks, asset managers, family offices, and technology providers are responding to consolidation, regulation, digital transformation, and intensifying global competition.
Evolution of a powerhouse Pages 62-67
A portrait of the ecosystem Pages 68-71
Data and Insights Pages 72-79
From patchwork to platform Pages 80-83
Examining Switzerland’s evolving position as a global wealth centre, exploring its enduring strengths, rising competition, changing client needs, and future prospects.
A portrait of Switzerland’s diverse wealth management ecosystem, exploring its institutions, market dynamics, technology landscape, regulatory pressures, cultural characteristics, and the opportunities it offers for service providers.
A data-led over view of Swiss wealth management examining its history, scale, key players, regulation, client base, consolidation trends, and evolving competitive position.
W hy Sw i ss private banks need an architecture reset by Kim Bliksas, Sales Manager at ERI Bancaire.
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An evolving powerhouse Switzerland has recently been dethroned by Hong Kong as the world’s leading wealth centre. But even if it no longer has the crown, it still matters.
F
or decades, Switzerland occupied a position that seemed almost unassailable as the world’s pre-eminent wealth centre. Generations of affluent families, entrepreneurs, and institutional investors associated Swiss private banking with stability, discretion, expertise and continuity. But in Q2 of 2026 came the strongest signal yet that this long-held position was a thing of the past. BCG’s 2026 Global Wealth Report, published in May, revealed that Hong Kong has overtaken Switzerland for the first time as the world’s largest cross-border wealth booking centre in terms of offshore assets,
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where Hong Kong’s rose 10.7 percent in 2025 to approximately US$2.95 trillion, narrowly surpassing Switzerland’s US$2.94 trillion. The symbolic significance of this moment is undeniable. But it would be a mistake to interpret it as evidence of Swiss decline. Indeed, the reasons for the shift (as seen below) are mostly positive ones related to the growth in Chinese wealth. But it’s worth taking the time to consider how we got to this point – to examine how Switzerland has evolved, what differentiates it from rival wealth hubs, and why it remains central to the future of global wealth management.
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Substance and stability Headlines naturally focus on league tables. Yet wealth management centres compete on far more than asset volumes. It’s not simply a matter of “Hong Kong wins, Switzerland loses.” Switzerland’s appeal remains rooted in a combination of factors that few jurisdictions can replicate simultaneously: political neutrality, economic stability, legal predictability, a highly international workforce, and a dense concentration of private banks, asset managers, family office specialists, trust experts, and tax advisers. These advantages haven’t just appeared recently – they’ve accumulated over decades. This ‘safe harbour’ positioning has arguably become even more valuable in an era of geopolitical fragmentation. Recent commentary from firms including Lombard Odier and Deutsche Bank points to growing client demand for geographical diversification of assets and booking locations, particularly among ultra-highnet-worth (UHNW) clients from the Middle East, Asia, and Latin America. Switzerland continues to manage one of the largest pools of international private wealth globally and remains widely regarded as the benchmark for cross-border wealth management expertise. In its Banking Barometer for 2025, the Swiss Bankers Association (SBA) reported that assets under management at Swiss banks reached a record CHF9.28 trillion (US$11.65 trillion) in 2024, rising 10.6 percent year-on-year. The SBA’s deputy CEO August Benz recently argued that Switzerland’s position is “not simply a question of scale, but of substance,” emphasising its institutional stability, global expertise, and longstanding wealth management ecosystem.
❝ Switzerland continues to manage one of the largest pools of international private wealth globally.
The rise of Asia – and what it means for Switzerland The reasons behind Hong Kong’s ascent are relatively clear. The centre of gravity for wealth creation has been shifting toward Asia for years. China continues to generate significant private wealth, while entrepreneurs and family businesses across the region increasingly seek sophisticated cross-border solutions. More immediately, Hong Kong benefited from a strong recovery in capital markets during 2025. IPO activity rebounded, equity markets strengthened, and capital inflows accelerated. But longer term, the sheer scale of Asian wealth growth will be difficult for mature European markets to match. BCG itself has suggested that the trend is unlikely to reverse quickly as Asian wealth hubs expand faster than traditional European centres over the coming years. The key question is whether this advantage proves durable. Hong Kong’s future remains closely linked to mainland China’s economic trajectory and capital flows. Switzerland, by contrast, benefits from extraordinary geographic diversification. Swiss private banks typically serve clients from Europe, Latin America, the Middle East, Africa, and Asia, reducing dependence on any single economic region. That diversification has historically been one of the defining strengths of the Swiss model.
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Secrecy and sophistication Perhaps the most misunderstood aspect of modern Swiss wealth management is how fundamentally it has changed. The popular image of Swiss banking remains tied to secrecy, numbered accounts, and confidentiality. But although discretion remains important, the past two decades have seen Switzerland fundamentally reposition its global offering away from opacity and towards expertise. International tax transparency initiatives, including FATCA and the Common Reporting Standard (CRS), tax information exchange agreements, and regulatory reforms have effectively ended the traditional secrecy-driven offshore banking model. Rather than diminishing Switzerland’s role, however, this forced the industry to evolve toward a more advice-led proposition centred on sophisticated crossborder planning, investment management, family office services, and global wealth structuring. Today’s Swiss proposition centres on holistic wealth management: investment management, succession planning, philanthropy, family governance, cross-border structuring, alternative investments and multi-generational advisory services. Increasingly, Swiss firms position themselves as long-term partners to globally mobile wealthy families rather than custodians of financial assets alone. (PwC) That evolution may ultimately prove more durable than the old model. Wealthy families increasingly face complexity rather than simply investment challenges. Jurisdictional considerations, intergenerational wealth transfer, business succession, and governance issues often matter as much as portfolio construction.
❝ Switzerland's role is global, not regional. 64 | Mosaic Magazine
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Reputational characteristics The competitive landscape has become far more crowded, even apart from Hong Kong – with Singapore, Dubai, London, and New York all offering distinct strengths and forming local wealth industry hubs for their respective regions. But Switzerland’s role is global, not regional. Rather than focusing primarily on capital markets, it specialises in preserving, structuring, and stewarding wealth across generations. Rather than offering a single institutional model, it provides a broad spectrum ranging from global banks to highly specialised boutiques. It also benefits from a reputation for neutrality, stability, and predictability, with strong institutions and a long-term orientation. That plays an important role in wealthy families’ calculations after a decade in which wealthy families have been given one example after another of how political, regulatory, and economic uncertainty can emerge rapidly. That reputation that has endured despite events such as the collapse of Credit Suisse or the extraordinary episode of the Swiss franc shock.
It’s worth stopping to consider those incidents, and how they fed into the trends and themes that characterise Switzerland’s financial sector. The Swiss franc shock took place in 2015 as the Swiss National Bank took everyone by surprise – rarely a good thing – by abandoning its euro exchange-rate cap. The incident caused alarming currency volatility and did a great deal to undermine Switzerland’s reputation for predictability. The 2023 collapse of Credit Suisse – Switzerland’s second-largest bank after UBS and one of the most internationally recognised financial institutions – prompted scrutiny of governance, risk management, and regulatory oversight within the Swiss banking sector. But even though both events were destabilising and dented Switzerland’s reputation for stability, they didn’t shake wealthy clients’ confidence in Switzerland as a trusted jurisdiction for crossborder asset management. Indeed, both episodes reinforced a key characteristic of the Swiss model – its ability to adapt to disruption while preserving client confidence. But they also accelerated Swiss wealth management’s transition from an industry defined by balance-sheet strength and secrecy to one focused on advice, structuring, and service.
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The ultra-wealth opportunity If there is one segment for which Switzerland appears particularly well positioned, it is ultrahigh-net-worth (UHNW) clients, whose needs are becoming increasingly complex. UHNW wealth is often international, entrepreneurial, and multi-generational. Families require support across investments, governance, philanthropy, family of f ic e s, suc c e ssion planning, and cross-border structuring. This plays directly to Switzerland’s strengths. The country’s ecosystem has evolved around precisely these requirements. It also benefits from growing demand for diversification among wealthy families following recent geopolitical tensions, banking sector disruptions, and heightened concerns about concentration risk. The growing prominence of family offices further reinforces this trend. Increasingly, wealth managers are expected to operate as coordinators of complex networks of advisers rather than providers of investment products alone.
Technology without losing the human element Technology is reshaping wealth management everywhere, but for Swiss firms its development must help them to embrace Switzerland's trend towards expertise and away from opacity, by providing solutions that accentuate and support the advice-led holistic wealth management offering that characterises Switzerland today. This includes solutions that allow advisers to consolidate information from multiple custodians, asset classes, and jurisdictions into a single view – giving UHNW families a more complete picture of their financial affairs. Artificial intelligence (AI) offers the opportunity to automate routine administrative tasks, generate deeper client insights, and support more personalised advice – allowing advisers to focus on the human expertise areas where the Swiss advantage lies. Swiss firms also look to technologies that help deliver integrated advice – another area of demand for clients who expect their advisers to coordinate across investment management, tax planning, estate structuring, and family governance. The future is unlikely to belong either to purely digital providers or purely relationship-driven firms. Instead, the competitive advantage increasingly lies in combining sophisticated technology with hightouch advisory services. The leading Swiss firms increasingly view technology not as a substitute for advisers but as a force multiplier that allows advisers to deliver more relevant and tailored guidance. That balance may prove critical in the decade ahead.
❝ The competitive advantage increasingly lies in combining sophisticated technology with hightouch advisory services. 66 | Mosaic Magazine
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Switzerland's enduring appeal
❝ The foundations that originally made Switzerland attractive – stability, expertise, neutrality and trust – remain highly relevant in an increasingly uncertain world.
A different kind of leadership Hong Kong’s rise marks the beginning of a new chapter in global wealth management. The shift reflects the growing importance of Asia and the extraordinary wealth creation taking place across the region. Yet leadership in wealth management is not solely a function of asset volumes. Switzerland enters this new era with strengths that remain highly relevant: political stability, cross-border expertise, a mature advisory ecosystem, global diversification and deep experience serving the world's most complex wealthy families. It has evolved from a centre built on secrecy to one built on advice, trust and sophisticated wealth stewardship. The crown may have changed hands. But Switzerland’s role in global wealth management remains far larger than a ranking.
In a world where wealthy families increasingly seek stability amid uncertainty, its enduring value proposition may prove more important than ever. The foundations that originally made Switzerland attractive – stability, expertise, neutrality and trust – remain highly relevant in an increasingly uncertain world. The next phase of competition will likely depend less on secrecy or even geography, and more on which wealth centres can combine global advisory expertise, operational scale, advanced technology, and personalised client experience most effectively. Switzerland’s challenge is therefore not preserving the past, but modernising its wealth management model while retaining the qualities that made it globally distinctive in the first place.
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Switzerland: a portrait of the ecosystem Wealth management solution providers seeking to enter the Swiss market could be forgiven for finding themselves excited and frustrated in equal measure. It is simultaneously one of the world’s most attractive wealth management ecosystems and one of the most challenging to penetrate.
Decentralised and diverse A striking feature of Swiss wealth management today is that it is becoming simultaneously more concentrated and more fragmented. On the one hand, market concentration has increased dramatically following UBS’s acquisition of Credit Suisse in 2023. As detailed elsewhere in this feature set in greater detail, UBS now accounts for 65 percent of total AUM across Swiss private banks, creating an unprecedented concentration of client assets and market power within a single institution. At the same time, however, the industry’s operating model is becoming increasingly fragmented. As revealed in a recent report from Six Group into the future of Swiss wealth management, open financial ecosystems are breaking up the traditionally integrated wealth management value chain into specialised segments that allow firms more and more to source capabilities externally rather than maintaining them in-house.
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The Six Group report predicts that the exchange of data and services through open ecosystems will increasingly break up the traditionally holistic wealth management value chain into different segments with specialised offerings, enabling wealth managers to access expertise in areas such as data analytics, artificial intelligence (AI), client segmentation, and reporting from specialist providers. So, while client assets are becoming more concentrated, the capabilities to serve those clients are becoming distributed across a much broader ecosystem of WealthTech firms, custodians, compliance specialists, data providers, familyoffice platforms, and independent asset managers. In this sense, Swiss wealth management is evolving – from a model in which large banks owned the entire value chain, to one in which even the largest institutions increasingly orchestrate networks of specialist providers.
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Scale-up over start-up
The role of IAMs
At the same time, there are signs that Switzerland’s market is maturing more than it is booming. A 2025 study into the FinTech sector by the Institute of Financial Services Zug (IFZ) found 511 FinTech companies in 2024, but only 1 percent year-on-year growth. That growth was actually almost entirely from neighbouring Liechtenstein, which was also included in the report’s remit, rather than Switzerland. This suggests the market is now in the phase of operational scaling rather than startup proliferation.
One of Switzerland’s key segments is the independent asset managers (IAMs). These manage client assets without being tied to a single institution, typically relying on one or more custodian banks while providing independent investment advice and portfolio management.
But within that market, the biggest FinTech segment is WealthTech, unlike many markets where payments dominate. The customer base of Swiss WealthTech firms is mostly B2B, with eight in 10 having an international focus. “Swiss WealthTech is primarily an enterprise technology market. Most firms are building tools for banks, IAMs, asset managers, and financial institutions, rather than competing directly for retail investors.”
Analogous in some ways to a US Registered Investment Advisor (RIA), the IAM nevertheless differs in that they are generally more intertwined with Switzerland’s banks, which they use for custody, execution, and reporting infrastructure. The consolidation wave that has reshaped the RIA segment in the US has also barely hit Switzerland’s IAM market, which remains highly fragmented. The IAM sector is riding the tailwinds of the greater client demand for flexibility and openarchitecture advice. But regulatory changes including the Financial Institutions Act (FinIA) and Financial Services Act (FinSA) and the implementation measures for these introduced by Switzerland Financial Markets Authority (FINMA) are moving the segment away from the light-touch regime it had previously enjoyed, introducing new licensing, governance, riskmanagement, and compliance requirements. Those changes mean there is now pressure on IAMs to professionalise their operations, invest in technology, and strengthen compliance capabilities – all of which create opportunities for technology vendors with the solutions to help them do so.
❝ The biggest problems Swiss wealth management faces are precisely those that technology providers are bestplaced to address. Mosaic Magazine | 69
Summer 2026
Why it’s attractive, and why it’s difficult From a technology perspective, Switzerland offers several attractive characteristics. The market contains a high concentration of wealthy clients, sophisticated financial institutions, and internationally focused wealth managers. Technology adoption is accelerating, and many firms recognise the need to modernise their operating models. Switzerland also provides access to a globally relevant client base – a successful deployment in a Swiss private bank or IAM often creates opportunities in other wealth centres facing similar challenges. Its own growing FinTech ecosystem has further strengthened its appeal, particularly in hubs such as Zurich, Geneva, and Zug. At the same time, as the SIX report referenced above made clear, the biggest problems Swiss wealth management faces are precisely those that technology providers are best-placed to address, including lack of IT expertise, poor use of data, regulatory complexity, and profitability. But the same characteristics that make Switzerland attractive can also make it difficult for new entrants. The market remains relationship-driven, and buying decisions frequently involve multiple stakeholders and lengthy due-diligence processes. Fragmentation creates challenges too, as a solution that works for a large private bank may be unsuitable for an IAM or family office. Vendors often discover that Switzerland is best characterised as a collection of distinct client segments with different priorities and operating models. Often, the best bet is to specialise on one market segment and create solutions for its idiosyncratic needs.
70 | Mosaic Magazine
Switzerland’s robust regulatory environment is also worth bearing in mind, both for the challenges it poses to wealth firms and for the opportunities its requirements create for service providers. Recent years have seen FINMA increase its focus on firms’ operational resilience, risk management, outsourcing oversight, and governance standards. But many Swiss firms will also need to bear in mind the regulatory requirements of the myriad jurisdictions where their clients reside, and many have complex regulatory needs around reporting, suitability, tax transparency, and compliance. As SIX’s report makes clear, this environment creates significant opportunities for compliance, RegTech, and adviser-support solutions, but also raises the bar for entry. It’s a tougher lift for vendors than in many jurisdictions – but it also offers significant rewards for those that can meet these demands.
Summer 2026
Cultural dynamics and pitfalls to watch out for An aspect of Swiss wealth management many fail to appreciate is culture. Trust remains the currency of Swiss wealth management. Relationships are built over years, not months, particularly in the UHNW segment. Reputation carries significant weight, and many firms place a premium on stability and continuity. Any new entrant needs to understand, appreciate, and plan for the importance of local relationships and industry credibility. References, partnerships, and reputation often matter as much as technological functionality. That means decision-making may move more slowly than in other markets such as the US. Vendors who focus on speed and disruption may find themselves culturally out of sync with more conservative institutional attitudes that prioritise risk management and long-term client trust. ‘Disruptors’ that may be celebrated in the US market may be better advised to position themselves in Switzerland as enablers. Conservatism doesn’t mean resistance to innovation. Far from it – as described above, Swiss wealth management is open to innovation and technological solutions that allow its professionals to concentrate on their areas of excellence. The market is actively investing in technology, automation, and operational efficiency. What distinguishes Switzerland is a preference for solutions that enhance trust, expertise, and client service, rather than disrupt them.
❝ Switzerland is not a market that rewards generic propositions or rapid-fire disruption.
The Swiss opportunity Switzerland’s strength as a wealth centre lies not simply in the scale of assets it manages, but in the depth and sophistication of the ecosystem that supports them. What distinguishes the market is the combination of global reach, specialist expertise, regulatory credibility, and a highly developed network of institutions and service providers that together create an environment unlike any other in wealth management. For technology firms, this presents both opportunity and obligation. Switzerland is not a market that rewards generic propositions or rapid-fire disruption. Success requires a clear understanding of the different segments that make up the industry, a commitment to longterm relationship building, and solutions that address the practical challenges wealth managers face around efficiency, compliance, data, and client service. As wealth management becomes more specialised, interconnected, and technology-enabled, the open financial ecosystem is likely to become even more important. Firms across the value chain will increasingly depend on external expertise and collaborative partnerships to remain competitive. For those able to navigate its complexity, Switzerland remains one of the most attractive wealth management markets in the world: demanding, highly competitive, and relationship-driven, but rich with opportunity for providers that can earn trust and deliver genuine value.
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Switzerland as a wealth centre Data & Insights Switzerland's wealth management sector combines global scale with a distinctive domestic structure. This section examines the numbers, institutions, and market dynamics behind Switzerland 's position, including assets and client profiles, regulation, consolidation, and the competitive forces shaping its future.
History Swiss private banking is older than most people assume. From the 18th century onward, Swiss citystates like Geneva, Basel, and Zurich cultivated private banks serving European aristocrats, merchants, and industrialists. Political neutrality and relative stability made Switzerland a safe place to hold assets across turbulent borders. Geneva's commitment to banking discretion helped elevate it into a European financial powerhouse, drawing in Swiss mercenary soldiers looking to safeguard earnings made fighting abroad. Banking secrecy was formally codified into Swiss legislation with a 1934 banking law, which set out that bankers who disclosed client information could be jailed.
72 | Mosaic Magazine
The secrecy era is now effectively over, following the introduction of automatic information exchange under the Common Reporting Standard (CRS) and stronger regulatory oversight by the Swiss Financial Market Supervisory Authority (FINMA). The collapse of Credit Suisse in 2023 further accelerated the industry's shift towards a model based on advice, investment expertise and regulatory credibility rather than confidentiality.
❝ The secrecy era is now effectively over.
Summer 2026
Size and scale
Key segments
Switzerland remains one of the world's largest international wealth management centres despite intensifying competition.
Private Banking
Deloitte’s International Wealth Management Centre Ranking 2024 estimates that Switzerland manages US$2.2 trillion in international assets, making it the world’s largest international booking centre, narrowly ahead of the UK. Its asset management industry oversaw a record CHF 3.73 trillion (US$4.67 trillion) in assets by 2025. Private banks specifically saw AUM rise to a record CHF 3.4 trillion (US$4.25 trillion) in 2024, with net profit exceeding CHF 4 billion (US$5 billion) according to KPMG. Total assets entrusted to Swiss wealth management services are projected to reach around $5.57 trillion (US$6.97 trillion) in 2025.
Switzerland is home to around 83 private banks in Switzerland for now, down from 156 in 2010 – though that decline has been slower over the past five years. See below for more details.
Asset Management The Swiss asset management sector employs around 59,800 people and continues to expand. The 10 largest Swiss asset managers now manage 43 percent of Swiss AUM, up from 36% a few years ago.
Family Offices As of 2024, Switzerland hosts an estimated 250 to 300 single-family offices (SFOs) managing approximately CHF 600 billion (US$751 billion) in assets, reflecting its growing importance as a centre for ultra-high-net-worth (UHNW) wealth.
Cross-border / International Approximately one-third of assets under Swiss management are held by international clients, making it a key export industry.
❝ Switzerland retains significant structural advantages. Its client base is geographically diversified, its financial infrastructure is highly developed, and it continues to benefit from a reputation for political stability, sophisticated investment expertise, and international connectivity.
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Key players
Regulation
The market is dominated by a handful of institutions:
Sw itz erl a n d 's reg u l a tor y fra m e w ork i s comprehensive and increasingly demanding. Its financial markets regulator FINMA has intensified its supervisory role in recent years. The primary legislation governing the sector includes the Banking Act (BankA), the Financial Institutions Act (FinIA), and the Financial Services Act (FinSA), which came into force in 2020 and introduced conduct-of-business rules broadly comparable to MiFID II.
UBS With reported AUM of CHF 5.58 trillion (US$6.99 trillion) in 2025, UBS is far larger than any other Swiss private banking institution, accounting for approximately 65% of total AUM covered by private bank rankings.
Julius Baer This Zurich-headquartered pure-play private bank is one of the largest independent wealth managers globally.
Pictet A Geneva-based multinational private bank which manages total AUM of US$893 billion, with its wealth management division overseeing US$280 billion.
Lombard Odier A Geneva-based partnership which is one of the oldest private banks in continuous existence.
Vontobel, EFG International, Union Bancaire Privée (UBP), Edmond de Rothschild, J. Safra Sarasin Significant mid-tier players.
Goldman Sachs International Also headquartered in Geneva for its European wealth management operations.
❝ Switzerland's regulatory framework is comprehensive and increasingly demanding. 74 | Mosaic Magazine
Following the collapse of Credit Suisse, supervisory scrutiny intensified. In 2024–2025, the Swiss government proposed significant strengthening of the too-big-to-fail regime, including requiring systemically important banks to fully capitalise foreign subsidiaries and potentially requiring UBS to hold around US$26 billion in additional capital. The introduction of the Limited Qualified Investor Fund (L-QIF), and new sustainability reporting requirements, have further intensified the regulatory framework.
Competitive pressures and outlook Switzerland remains the leading wealth management hub for European, Middle Eastern and much of Latin American wealth, but competition is intensifying. In May 2026, BCG placed Switzerland for the first time in second place in terms of the size of its cross-border wealth, behind Hong Kong. D e spite thi s shif t, Sw itzerland ret ain s significant structural advantages. Its client base is geographically diversified, its financial infrastructure is highly developed, and it continues to benefit from a reputation for political stability, sophisticated investment expertise, and international connectivity. While the centre of gravity in global wealth is shifting east, Switzerland remains one of the world's pre-eminent wealth management centres.
Summer 2026
The private banks The number of Swiss private banks has almost halved over the past 15 years. According to KPMG, the sector contracted from 156 institutions in 2010 to 83 by May 2025, reflecting one of the most significant periods of structural change in its history.
managing less than CHF10 billion (US$12.4 billion) has fallen by more than half, reflecting the growing importance of scale. Higher interest rates temporarily stabilised the sector between 2022 and 2024 by boosting profitability, but consolidation resumed as rates began to fall. By May 2025 the number of private banks had declined to 83, following transactions including Union Bancaire Privée's acquisition of Société Générale's Swiss private banking business and BNP Paribas' conversion of its Swiss subsidiary into a branch.
The sharpest decline followed the global financial crisis. International efforts to combat tax evasion, led by US enforcement actions and the subsequent dismantling of Swiss banking secrecy, fundamentally changed the economics of private banking. At the same time, lower margins, rising compliance costs and increasing regulatory complexity made it difficult for smaller institutions to remain viable. Several international banks exited the Swiss market, while others chose to merge or sell their operations.
The sector is increasingly polarised. KPMG argues that the most sustainable business models are either large, internationally diversified private banks able to spread regulatory and technology costs across a broad client base, or smaller specialist firms serving clearly defined niches. Institutions occupying the middle ground are likely to face continued consolidation pressure.
Consolidation has been concentrated among smaller firms. Large private banks have remained relatively stable, while medium-sized institutions have declined gradually. The number of banks
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Figure 1: Clarity on Swiss Private banks 2025 (KPMG, 2025)
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The External Asset Managers (EAMs) Switzerland's External Asset Manager (EAM) sector is significantly larger than its private banking industry in terms of the number of firms, although it is more fragmented. Before the introduction of licensing requirements, around 2,400–2,500 firms collectively managed an estimated CHF400 billion (US$495.7 billion) in assets, equivalent to roughly 10 percent of Switzerland's private wealth. The sector was transformed by the introduction of the Financial Institutions Act (FinIA) and Financial Services Act (FinSA) in 2020. Independent asset managers, which had previously operated without formal licensing, were required to obtain FINMA authorisation by the end of 2022. The impact was profound. More than 1,000 firms chose not to apply for a licence, effectively exiting the market rather than absorbing the increased compliance burden. By late 2025, the number of FINMA-licensed EAMs had fallen to 1,309.
Unlike the consolidation seen in private banking, this contraction was driven primarily by regu l ation rath er th a n c om m erci a l pressures. The additional cost of compliance disproportionately affected smaller firms, while larger businesses benefited from greater scale. At the same time, merger and acquisition activity accelerated as firms sought to achieve the size needed to absorb higher regulatory costs. Despite the sharp reduction in the number of firms, assets under management have continued to increase. The surviving EAMs now oversee an estimated CHF475–600 billion (US$589-744 billion), suggesting that the sector has become smaller in number but larger, more professional, and better capitalised. Although the tightening of regulation has not diminished the importance of the EAM sector, it has nevertheless reshaped it.
❝ Although the tightening of regulation has not diminished the importance of the EAM sector, it has nevertheless reshaped it. 76 | Mosaic Magazine
Summer 2026
The family offices It’s harder to get a full picture of the family office market, as it’s more diffuse and the data quality that covers it is thinner than for private banks or EAMs. Single-family offices (SFOs) are generally exempt from FINMA licensing unless they meet the legal definition of an asset manager, making precise market data difficult to obtain. Most estimates therefore rely on industry research and association data.
Single Family Offices (SFOs) Research by the Swiss Single Family Office Association (SFOA), UBS and the University of St. Gallen estimates there are between 250 and 300 SFOs in Switzerland with an estimated CHF 785 billion (US$985 billion) AUM, including family business holdings. That is a significant growth from the first SFOA/HSG study in 2023, which found CHF 600 billion (US$750 billion) managed by Swiss SFOs. A few more noteworthy takeaways from that study: •
70 percent of Swiss SFOs are backed by a family business, mostly SMEs – underscoring their importance beyond pure wealth management.
•
The net assets of SFOs (CHF 600 billion or US$750 billion) actually exceed the assets managed by EAMs including MFOs (estimated around CHF 500 billion or US$625 billion), making SFOs collectively the larger pool.
•
Swiss SFOs are a young industry, with most primarily serving first and second generation families – unlike many foreign counterparts that span multiple generations.
•
The wealth bracket most frequently represented is CHF 1.5–3 billion (US$1.87-3.75 billion), though the range runs from under CHF 250 million (US$313 million) to over CHF 10 billion (US$12.5 billion).
Multi-Family Offices (MFOs) These are also hard to count, as many overlap with the EAM/IAM universe. One data vendor tracking the Swiss MFO market lists around 182 identifiable MFOs, But many of the 1,309 FINMAlicensed EAMs operate in practice as MFOs. In global context, Deloitte estimates there are around 2,020 SFOs across all of Europe, which would make Switzerland home to roughly 13– 15 percent of European SFOs – a significant concentration for a country that accounts for around 0.11 percent of the world’s population. The sector's rapid expansion reflects broader trends in global wealth. As fortunes become larger and more complex, many wealthy families are moving beyond traditional private banking towards dedicated structures that combine investment management with governance, succession planning, and broader family services. That evolution is reinforcing Switzerland's position not only as a private banking centre, but also as a leading jurisdiction for long-term wealth stewardship.
❝ As fortunes become larger and more complex, many wealthy families are moving beyond traditional private banking towards dedicated structures that combine investment management with governance, succession planning, and broader family services. Mosaic Magazine | 77
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AUM and clients Total scale
Market concentration
Swiss banks managed a record CHF 9.28 trillion (US$11.61 trillion) in 2024, up 10.6 percent yearon-year, driven by rising asset values and renewed demand for fixed income. Switzerland's banking sector manages over 20 percent of all crossborder privately held financial assets worldwide – amounting to CHF 2.4 trillion (US$3 trillion).
With reported AUM of CHF 5.58 trillion (US$6.97 trillion), UBS dominates the sector following its acquisition of Credit Suisse, managing more assets than the rest of the ranked Swiss private banks combined. However, a substantial second tier – including Pictet, Julius Baer, J. Safra Sarasin and Lombard Odier – continues to give Switzerland one of the deepest private banking ecosystems in the world.
Domestic vs. offshore Although the proportion of assets belonging to foreign-domiciled clients has declined over the past decade, largely because of currency movements, the absolute value of international assets has continued to increase. International clients therefore remain central to the Swiss wealth management model.
Geographic origin of offshore clients Switzerland's international client base remains geographically diverse. Western Europe continues to be the largest source of cross-border assets, followed by Asia, the Middle East, and Latin America. Although Asian wealth is growing in importance, Switzerland remains the preferred destination for many European and Middle Eastern clients, reflecting the breadth of its international relationships rather than dependence on any single market. The composition of the client base highlights one of Switzerland's enduring competitive advantages. Unlike emerging wealth centres whose growth is closely tied to regional wealth creation, Switzerland serves clients from across multiple continents, providing greater resilience as patterns of global wealth continue to evolve.
❝ Switzerland's banking sector manages over 20% of all cross-border privately held financial assets worldwide. 78 | Mosaic Magazine
Summer 2026
Conclusion Switzerland remains one of the world's foremost wealth management centres, combining scale, expertise, political stability and an international client base unmatched by most competitors. It continues to host one of the industry's most sophisticated ecosystems of private banks, asset managers, and family offices. At the same time, the market is undergoing structural change. Banking secrecy has been replaced by a value proposition built on investment expertise, trusted advice and regulatory credibility. Consolidation among private banks and EAMs reflects the increasing importance of scale, technology, and compliance, while the rapid growth of family offices illustrates the evolving needs of UHNW clients.
Switzerland's enduring advantage
The competitive landscape is also changing. Hong Kong's emergence as the world's largest cross-border wealth centre reflects the shift in global wealth creation towards Asia, while Singapore and the Gulf states continue to strengthen their positions. Switzerland is no longer the undisputed leader it once was, but it remains the principal hub for European, Middle Eastern, and much of Latin American wealth. Its strengths remain considerable: a diversified international client base, deep institutional expertise and a global reputation built over more than two centuries. Those foundations suggest that, while the balance of global wealth may continue to shift, Switzerland will remain one of the essential centres of international wealth management for years to come.
❝ Switzerland remains one of the world's foremost wealth management centres, combining scale, expertise, political stability and an international client base unmatched by most competitors. Mosaic Magazine | 79
Summer 2026
From patchwork to platform Why Swiss private banks need an architecture reset By Kim Bliksas, Sales Manager at ERI Bancaire
Over decades, Swiss institutions have pursued innovation through incremental change. Rather than replacing core systems, they have layered new capabilities on top of existing infrastructures. The result is a dense web of interconnected applications, often described as a “fragmented application landscape” or “spaghetti stacks”, that are difficult to scale, integrate, and govern effectively.
80 | Mosaic Magazine
How Swiss banks got here: innovation without integration The current state is not the result of poor decision-making, but of sustained adaptation to evolving business and regulatory demands. Private banks have continuously introduced specialised solutions to enhance client service and meet compliance requirements. Customer relationship management (CRM) tools, digital onboarding platforms, anti-money laundering (AML) and know-yourcustomer (KYC) systems, portfolio management solutions, and clientfacing digital channels have all been added over time. Each solved a specific need, but rarely within a unified architectural framework. Regulatory pressure has further accelerated this fragmentation. Increasingly stringent requirements
around cross-border operations, client transparency, and financial crime prevention have driven rapid implementation of compliance tools, often on tight timelines. Integration was frequently secondary to speed.
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Swiss private banks face a critical question of whether their current IT architectures can sustain future competitiveness.
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S
witzerland’s reputation as a global leader in wealth management is built on precision, trust, and long-term client relationships. Yet beneath this excellence lies a growing structural vulnerability: increasingly complex and fragile technology foundations. At a time when Hong Kong and other financial hubs are accelerating digital transformation, Swiss private banks face a critical question of whether their current IT architectures can sustain future competitiveness.
Mergers and acquisitions have comp ounded the i ssue. As institutions absorbed new entities, they inherited additional systems and platforms, adding further layers of complexity. The result is a heterogeneous IT landscape where duplication, inconsistency, and technical debt are pervasive.
The operational and strategic consequences This fragmented architecture is now constraining both operational efficiency and strategic agility. Interoperability across front, middle, and back office systems remains limited, leading to persistent data silos. Information often needs to be reconciled across multiple systems, increasing the risk of inconsistency and error. For relationship managers, this translates into incomplete client views; for operations teams, into timeconsuming manual processes. The cost of change has risen significantly. Launching new products, adapting to regulatory updates, or entering new markets requires navigating a complex web of dependencies. A new product, tax rule, market restriction, or booking-centre change may require updates across core, portfolio management system (PMS), CRM, KYC, reporting, and middleware layers. Time-to-market is slowed, and innovation becomes expensive and resource-intensive.
Core modernisation is becoming a board-level option, alongside renovation, component replacement, and progressive transformation.
Operational risk is also increasing. The reliance on middleware layers and manual workarounds introduces vulnerabilities, while fragmented data complicates auditability and compliance reporting. Inconsistent data flows can undermine both internal decision-making and client reporting, affecting trust and service quality.
Why the status quo is no longer sustainable The incremental model is reaching its limit. Client expectations have shifted decisively toward digital-first e x p e r i e n c e s . Hi g h - n e t- w o r th individuals (HNWIs) increasingly expect high-touch advice combined with seamless, real-time interactions across channels. At the same time, competitive pressure is intensifying. Digitally native players and external asset managers operate with leaner, more f lexible architectures, enabling fa st e r i n n o v a tio n a n d m o re personalised services.
Cost-income ratios in Swiss private banking are under sustained pressure. Maintaining complex legacy systems consumes a growing share of IT budgets, leaving limited capacity for strategic investment. The rise of AI and advanced analytics will not solve fragmented data architecture; it will expose it. These technologies depend on clean, unified, and accessible data – conditions that fragmented architectures struggle to provide. Regulators, including Switzerland’s Financial Market Super visor y Authority (FINMA), are also raising expectations. Transparency, traceability, and auditability are no longer optional. Complex, opaque system landscapes make compliance more challenging and increase exposure to regulatory risk. rise of AI and advanced “ Theanalytics will not solve
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An architecturefirst approach
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fragmented data architecture: it will expose it.
Mosaic Magazine | 81
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The next investment cycle: a strategic inflection point for the next 24 months Swiss private banks are approaching a tipping point. Incremental fixes – adding another interface, another middleware layer, another point solution – are delivering diminishing returns. The industry is beginning to shift from an “add-on” mindset to an “architecture-first” approach. CEOs, CTOs, COOs, CFOs, and CROs should all care because architecture affects growth, cost, risk, and regulatory control. Core modernisation is becoming a board-level option, alongside renovation, component replacement, and progressive transformation.
Strategic options for Swiss private banks Private banks have several pathways to address their architectural challenges, each with distinct tradeoffs: bank size, business model, level of customisation, outsourcing appetite, data complexity, risk tolerance, and investment capacity. Core renovation involves modernising existing systems incrementally – improving integration and performance while retaining the core platform. This approach reduces disruption but may not fully resolve structural limitations. Full core replacement offers the opportunity to reset architecture entirely, adopting mo dern , scalable platforms. Although more transformative, it carries higher execution risk and requires careful change management.
82 | Mosaic Magazine
Progressive modernisation represents a hybrid approach – gradually replacing components while moving toward a target architecture. This allows for controlled transformation but demands strong governance and long-term commitment.
Equally important is change management. Transformation impacts not only IT, but also front-office teams, operations, and governance structures. Aligning stakeholders across the organisation is key to sustaining momentum and realising value.
Across all options, there is a clear shift toward modular, APIfirst architectures. These enable greater flexibility, allowing banks to integrate best-of-breed solutions while maintaining coherence.
Risks of inaction
Cloud adoption is also gaining traction, whether through private, public, or hybrid models. Within FINMA Swiss regulatory constraints, cloud and SaaS solutions can enhance scalability, resilience, and cost efficiency, provided they are implemented within a well-defined architectural framework.
Key success factors Successful transformation requires more than technology investment; it demands strategic clarity and organisational alignment. A clearly defined target architecture, aligned with business objectives, is essential. Without this, modernisation efforts risk perpetuating fragmentation rather than resolving it. A phased transformation approach helps mitigate risk, allowing banks to deliver incremental value while maintaining operational stability. Vendor and partner selection must be guided by long-term flexibility rather than short-term functionality. Interoperability, openness, and scalability are critical criteria.
The cost of maintaining the status quo is rising, and increasingly visible. Private banks risk losing competitive ground to more agile players capable of delivering superior digital experiences and faster innovation. IT costs will continue to escalate without delivering proportional business value, further pressuring profitability. The ability to innovate will be constrained, limiting growth opportunities and responsiveness to market changes. Operational and regulatory vulnerabilities will increase, as complex systems become harder to manage, audit, and secure.
Spring 2026 2026 Summer
From complexity to control
❝
Technology simplification is no longer an internal IT concern; it is a strategic imperative. By moving from fragmented, patchwork systems to cohesive, modern platforms, Swiss private banks can unlock new levels of efficiency, agility, and client value. The next technology investment cycle will be decisive. As core banking contracts come up for renewal through 2028 to 2030, banks have a strategic window to reassess whether their current platforms still support their future ambitions.
Successful transformation requires more than technology investment: it demands strategic clarity and organisational alignment.
Acting now allows institutions to regain control, simplify their architecture, and build the foundations for longterm competitiveness. Delaying the decision risks extending dependence on systems that are becoming increasingly costly, complex, and difficult to evolve.
By moving from fragmented, “patchwork systems to cohesive, modern platforms, Swiss private banks can unlock new levels of efficiency, agility, and client value.
Kim Bliksas Sales Manager ERI Bancaire
Email: kim.bliksas@gva-eri.ch Website: olympicbankingsystem.com
Mosaic MosaicMagazine Magzine | 83
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Join us at
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Join us at TWM Live 2026: Switzerland on October 1st, 2026, to dig into the leading trends and themes around WealthTech. Hosted at the SIX ConventionPoint, we look forward to discussing technology themes and trends shaping the delivery and evolution of the wealth management sector, both in Switzerland and beyond. Discover more
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Summer 2026
Focused on the client’s life journey An interview with Amit Dogra
Managing Director & EVP, Head of Retirement & Wealth at Alliant (RWA) Meet Amit Dogra
R
ecently, Alliant Insurance Services launched its new business line, Retirement & Wealth at Alliant (RWA), aiming to address the growing convergence of retirement consulting and wealth management in the United States by linking institutional retirement plan relationships with individual wealth advisory services through affiliated entities.
RWA is to be led by 25-year industry veteran, Amit Dogra. Mosaic caught up with Amit to discuss RWA's offering to the US wealth management market and why he believes wealth management needs a whole-of-life approach.
What strategic gap or market opportunity did Alliant identify that led to the creation of a dedicated wealth management unit, and why is now the right time to make this move? The industry is now laden with firms that are called aggregators or consolidators, or firms that are running a private equity agenda, being prepped for a sale. The timing was right for a firm that was going to be disruptive and stable at the same time. A company that was really focused on what the industry should be focused on – advisers, clients, and helping them grow. Alliant is a large, established firm building a wealth business – not to sell it or satisfy an agenda, but to
86 | Mosaic Magazine
grow it and disrupt the wealth management space. Retirement and Wealth at Alliant (RWA) was built to give advisers peace of mind that they can be part of an independent firm, that’s not to looking to sell, but is looking to solve some of their largest needs. RWA has an organic growth/ referral programme and company equity that has a history of providing its employees with liquidity opportunities. The industry has evolved and so has what advisers value and are looking for from a partner. We're solving a need in the marketplace.
How do you see the relationship between insurance, financial planning, and wealth management evolving over the next decade, and where does this new unit fit within that broader vision? Everyone talks about the ‘Great Wealth Transfer’ but they don’t always talk about the convergence of retirement and wealth as a part of that conversation. When people talk about how to capture this opportunity, they usually talk about it through two Gs. One is gender: women are expected to inherit most of the wealth; the other is generational: which is that the younger generations, the millennials, will be the inheritors of the wealth. But what most people don’t talk about, or are forgetting, is a third G: geography, or the location of the wealth. It’s estimated that about
Summer 2026
50 percent or more of the assets set to transfer are in retirement plans. So, if that’s the case, then the question for wealth advisers becomes, “If you don’t have access to those retirement assets, or those clients, will you have a chance to capture those assets?”. We are seeing large advisory firms acquiring retirement plan firms and large retirement plan firms establishing wealth management businesses. It’s clear that you have to have both retirement and wealth if you’re going to properly positioned for the transfer of wealth. These two things go hand-in-glove, and from a client’s perspective, they're more intersected than ever. So, if you’re not considering all three G’s – gender, generation, and geography – and if you’re not considering the evolving needs of clients from both an asset and liability perspective, then you’re not solving their life problems. Clients’ needs transcend arbitrary industry definitions of products and services. Providing for their families and being prepared for what life presents them is the view we need to be taking. And that's why you need to be thinking about insurance, wealth planning, health, and wealth – all together as one.
What client segments are you targeting initially, and what specific needs or frustrations do you believe are underserved by existing wealth management providers? We're looking at serving the entire spectrum of wealth. We're talking about people who may be new in the workforce and need to set up a retirement account with their 401k provider, but don't know the first thing about it or investing. We want to serve them today and as they grow. So, we will start with those new to wealth management, all the way through to the ultrahigh net worth (UHNW). Depending on the size of the opportunity, we'll service clients in the appropriate manner with the appropriate resources. So, we're excited to be able to serve the entire wealth landscape.
As you build the leadership team and wider organisation, what types of talent, experience, and cultural mindset are you prioritising? An entrepreneurial mindset is key to what we're doing. We want people who are willing to roll up their sleeves and do what it takes. Alliant, by definition, is a flat organisation. There aren't layers of bureaucracy. It is also an organic growth-driven organisation and we're looking for people who have that same entrepreneurial mindset as we launch the business.
To what extent are you building the business organically, versus partnering with external providers across areas such as technology, investment management, custody, financial planning, or client servicing? Organic growth, by partnering internally, is a huge part of the success at Alliant. We do that across all our business units. For advisers, what they'll be interested in is our ability to help them drive organic growth through a proprietary, internal lead-gen and referral system. In today's world, advisers who are looking for lead-gen and referral know it's one of the holy grails of our industry and they have to pay a significant amount to get access to it. We will be able to provide that in a proprietary way through lead-generation and referrals through our other lines of business. Advisers at RWA will not need to rely on third-party sources to generate leads or organic growth – and that is exciting to them.
❝ Advisers at RWA will not need to rely on third-party sources to generate leads or organic growth – and that is exciting to them.
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Connecting retirement and wealth
With over 14,000 employees, servicing billions of dollars, and thousands and thousands of clients across multiple business lines, we have set up a referral lead-generation system that will power organic growth for advisers as a portion of what they do. We're super excited to be able to do that because it's one of the main areas of focus across the industry today; we've solved that need for advisers, so they don’t have to wait in line to gain access to a custodial program or pay thousands of dollars to a third-party lead provider circulating the same names to multiple advisers. When it comes to technology and FinTech, we recognise t h a t , w h i l e w e 'r e n o t a FinTech firm, we are FinTech consumers and we are going to leverage FinTech and artificial intelligence (AI) in all the ways that you would expect for advisers to run an efficient and effective business.
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What have been the biggest operational or strategic challenges in building a wealth management capability inside a large insurance organisation, and how have you approached overcoming them? Wealth may be new to Alliant because it's an insurance firm, but the appetite for growth, the appetite for long term success, are second to none. Alliant has a history of going into businesses new to it and being extremely successful. Wealth management will be no different. Our goal is to grow this into a US$100 million-revenue business as quickly as we can. is not going to replace people “orAIindividual conversations – AI can't put its arm around a client and congratulate them or wish them condolences.
“
❝ We're not looking at things through wealth or retirement lenses, we're looking at them through the lens of a client's life needs.
Summer 2026
How are you thinking about the client proposition from day one – particularly around advice, investment capabilities, digital experience, pricing, and the balance between human and technology-enabled engagement?
So what role does technology play in the build-out of the unit, and how are you approaching decisions around platform architecture, data, AI, and integration with the wider group infrastructure?
Some of those things are table stakes at this point. What we're focused on is understanding what matters most to clients, and that’s what matters most to us. And when you think about that – it's family, it's health, it's the ever-evolving, changing needs in life, as your kids grow up, or the loss of a loved one. The industry has created these silos around the products they provide, but at Alliant we're not looking at things thorugh wealth or retirement lenses, we're looking at them through the lens of a client's life needs.
Everybody's racing towards the same point in this. You want to leverage AI where it makes sense. AI is not going to replace people or individual conversations – AI can't put its arm around a client and congratulate them or wish them condolences. But you do need the technology and the strategy. We have a history of being FinTech-forward and we'll continue to do that.
When you look at it through that lens, you recognise that there's a lot of things that you need to do to serve these clients, that may be a little bit different than how we’ve looked at it before as a wealth management industry. We want to be focused on the client’s life needs – we're here, we're ready to serve.
In an increasingly crowded wealth marketplace, what do you believe will genuinely differentiate your offering from private banks, independent wealth managers, and other insurer-backed propositions?
Looking ahead five years, what will success look like for your new unit — not only in terms of assets or growth, but also in terms of reputation, client impact, and strategic importance within the wider firm? We're looking to be a national firm. We want the ability to serve clients in all the major metropolitan cities, secondar y markets, and tertiary markets. We want to be able to serve not only the entire spectrum of wealth, but the entire marketplace as well. We want our reputation at RWA to be the same that Alliant's on the insurance side – which is an organically growth-oriented, highly entrepreneurial, flat organisation that values its clients and its advisers.
Not only do we serve the entire spectrum of wealth, but we want to serve it with a comprehensive look at a client's life – from the asset management, the wealth management, and the liability management sides. We want client advisers who are focused on the client's lives. That that's something we don't think many people are doing. As we start to look at the use of AI and other technologies, it seems like our industry is more focused on tools and services rather than solving client needs.
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Showcase
Patrimeum From narrow personalisation to scalable integrated planning
Consistently holistic advice has largely been confined to the upper end of the wealth spectrum, delivered manually by senior advisers with cost structures that do not scale. It is now time to look at the wider picture, particularly now the technology required to deliver planning at every wealth level has arrived.
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Summer 2026
The next wave of
wealth planning technology Over the past decade, personalisation has been at the top of the wealth management agenda. The investment has been substantial: ESG overlays, values-based products, goalsbased investing, thematic tilts, and impact reporting – all built, shipped, and appreciated by a generation of investors who care about the impact of their investments. Yet, for the most part, the industry has operated on a narrow understanding of what personalisation is. Consistently holistic advice has largely been confined to the upper end of the wealth spectrum, delivered manually by senior advisers with cost structures that do not scale. It is time to look at the wider picture, particularly now that the technology required to deliver planning at every wealth level has arrived.
The complete client picture A wealth management client is both a person and an investor. Financial theory has always required both dimensions to be modelled together. •
The person: Clients draw well-being from the security and freedom that wealth accumulation enables. They also get utility from their consumption to fund lifestyle choices and goals, from the legacy and bequests they intend for loved ones and from the alignment of their investments with their personal beliefs – the dimension the industry currently addresses via ESG and values-based investing.
•
The investor: Clients have characteristics that determine what they can prudently hold. These include: career and human capital with occupation-tied risk profiles; the financial portfolio itself; real estate, which is typically leveraged and illiquid, yet the major real asset for most households; and liabilities, such as mortgages, debt, and essential cashflow commitments, which shape overall risk capacity.
Integrated, circumstance-aware advice addresses all these facets simultaneously, whereas most digital platforms today focus solely on financial wealth with a values overlay on top. The cost of this oversight is significant. In a 2025 paper, Morningstar’s Sebastian Gomez-Cardona and Thomas Idzorek found an average welfare loss of 46 basis points per year, rising to 148 basis points in the worst case, when generic asset allocations replace net-worth-optimised strategies. Compounded over decades, this destroys hundreds of thousands of dollars of lifetime wealth for the average client. Consider two stylised profiles. The tenured professor with stable income and no background risk is systematically under-exposed to equities by conventional tools, leaving potential returns on the table. The entrepreneur with volatile, marketcorrelated income and leveraged real estate is systematically over-exposed, carrying correlated tail risk that is ignored. Beyond poor client outcomes, this also presents a regulatory exposure in jurisdictions that are rereading suitability as requiring real individuation. Mosaic Magazine | 91
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The five forces driving the next wave
Democratising and scaling high-end advice
This situation is set to change through the convergence of five forces:
Integrated, circumstance-aware advice is not new. It has existed for decades within private banks and family offices, delivered by senior advisers relying on spreadsheets and professional judgement. It works. It is also expensive, non-scalable, and reserved for clients whose assets justify the cost.
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Open banking data Wealth managers and platforms can now view a client’s entire balance sheet, rather than just the slice of assets they happen to custody.
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Cloud-native computing Lifetime simulations are now tractable in seconds.
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Composable, API-first architectures Integrated planning can be embedded into existing technology stacks without requiring full rebuilds.
•
•
Large Language Models (LLMs) Layering LLMs over deterministic engines resolves the industr y’s persistent AI dilemma. Clients and advisers receive the conversational interface they want, while fiduciaries and regulators get the deterministic, auditable numbers they require. This pairing enables naturallanguage profile updates, plain-language explanations of outputs, and instant what-if scenario analysis, while the underlying mathematics stays free of hallucinations because it is the result of robust quantitative models. Algorithmic breakthroughs After years of research, it is now possible to perform real-time lifetime optimisation at scale, integrating human capital, real estate, liabilities, consumption needs, and bequest preferences into a single model.
At Pa tr i m e u m , w e h av e t a c kl e d th e technical challenge of productising exactly this kind of engine. It is now in the hands of our customers, fuelling the next wave of financial advice.
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For mass-affluent, affluent, and retail investors below that threshold, the economics have not worked. They have historically been relegated to generic model portfolios paired with simple risk questionnaires – or left with no advice at all, excluding large swathes of society from the financial guidance they most need. This new wealth planning technology rewrites those economics. The same foundation can now power a pure-digital mass-affluent proposition, a hybrid robo-adviser with periodic human touchpoints, and an adviser-led channel for complex cases requiring human judgement to complement and adjust automated plans. For firms serving retail and mass-affluent clients, this represents the first genuine opportunity to deliver private-banking-level planning at platform economics. For private banks, it acts as the first meaningful productivity lever on the adviser ratio in a generation.
❝ The same foundation can now power a pure-digital mass-affluent proposition, a hybrid robo-adviser with periodic human touchpoints, and an adviserled channel for complex cases requiring human judgement to complement and adjust automated plans.
Summer 2026
❝ For firms serving retail and massaffluent clients, this represents the first genuine opportunity to deliver private banking-level planning at platform economics. Soufiane Hamri, Founder & CEO, Patrimeum
The risk of inaction
❝
UBS projects that US$83.5 trillion of wealth will move generationally through 2048. Research published by Capgemini in 2025 indicates that 81 percent of next-generation high-net-worth individuals (HNWIs) plan to switch from their parent’s firm within one to two years of inheritance, while a 2023 survey by Cerulli noted that more than 90 percent of advised affluent investors did not even consider using their parents’ firm.
At Patrimeum, we stand ready to support the firms that choose to lead the next wave of wealth planning.
The inheriting cohort will choose the proposition that understands their actual circumstances, rejecting the ones handed down by default. At the same time, the mass-affluent cohort below them becomes immediately addressable via the same technology. Firms that deploy integrated planning first will set the standard for both segments at once. Those that wait will find the retention economics of the top end eroding and the acquisition economics of the mass-affluent tier decided against them. From what we are seeing in the market, we expect deployment announcements before the end of 2026. At Patrimeum, we stand ready to support the firms that choose to lead the next wave of wealth planning.
Soufiane Hamri Founder & CEO Patrimeum
Email: soufham@patrimeum.com Website: www.patrimeum.com
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/ Solution Showcase
The Patrimeum Lifetime Wealth Engine Our company
Our solution
Features & benefits
Patrimeum is a B2B technology company building the infrastructure for integrated, lifetime wealth planning at scale. We were founded on a single conviction: that the wealth industry has spent a decade p ers onali sing one narrow dimension of the client – namely values and product preferences – while leaving the circumstances that actually drive optimal allocation largely ignored. Human capital, real estate, liabilities, bequest motives, and consumption preferences shape what an investor should hold and how that evolves throughout their life.
The Patrimeum Lifetime Wealth Engine is a B2B API that produces personalised lifetime financial plans. It integrates a client’s complete economic balance sheet ( future income, real estate, liabilities, consumption needs, and stated goals) into a single optimisation alongside their risk tolerance, time preference, and bequest motive. A full plan, including thousands of Monte Carlo simulations, completes in under two seconds.
The engine is built on the integration of two branches of financial mathematics: life-cycle consumption theory (Modigliani, Merton, Samuelson) and modern portfolio optimisation (Markowitz, Sharpe). It enforces the extended balance sheet identity – namely that net worth is the sum of financial wealth, human capital, and real estate equity minus liabilities. This produces a highly personalised lifetime plan, timevarying across the client's lifecycle, rather than an age-based default.
Integrating all of these into a single real-time optimisation has been a private-banking privilege, delivered manually, at cost structures that do not scale. Our mission is to make that level of planning available at every level of wealth, through an API that institutions can embed into the channels their clients already use. We serve banks, wealth managers, digital platforms, and the technology providers who supply them.
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The engine answers si x qu e stion s simu lt a n e o u sly : how much the client should consume and save at each age; how financial wealth should be allocated over the lifecycle; which stated goals are feasible; the full distribution of outcomes; what bequest is realistic; and the optimal portfolio for this period across the institution’s configured asset universe. Delivered via REST API. Whitelabel. No personally identifiable data stored. Designed for adviserled, hybrid, and digital-only channels, at every level of wealth.
For institutions, the benefits are concrete. Advisers arrive at every meeting with institutional-grade preparation already in hand, expanding capacity without degrading quality. Digital platforms can offer private-banking-level planning at retail economics. Multi-wrapper platforms can finally solve the cross-wrapper allocation problem as a computable optimisation rather than a heuristic. Clients receive advice anchored in their actual circumstances, which drives consolidation, cross-sell, retention, and lifetime value. Every output is auditable, which is both a regulatory and a trust asset.
Summer 2026
Use cases
Differentiators
Digital wealth platforms use Patrimeum to move from riskquestionnaire plus model portfolio to genuinely personalised plans at platform economics. Incumbent banks embed it behind existing apps to upgrade their digital investment proposition without a platform rebuild. Private banks use it as the productivity layer behind the adviser ratio, freeing senior time for relationship building and nurturing. Technology providers embed specific modules into their existing wealth stacks, broadening their appeal and extending the breadth of their offerings.
Patrimeum is the first production engine to integrate the full economic balance sheet – human capital, real estate, liabilities, consumption, goals, and bequest – into a single lifetime optimisation, at sub-two-second latency, for any client the institution serves. Where other platforms personalise preferences, we personalise the full balance sheet. Where other platforms address a single wrapper, we solve across wrappers. Where other platforms pair AI with heuristics, we pair AI with robust, auditable mathematics.
Company name Patrimeum Website patrimeum.com Email
contact@patrimeum.com
Headquarters Carouge, Geneva, Switzerland Founded 2025 Employees 2-10
Technology & architecture
Users
REST API with secure authentication, delivered via cloud-native infrastructure. Plan execution under two seconds, including thousands of Monte Carlo trajectories. Modular architecture: the full plan, or individual modules (human capital, balance sheet construction, net-worth allocation, wrapper allocation, glide path, goal feasibility, lifecycle projection) can be consumed independently, allowing institutions to deploy and see value in weeks. Large language models can layer above the deterministic engine for conversational interfaces, without hallucination risk.
Our customers are institutions that int ermedi at e b etw e en investors and portfolios: digital banks with wealth offerings, established wealth managers, incumbent banks with digital i nv e stm e n t a r m s , a n d th e technology platforms that serve them. They embed the engine behind adviser-led, hybrid, and pure-digital channels, delivering the same quality of planning to a retail customer in an app as a private bank delivers to an ultrahigh-net-worth client (UHNW) client. A single engine, powering every service model.
No personally identifiable data retained. GDPR-aligned. MiFID II compliant. Configurable with the customer’s asset universe and market assumptions.
Fact file
Clients 2-10 Client location Global Client type External asset managers, Bank wealth managers, Family offices, Financial advisers, Digital wealth platforms, FinTechs and WealthTechs
Soufiane Hamri Founder & CEO Patrimeum
soufham@patrimeum.com
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/Behind the Scenes
Inside Multrees 96 | Mosaic Magazine
Introducing Multrees Investor Services Building independent infrastructure for wealth management
F
ounded in 2010, Multrees Investor Services traces its origins to the aftermath of the global financial crisis, as investors and advisers were reassessing their relationships with the financial institutions that had traditionally provided administrative, custody, and execution services. Multrees’ founders came up with an alternative approach – one that foregrounded transparency, flexibility, and operational independence, with the company positioning itself as a specialist provider of investment administration and custody services to wealth managers, family offices, and financial advisers. Over the years, that focus has evolved into a broader offering centred on helping wealth management businesses manage the growing complexity of investment operations – delivering operational infrastructure that enables wealth managers to concentrate on client relationships and investment outcomes rather than the complexities of administration and technology.
Integrated, long-term The Multrees platform partnerships At the heart of the firm's proposition is a philosophy centred on long-term partnership and integration with its clients. Rather than positioning itself as a traditional service provider, Multrees seeks to operate as an extension of its clients' businesses. It emphasises integrity, security, and trust as the core principles underpinning its services. Rather than providing standardised services from a distance, the Multrees approach is to align closely with its clients’ individual business requirements and workflows, which it says creates a more collaborative relationship and enables services to be configurable to the specific needs of complex wealth management organisations. That means service quality monitoring, precision, and operational control. The firm creates scalable operational models capable of growing alongside a business, adapting as that business’s requirements change. Its objective is to provide a stable operational foundation that empowers clients to navigate increasing regulatory, technological, and administrative complexity.
Central to the firm’s offering is its technology platform. Built around an open-architecture investment administration and custody framework, the platform has been designed to address the day-to-day operational and reporting challenges encountered by modern day wealth managers. The architecture is modular, enabling firms to adapt services to their specific requirements rather than applying a one-size-fitsall solution. The platform supports functions across the wealth management value chain – including multi-asset global custody, trade execution, investment administration, reporting, and outsourced technology capabilities. Through a white-labelled approach, firms can present services under their own brand while leveraging the underlying Multrees infrastructure – helping clients increase their operational efficiency while maintaining their own market identity and client engagement strategies.
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An operating system for wealth management
Digitalisation Digitalisation is another area of focus. With expectations around user experience continuing to rise across financial ser vices, streamlined onboarding processes are becoming table stakes for wealth managers seeking to reduce friction and improve operational effectiveness. Multrees is accordingly implementing digital onboarding tools to remove manual processes.
❝ Rather than positioning itself as a traditional service provider, Multrees seeks to operate as an extension of its clients' businesses.
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Core service offerings A core pillar of Multrees’ business is the global custody services it provides, regulated by the UK’s Financial Conduct Authority and offering secure safekeeping of client assets. Unlike the traditional financial institutions which it sought to replace at its foundation, Mu ltre e s do e sn’t engage in proprietary trading, positioning itself as a purely operational partner in line with its broader emph a si s on i n d e p en d en c e and complete alignment with client interests. The Multrees platform supports multi-asset and multi-currency custody and execution capabilities, operating across both onshore and offshore structures. This flexibility enables wealth management firms to manage increasingly diverse client requirements while maintaining a consistent operational framework – a c c om m o d atin g di f ferent jurisdictions, currencies, and asset classes for firms with globally diversified client portfolios.
The firm also provides portfolio management capabilities that can be adapted and white-labelled according to the needs of individual firms. It highlights operational features including the ability to facilitate same-day account opening, funding, and trading – supporting firms that want greater responsiveness and efficiency in client servicing and portfolio implementation. Beyond transaction processing a n d c u s t o d y, t h e p l a t f o r m includes consolidated reporting and management information capabilities – tools that provide firms with greater transparency into their operations and support informed decision-making. Realtime functionality and advanced management information features aim to deliver timely insights w hile helping f irms monitor performance, oversee operational activity, and meet reporting obligations.
Summer 2026
Fact file
Security, independence, and integration Integration is another key element of the Multrees offering. Through API connectivity, the firm enables interaction with third-party systems and data s ources, allow ing Multrees c l i en t s to in c or p ora t e it s platform into their existing technolog y ecosystems. Its open-architecture approach is designed to fit the needs of w ea lth management f irm s t h a t i n c re a s i n g l y o p e r a t e within complex networks of specialist applications, making interoperability a significant consideration when selecting technology and service partners. A decade and a half after its founding, the wealth management sector Multrees supports is one whose operational complexity is only continuing to grow. Regulatory requirements continue to evolve. Client expectations for digital experiences continue to rise. Firms face ongoing pressure to improve efficiency while maintaining high standards of service.
❝ Functions that were once viewed primarily as incidental to the core business of wealth management are now integral to it.
Company Name Multrees Investor Services Website www.multrees.com Headquarters London, UK
Against that backdrop, the strategic importance of the middle and back offices, and the operational infrastructure providers that support their functions, is greater than ever before. Functions that were o n c e v i e w e d p r i m a r i ly a s incidental to the core business of wealth management are now integral to it. That puts providers like Multrees centre stage. More than fifteen years after its founding, the company continues to build on the principles that shaped its creation – independence, f lexibility, and partnership – while adapting its capabilities to meet the changing demands of an increasingly sophisticated wealth management landscape.
Founded 2010 Employees 180 Clients 25 Client Locations UK Client Type(s) Bank wealth managers, family offices, and financial advisers Solutions Insource growth, consolidated reporting, global custody, investment administration, and open-architecture solutions
Gordon Cameron
Marketing Manager Multrees Investor Services gordon.cameron@multrees.com
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Summer 2026
Redefining wealth infrastructure An interview with Martyn Johnson Chief Operating Officer at Multrees Meet Martyn Johnson
Multrees was founded to provide an alternative to traditional banking services. How has that original vision evolved since then? Multrees was a child of the global financial crisis, as investors and advisers were reassessing their relationships with the financial institutions that had traditionally provided administrative, custody, and execution services. The focus was on offering something more transparent, independent, and aligned to client interests. That core philosophy is still very much intact today. What’s changed is the way it’s delivered. Multrees now plays a much broader role, providing integrated operational infrastructure rather than just custody and administration services. As the industry has become more complex, the focus has shifted towards enabling clients to scale efficiently, supported by flexible and robust operational infrastructure.
Which developments have been the most impactful on the role of investment administration and custody providers? Since 2010, the industry has been shaped by increased regulatory requirements, rising expectations around digital capability, and the
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need for firms to operate more efficiently as they scale. These developments have elevated the role of investment administration and custody providers, positioning them as integral to a firm’s operating model rather than purely transactional. In response, Multrees has evolved its offering into a flexible, modular platform that supports the full operational value chain. This enables clients to streamline processes, access enhanced reporting and insight, and scale their business in a controlled and efficient way.
Multrees has described itself as an independent partner rather than a traditional service provider. What does that distinction mean in practice? When Multrees describes itself as an independent partner, it reflects the way it positions itself within a client’s business. Rather than operating as a traditional third-party provider, Multrees works as an extension of the client’s middle and back office, providing a highly integrated and collaborative service. All activity is delivered under the client’s instruction, and the firm remains deliberately unconflicted, with no involvement in trading or asset management.
Summer 2026
This approach ensures complete alignment with client interests, while allowing wealth managers, family offices, and advisers to retain full control over their client relationships and investment strategy.
What conversations are you having with clients today about operational efficiency, scalability, and technology, and where do you see the balance shifting over the coming years? What clients are really thinking about now is how they scale efficiently and stay flexible as their business evolves. More and more, they’re looking for ways to access high-quality infrastructure without having to build and maintain it themselves. That’s where a model like Multrees' comes in – it allows firms to effectively ‘insource’ that capability through a trusted partner, while still retaining control. Looking ahead, I think we’ll continue to see more of a hybrid approach, where firms focus on strategy and client relationships, and rely on partners for the operational delivery and expertise.
What do you believe is the biggest misconception wealth managers have about the operational infrastructure required to support growth? One of the most common misconceptions is that operational infrastructure is simply a support function.
How do you see the relationship between proprietary platforms, thirdparty integrations, and client flexibility evolving over the next five years? We are seeing a clear shift towards open architecture and more f lexible technology ecosystems. Firms are increasingly looking to move away from rigid, proprietary platforms in favour of solutions that allow them to integrate bestof-breed technology. This provides greater control, adaptability, and resilience within their operating model. Multrees is well aligned to this direction, with an open-architecture platform designed to integrate with third-party systems and be configured to individual client requirements. Over the next five years, flexibility, interoperability, and scalability will continue to be key drivers in how firms design their technology environments.
What opportunities or challenges do you believe will most shape the wealth management landscape over the next five years, and how are you positioning Multrees to take advantage of them? Looking ahead, the industry will continue to be shaped by regulatory complexity, rising expectations around digital experience, and ongoing pressure to improve operational efficiency.
In reality, it is a critical enabler of growth, efficiency, and client experience. Without scalable systems, accurate data, and effective reporting, firms can quickly encounter constraints as they grow or respond to changing demands.
While these present challenges, they also create opportunities for firms that are able to adapt effectively. Multrees is well positioned to support this, through a combination of independent, unconflicted services, scalable technology, and a partnership-led approach.
The firms that are most successful tend to be those that view operations as a core component of their competitive advantage, rather than something sitting behind the scenes.
By maintaining a focus on integration, flexibility, and client alignment, Multrees can help its clients navigate change with confidence, while continuing to support sustainable growth.
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Networking Events
WealthTech Vendor Forum Hosted quarterly, each edition of the Forum delivers a mix of educational and learning opportunities, a consistent mechanism for developing new and existing relationships, a chance to share experiences and engage in business-relevant discussions among peers, and an opportunity to participate in our collective WealthTech vendor community.
US Forum November 3rd, 2026
UK Forum November 17th, 2026
The Wealth Mosaic is returning to the US for its US WealthTech Vendor Forum, with the third edition taking place on Tuesday 3 November 2026.
The Wealth Mosaic is hosting its sixth UK WealthTech Vendor Forum on Tuesday 17 November 2026.
Designed exclusively for WealthTech providers, the WealthTech Vendor Forum 2026: US focuses on one of the industry's biggest yet least discussed challenges: how technology businesses successfully sell into the wealth management market. Discover more
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Summer 2026
The end of transaction-led wealth management The era of transaction-led wealth management is coming to an end – not because of disruption, but because it no longer aligns with how clients define value. What replaces it will define the next decade of the wealth management industry.
By Gautam Suri, Manager of Synpulse
This shift reflects a broader structural change. Technology has matured, regulatory transparency has intensified, and client expectations have evolved beyond transactions toward outcomes. Together, these forces are redefining not only how advice is delivered, but where its value truly resides. Across Canada’s leading institutions, the focus has moved beyond experimentation. The industry is now firmly in a phase of execution – embedding technology into operating models and reshaping both client and adviser experiences in the process.
is no longer defined “ byAdvice access to information,
“
but by the ability to interpret it in context.
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From robo-disruption to hybrid advice models Th e f o u n d a ti o n s of t o d ay ’s transformation were laid between 2014 and 2016, when Canada saw the emergence of digital-native robo-advisory platforms. Firms such as Wealthsimple and Questrade challenged the traditional model with a low-cost, automated approach to portfolio management. At the time, the narrative was one of disruption. Robo-advisers were expected to displace human advisers, particularly within the mass-affluent segment. Incumbents responded quickly by launching their own digital propositions to remain competitive.
Clients are now seeking exposure to private credit, private equity, structured strategies, and other alternative opportunities that were historically reserved for adviser-led, high net worth (HNW) segments. This evolution is pulling digital platforms toward advice, not away from it.
As clients grow in wealth, “digital platforms are being
“
A
dvice is at an inf lection point in Canadian wealth management. An industry that was once defined by access to information is now shaped by the ability to interpret it, contextualise it, and deliver it at scale.
pulled towards advice, not away from it.
A decade later, the outcome is more instructive than disruptive.
At the same time, traditional wealth managers are embedding automation and digital engagement capabilities into adviser-led models. The result is convergence. Hybrid advisory is becoming the dominant paradigm.
Rather than replacing traditional advice, robo-platforms have become embedded within broader wealth ecosystems and are themselves evolving. As the early adopters have accumulated wealth, their needs have shifted. What began as a demand for simplicity and cost efficiency is increasingly becoming a demand for sophistication and access.
This reflects a pragmatic reality. Technology can optimise implementation and execution, but it cannot replicate judgement, trust, or the ability to guide clients through complexity. The most effective models are those that combine these strengths, using digital infrastructure to scale and human insight to differentiate.
Elevating adviser productivity through focused AI deployment If the first phase of transformation was about digitising workflows, the current phase is about augmenting human capability. Earlier investments in large-scale adviser desktop platforms established important foundations but often lacked precision in addressing the most time-intensive aspects of the adviser role. Firms are now adopting a more targeted approach, deploying artificial intelligence (AI) to remove friction from specific points in the workflow. Administrative activities such as onboarding, documentation, reporting, and compliance are increasingly being automated. The effect is a meaningful reallocation of adviser time. This shift is critical. Advisers are moving away from process-driven activities toward higher-value work, including strategic planning, complex problem-solving, and relationship management. In doing so, the role itself is being elevated.
In the Canadian context, this evolution is not optional. An ageing adviser workforce, combined with rising demand for advice, is placing pressure on capacity across the industry. Productivity gains driven by AI are therefore essential to scaling advice more effectively.
Personalisation at scale: moving beyond the HNW segment Personalisation has long been a def ining feature of wealth management, but historically it was reserved for HNW clients. What is changing is the ability to extend elements of this experience across much broader segments. Advances in data and analytics are enabling firms to deliver more tailored experiences at scale. At the same time, client expectations are rising. Investors increasingly expect proactive, goalbased guidance delivered through intuitive digital channels. However, there remains a gap between ambition and execution.
Many firms have achieved baseline digital functionality, but fewer have delivered truly differentiated, personalised experiences that meaningfully support client outcomes.
What was once bespoke “is now becoming scalable;
“
Personalisation at scale
❝ Investors increasingly expect proactive, goal-based guidance delivered through intuitive digital channels.
personalisation is moving down-market at pace.
The evolution of robo-native platforms reinforces this trend. As clients grow in wealth, their expectations expand beyond portfolio automation to broader access, deeper insights, and more holistic planning. Personalisation is no longer limited to refining asset allocation. It increasingly involves expanding the opportunity set itself in a way that remains accessible and scalable. For the industry, this represents a shift, from personalisation as a premium offering, to personalisation as a core expectation.
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Redefining the value proposition of advice Technology is only part of the transformation. Regulation also plays a central role in reshaping the economics and perception of advice. The evolution of the Client Relationship Model, culminating in CRM3, introduces a new level of fee transparency through Total Cost Reporting. Clients will have significantly greater clarity on the full cost of investing, including embedded fees. This changes the nature of the advisory relationship.
“
In an era of full fee transparency, the value of advice must be experienced, not explained.
“
As costs become more visible, the emphasis shifts from price to value. Advisers and firms must articulate clearly what clients are receiving in return for the fees they pay.
guidance. These elements are inherently more aligned with client outcomes and long-term financial wellbeing. In this context, transparency is not simply a regulatory requirement. It is accelerating a broader repositioning of the industry.
Where the industry is headed Looking ahead, several themes are likely to define the next phase of wealth management in Canada. Adviser capability will become an increasingly important differentiator, with greater emphasis on complex planning and client engagement. Advice itself will become more continuous, integrated into digital interactions rather than delivered intermittently. Advisory capabilities will also become more deeply embedded within broader financial ecosystems, from banking platforms to investment interfaces, meeting clients at the point of decision.
At the same time, the rise of passive investing and automated portfolio solutions is placing pressure on traditional sources of differentiation. Investment management is becoming increasingly commoditised.
management is “ Wealth evolving from a
The value of advice is therefore shifting towards areas that are more difficult to replicate, including financial planning, tax strategy, estate structuring, and behavioural
In parallel, AI-driven onboarding and planning journeys will continue to reduce friction, lower the cost-toserve, and expand access to advice across a wider population.
“
106 | Mosaic Magazine
transaction-led industry into a continuous advice ecosystem.
Spring 2026 2026 Summer
Conclusion
❝
The past decade has demonstrated that change in wealth management is driven less by disruption and more by convergence.
The past decade has demonstrated that change in wealth management is driven less by disruption and more by convergence.
Robo-advisory did not replace traditional advice. Instead, it expanded access, reshaped expectations and accelerated the pace of change. Today, the industry is coalescing around hybrid models that combine automation with human expertise. The competitive advantage now lies in execution. Firms that can effectively align data, technology, and human insight into a coherent operating model will be best positioned to deliver scalable, personalised, and outcome-oriented advice. Those organisations will not simply respond to change. They will define the next era of wealth management.
❝ Firms that can effectively align data, technology, and human insight into a coherent operating model will be best positioned to deliver scalable, personalised, and outcomeoriented advice.
Gautam Suri Manager Synpulse
Email: gautam.suri@synpulse.com Website: www.synpulse.com
Mosaic MosaicMagazine Magzine | 107
Summer 2026
How perpetual KYC supports a proactive compliance framework As regulatory expectations rise and artificial intelligence reshapes operational processes, perpetual KYC is emerging as a transformative approach to client lifecycle management.
By Robert Roome, Chief Strategy Officer of Wealth Dynamix
This will allow firms to achieve 'formless' KYC – updating, reviewing, and handling significant changes all automatically from their interactions with clients, but supported by a full and robust set of auditing, controls, and tracking. At its core, KYC in private banking was historically something that was, at best, held in a patchwork of documents, or in a little 'black book' in the drawer next to a desk. As KYC regulations evolved, driven by both suitability and anti-money laundering (AML) requirements globally, we saw the rise of structured systems to gather and manage this data. 108 | Mosaic Magazine
At Wealth Dynamix, we built this into our CLM (Client Lifecycle Management) tools, helping gather KYC from the first meeting to ongoing reviews. Implemented correctly, this provides firms with: • •
•
A single 'g olden record' of client KYC A true audit trail of all changes to KYC across the lifecycle of a client, what was changed and by whom Clear cycles to review and evidence changes within the KYC process
For many firms this still represents a distant goal – with KYC spread across several systems, and with manual re-typing and poorquality data. But it is also not a panacea for all problems. It places a key emphasis on the rigour of staff to maintain KYC – translating updates from their regular engagements with clients into systematic updates on the platforms used to maintain this data.
While the top quartiles of a firm’s front office staff will often apply rigour in using these systems, some staff may use them intermittently or not at all. This means that the quality of the data can be mixed, in some cases 'peaking' at the point of a client review and then slowly degrading until the next review is completed. This is because data can be considered to have a 'half-life', rapidly degrading over time since the last review, with the rate of degradation increasing the longer the data is left unchecked.
This will allow firms “to achieve 'formless' KYC
– updating, reviewing, and handling significant changes all automatically from their interactions with clients, but supported by a full and robust set of auditing, controls, and tracking.
“
T
he way we think about know-your-customer (KYC) has evolved rapidly over the last 10 years. We believe that an evolution of a similar magnitude will take place over the next two years – driven by our evolving understanding, regulatory changes, and the rise of new processes made possible by artificial intelligence (AI).
Summer 2026
KYC data quality degradation between review cycles
Figure 1: KYC data quality degradation between review cycles (Wealth Dynamix, 2026)
Solving this challenge
The core principles
Wealth Dynamix has explored a number of different approaches to increase the frequency of updates across the entire client lifecycle and for all employees. One of the key focus areas is reducing friction for front office staff in making these updates to the tool, with 'single page' reviews, intelligent KYC forms, collaborative digital tools, and automated rules.
•
KYC changes should be automatically identified from client interactions, not re-typed by staff.
•
Staff should not have to determine what rules apply to different data changes; the system should do it automatically.
•
S e c o n d - a n d th i rd - l i n e compliance checks for errors, coherence, and plausibility should automatically be built into change processes and become part of your first line of defence.
We are now able to deliver a “solution based on this concept: a perpetual KYC engine that updates KYC in real-time, based on client updates.
“
However, we believed that more was possible and, over the years, have looked both internally and with partners at how we might be able to automate the updating of KYC. This was always limited by technology constraints, but with the rise of LLMs (Large Language Models), we are now able to deliver a solution based on this concept: a perpetual KYC engine that updates KYC in real-time, based on client updates.
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Summer 2026
The core constraints
Sources of data
All changes must be fully audited, with a clear trail on who approved, why, when, and what they changed. As it is regulatory data, KYC must be kept in a structured format to enable deterministic calculations and reporting – this is where traditional approachesareused,whichcanprovide 100 percent certainty and consistency of answers.
•
Security is paramount. Robust guardrails are deployed to detect and prevent any attempts to compromise data, while granular access controls ensure that staff can only view and update the information relevant to their role.
•
Public data, from professional sources such as LinkedIn to public news stories
•
Private data, from B2B proprietary sources and aggregators to specialist high net worth (HNW) research databases and thirdparty providers
Once a change is approved, this can be routed through deterministic changeof-circumstances processes which are supported by clear audit trails along with robust checking and approval mechanisms. In so doing, changes that impact regulatory compliance rules are detected and routed to the correct team. This combination of LLM approaches to detect changes – connected to more traditional deterministic approaches to then calculate risk, suitability, FATCA, and more – provides the best of both worlds: significant automation of low-value tasks, combined with 100 percent certainty on rules and calculations. After all, you can't present a chat conversation to a regulator as the reason you onboarded a high-risk client! 110 | Mosaic Magazine
Documents from clients, from updated passports to Proof of Address documentation, or Source of Wealth (SOW) corroboration
When considering public data sources, it is key to avoid crossing the line from insight into intrusion by ensuring transparency with clients on how you collect and source data – a key element of global data protection rules – and only utilising this in a respectful manner with the client. This is where human judgement remains irreplaceable: the kind of nuanced decision-making that AI can inform, but never fully replicate.
When implemented, Perpetual KYC has three core impacts: •
An immediate reduction in the effort needed to maintain KYC
•
A secondary improvement on the quality of data
•
A continuous effect where lower effort and higher data quality leads to a virtuous loop of data improvement
This increased data quality encourages greater use of the data, which in turn drives further improvements in the quality of that data. •
Prospecting KYC files are automatically updated via fact-finding and initial engagements, supplemented by public data sources. Enhanced quality allows new angles to be identified – such as mutual connections across a firm – and an overall increase in conversion ratios.
•
Onboarding Onboarding files are automatically populated via collected documents, alongside the enhanced data collected at the prospect stage. Agents automatically run coherence and plausibility checks, detecting potential issues earlier in the process, significantly reducing onboarding times and effort.
•
Ongoing Maintenance Significant reduction in the front office and middle office effort required to maintain KYC Files and complete reviews, and KYC files are kept consistently up to date during the year.
“
Security is paramount. Robust guardrails are deployed to detect and prevent any attempts to compromise data, while granular access controls ensure that staff can only view and update the information relevant to their role.
“
With these in mind, our core engine is capable of ingesting unstructured and structured data from any source, identifying the potential parties impacted by the changes, and then processing this through a clear approval process.
•
Internal data from staff interactions, from call notes, to meeting transcripts, handwritten notes, emails, or secure messages
So, what is the impact on you?
Summer 2026 2026 Summer
Continuous data quality with perpetual KYC vs traditional reviews
Figure 2: Continuous data quality with perpetual KYC vs traditional reviews (Wealth Dynamix, 2026)
Conclusion The rise of AI is enabling a new approach to managing KYC and the associated prospecting, onboarding, and review processes. When done right, this leads to a virtuous circle, where improved quality drives usage, and usage drives further quality improvements. However, in a regulated industry, this is only possible where it is underpinned by a deterministic layer, calculating risk, managing audit and security, and structuring data with 100 percent certainty.
❝ The rise of AI is enabling a new approach to managing KYC and the associated prospecting, onboarding, and review processes.
Robert Roome
Chief Strategy Officer Wealth Dynamix Email: robert.roome@wealth-dynamix.com Website: www.wealth-dynamix.com
Mosaic MosaicMagazine Magzine | 111
/ Inside TWM
TWM Events in Summary
112 | Mosaic Magazine
Feature Navigation Turning an industry into a community – bringing wealth management's conversations to life As wealth management continues its transformation, it's never been more important to bring our industry together to exchange the ideas and build the relationships that help firms stay ahead of the wave. This section explores the opportunities The Wealth Mosaic is creating for meaningful in-person engagement and provides insights from our recent WealthTech 2026: US edition in New York, where industry leaders examined the technologies, operating models, and organisational changes shaping the sector's future.
TWM Event Guide 2026/27 Pages 114-117
WealthTech 2026 Recap Pages 118-121
A guide to The Wealth Mosaic's event schedule over the next 18 months, outlining our varied formats, geographic reach, participation opportunities, and approaches to extending value through content.
A recap of our WealthTech 2026: US edition event in New York exploring industry perspectives on AI, innovation, implementation, evolving advice models, and the organisational transformations required for success.
Mosaic Magazine | 113
Connecting global wealth management The Wealth Mosaic’s event schedule for 2026–2027 Detailing our comprehensive schedule of targeted in-person events designed to foster collaboration, connection, and meaningful exchange of insights in the year to come.
By Stephen Wall, Founder of The Wealth Mosaic
While our platform serves as a global knowledge hub, it is our event offering that is becoming increasingly important in allowing industry leaders to come together, to learn, to share experiences and opinions, and to meet and network with both new and known peers from across the sector.
114 | Mosaic Magazine
In today's continually evolving landscape, the wealth management sector is being challenged to adapt across all aspects of its business. Although our global online community continues to grow, there remains a critical desire to meet in person, to connect with industry peers, hear insights, share views and opinions, and nurture a personal network. So, to help industry participants stay ahead of the game, our global digital resource is paired with an in-person event model.
That’s why The Wealth Mosaic, the digital marketplace for wealth management, has prepared this comprehensive programme of targeted, industry-relevant events covering our core geographies of Asia, Europe, and North America.
There remains a critical “desire to meet in person, to connect with industry peers, hear insights, share views and opinions, and nurture a personal network.
“
A
longside our core digital d i r e c t o r y, k n o w l e d g e re s o u rc e, a n d in si g ht hub, we are delivering a growing number of events to tackle the core industry topics that the wealth management industry is facing.
Summer 2026
Discover our global events! To meet the needs of clients and the market as the number and depth of these topics proliferate, we offer a range of event types to support an in-depth view of what is in focus, as well as different budgets and business needs. You will not find TWM running massive events. Instead, our event offering is content and topic-focused, small to medium in size, and brings together relevant leaders and executives from across the community to learn, network, and share common experiences. We have several event types, including:
Live (conferences) Our Live event model is a one or two-day format, featuring a mix of keynotes, panels, interviews, demos, topic-focused breakouts, and opportunities for networking and content creation.
Hive (roundtables) Our Hive model brings to market topic-focused roundtables, with each Hive focused on a topic, sponsored by two to three solution providers, featuring 10-20 wealth management attendees, and resulting in a thought leadership paper co-branded between TWM and sponsors.
Toolkit Roadshows Our Toolkit model is again focused on key industry topics, but mixes presentations, panels, and solution provider demos that support the needs of wealth managers on the topic in focus.
WealthTech Vendor Forums Our Vendor Forums bring together the diverse spectrum of vendors and related providers targeting wealth management for learning, insight-sharing, and networking.
Private dinners Small, intimate gatherings over dinner for one sponsor in a relevant setting. Topic-focused, these are informal gatherings of executives that allow for open and transparent conversation and high-quality catering.
Bespoke We will also run bespoke events for clients, as well as supporting them with specific services such as moderation, marketing, video, or other forms of content.
Content outputs With many of our events, the output is as important as the event itself. We see an event as an opportunity to create high-quality content, whether written, video, or podcast. Particularly around the Live and Hive event models, we offer a clear content output for participating firms to support their marketing and business development needs beyond the event itself. Our model is to use the event as the mechanism to generate further content.
❝ With many of our events, the output is as important as the event itself.
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Summer 2026
Our event line-up for 2026 and 2027 2026 Events
2027 Events
September 2026
January 2027
Hive: Running into Reality, Geneva, 15 September AI in Wealth 2026: APAC, 24 September UK MPS: Talking Technology, 29 September
WealthTech 2027: UK, 28 January
October 2026
WealthTech 2027: Switzerland, 9 February WealthTech 2027: Singapore, 27 February
February 2027
The Wealth Mosaic Live 2026: Switzerland, 1 October Hive: Running into Reality, London, 6 October Hive: Running into Reality, New York, 8 October
March 2027
November 2026
WealthTech 2027: Canada, 9 March WealthTech 2027: US, 11 March UK MPS Pulse 2027, 18 March
The Wealth Mosaic Live 2026: US, 2 November. WealthTech Vendor Forum 2026: US, 3 November Portfolios in Wealth 2026: UK, 17 November WealthTech Vendor Forum 2026: UK, 17 November Portfolios in Wealth 2026: APAC, 19 November
April 2027 Hive: Buy, Build, Rent, UK, 6 April Hive: Buy, Build, Rent, US, 20 April
May 2027 The Wealth Client 2027: UK, 11 May The Wealth Client 2027: US, 27 May The Wealth Client 2027: APAC, 3 June The Wealth Client 2027, Middle East, 8 June
September 2027 The Advisor Toolkit 2027: US, 16 September The Advisor Toolkit 2027: Switzerland, 23 September The Advisor Toolkit 2027: APAC, 30 September
October 2027 TWM Live 2027: UK, 7 October TWM Live 2027: US, 28 October
November 2027 Tech & Integration Strategy 2027: APAC, 18 November Tech & Integration Strategy 2027: Swiss, 27 November
116 | Mosaic Magazine
Summer 2026
❝ You will not find TWM running massive events. Our event offering is content and topicfocused, small to medium in size, and brings together relevant leaders and executives from across the community.
Introducing our updated event guide for 2026-2027 To complement our robust lineup of events, we are proud to introduce our Event Guide for 2026-2027. This comprehensive resource provides all the details on upcoming events, sponsorship opportunities, and more. Whether you're looking to secure a spot as a sponsor, participate as a speaker, or attend as a delegate, the Event Guide will equip you with the insights needed to navigate our offerings with ease. Interested in discovering our 2026-2027 event lineup? You can access the Event Guide here.
❝ While our platform serves as a global knowledge hub, it is our event offering that is becoming increasingly important in allowing industry leaders to come together.
Stephen Wall
Founder The Wealth Mosaic Email: stephen@thewealthmosaic.com Website: www.thewealthmosaic.com
Mosaic Magazine | 117
Summer 2026
Reflections on WealthTech 2026: US edition A recap of our WealthTech 2026: US edition event in New York, exploring industry perspectives on AI, innovation, implementation, evolving advice models, and the organisational transformations required for success.
By Douglas Thomson, Head of Content at The Wealth Mosaic
Speakers addressed the gap between aspiration and execution – observing that, although artificial intelligence (AI) promises to reshape advice delivery, client engagement and operational efficiency, success will depend less on access to technology than on governance, organisational readiness, and the ability to implement change effectively.
The challenge facing wealth “management is not simply
identifying the possibilities of technology, but of building organisations that are capable of operationalising them.
“
118 | Mosaic Magazine
Beyond ‘build or buy’ The traditional ‘build or buy’ debate no longer reflects the realities of modern wealth technology, speakers argued. Mark Ovaska, CoFounder and Chief Executive Officer of Precept – which announced its acquisition by iAltA on the day of the event – dismissed the framing altogether. “It’s not a vendor proposition, it’s a partnership,” he said, arguing that the real question is whether a specialist partner has developed expertise that a firm cannot realistically replicate internally. Michael Wood, CEO at Domify, refined this further. Historically, firms built technology when it offered proprietary advantage and bought solutions when they became commoditized. Today, he suggested, many firms face a third scenario: they need a capability that delivers no proprietary advantage, yet no mature solution exists. In such cases, domain expertise becomes the differentiator.
Th e h u m a n d i m en sion of implementation was also highlighted by Conor Walsh, CEO and Co-Founder at Romina Day – who observed that technology projects often stall not because of technical shortcomings, but because organisations lack committed champions or because expectations have been poorly managed.
AI may accelerate execution, “ lower barriers to entry, and
reshape client expectations – but it also exposes weaknesses in governance, integration, incentives, and leadership alignment. Firms that treat it as an isolated tool risk recreating their fragmentation problems. Those that succeed will be those that are willing to redesign workflows, rethink organisational structures, accept short-term disruption, and build partnerships grounded in domain expertise rather than procurement alone.
“
A
t WealthTech 2026: US edition, held at EY ’s New York headquarters on April 29th 2026, speakers zeroed in on the pressing challenge of how wealth management firms can translate technological potential into sustainable operating models.
Summer 2026
Preparing for an AI-driven future Although AI dominated the agenda, several speakers warned against treating it as another standalone application. “AI is almost becoming another silo,” said Joseph Sullivan, Senior Director of Strategic Accounts at Backbase. Rather than adding another disconnected tool, he argued, firms must first make their technology stacks “AI-ready” and treat intelligence as a layer that spans the organisation. Brian Filanowski, CEO at Docupace, echoed concerns about the volume of AI offerings entering the market. After reviewing hundreds of startup pitches, he suggested that many firms are struggling to distinguish genuine solutions from noise. Questions of governance also featured. Rajen Madan, Founder of governr, challenged firms with three questions he asked each of his clients: • • •
What AI exists in your estate? Who is responsible for its decisions and outputs? Can you provide an audit trail in response to customer complaints or regulatory queries?
Many institutions, he suggested, are not yet prepared to answer those questions. Not everyone agreed on the pace of change. RISR founder Jason Early argued that regulation and institutional inertia mean AI adoption will play out over a long timeframe. In contrast Ian Karnell, CEO and Co-Founder of VastAdvisor, took a more urgent view, arguing that AI-driven execution speed is compressing the window in which startups can establish lasting competitive advantages.
❝ Advice is becoming more important than ever. Human advisors are becoming less available than ever. Mosaic Magazine | 119
Summer 2026
The changing shape of advice EY partner Justin Singer and Executive Director Patrick Clements provided a window into the future of the wealth management operating model – previewing a changing shape of organisations, and a shift in skillsets from portfolio construction to judgment, family governance, and behavioural coaching. “Advice is becoming more important than ever. Human advisors are becoming less available than ever,” Singer told delegates, describing a future in which intelligent systems continuously monitor client circumstances and proactively initiate engagement. Rather than episodic interactions centred on periodic reviews, advice could become a continuous service embedded within clients’ financial lives. Clements argued that this shift will reshape the structure of wealth management firms themselves. He described an emerging “agentic diamond” model featuring supervising advisors at the top, a leaner back office, and a growing layer of specialists focused on areas such as estate and tax planning.
Unlocking trapped value Based on his interactions with over 300 firms, Storyline Co-Founder & CEO David Navama argued that wealth management firms do not suffer from a lack of data. The challenge, he said, is that much of its value remains inaccessible because firms struggle to communicate effectively with clients. “The value is trapped — the data is not trapped,” he said. Navama challenged firms to stop thinking about “occasions” for better communication. He noted that one large bank was struggling to pursue US$1 trillion in untapped wallet share – not because of data gaps, but because they had exhausted email, research, and webinars without breaking through. “All the oxygen in the room is taken up with the promise of AI,” he said. “But what about the follow-through on those promises?”
“Trust, speed, and connectedness are the moats that are actually going to persist going forward,” he said.
❝ Rather than episodic interactions centred on periodic reviews, advice could become a continuous service embedded within clients' financial lives.
120 | Mosaic Magazine
❝ If you realise that you need innovation in your organisation, you have to be willing to take the short-term pain.
Summer 2026 2026 Summer
Take on short-term pain to avoid the slow death Fidelity Labs’ VP Commercialization Patrick Hannon offered a set of examples of innovation failure as an object lesson. Naviplan, where he worked in 2012, knew it needed to move from on-premises to cloud delivery. It did not move fast enough: revenues halved in a matter of years, and the company reportedly sold for the price of its debt. The lesson: “If you realize that you need innovation in your organisation, you have to be willing to take the short-term pain.”
❝ The transition is already underway; and already, firms are being judged on how effectively they adapt to it.
He said that in many cases, the crucial factor is the quality of relationships between senior executives, as the only individuals with the authority to break existing processes. Hannon compared corporate innovation to planting seeds. “You have to take a leap of faith,” he said. “I kill some seedlings every year. It happens. But you do it every year and you learn from that. You make adjustments every year.” Innovation requires accepting short-term failure as the price of long-term growth.
Building for the transition Speakers at WealthTech 2026 argued time and again that the challenge facing wealth management is not simply identifying the possibilities of technology, but of building organisations that are capable of operationalising them. AI may accelerate execution, lower barriers to entry, and reshape client expectations – but it also exposes weaknesses in governance, integration, incentives, and leadership alignment. Firms that treat it as an isolated tool risk recreating their fragmentation problems. Those that succeed will be those that are willing to redesign workflows, rethink organisational structures, accept short-term disruption, and build partnerships grounded in domain expertise rather than procurement alone. The transition is already underway; and already, firms are being judged on how effectively they adapt to it.
Douglas Thomson Head of Content The Wealth Mosaic
Email: douglas@thewealthmosaic.com Website: www.thewealthmosaic.com
This is an abridged version of our reflections from WealthTech 2026: US edition. You can find our full abridged article on our website here. You can also find reflections from our US WealthTech Vendor Forum here.
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The Wealth Mosaic The Wealth Mosaic is a global multi-service agency powered by a unique, market-leading directory and knowledge platform, specifically tailored to the needs of the wealth management industry.
Explore The Wealth Mosaic From our directory to events and editorial opportunities, we have tailor-made solutions ready to generate success for your business and its goals.
www.thewealthmosaic.com
The digital marketplace for wealth management. The Wealth Mosaic is a global multi-service agency powered by a unique, market-leading directory and knowledge platform, specifically tailored to the needs of the wealth management industry. The Wealth Mosaic was founded on the view that the business of wealth management is ever-changing and, for any wealth management business to thrive, the role of third-party solution providers would become more important than ever. From this, the idea was born of building one dedicated vendor directory-led business resource for the industry. As The Wealth Mosaic has grown, our directory and service offerings have expanded to support the varied business needs of vendors in the industry. Our goal is to help your businesses thrive in a changing world.
We enable our clients to position their offerings, inform the marketplace, and reach their target audiences within the global wealth management sector in a variety of ways.
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Our value areas Global Directory Our directory provides fuss-free access to the solutions, solution providers, and knowledge resources that are shaping the future of wealth management. This resource is segmented under our unique taxonomy.
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Get in touch www.thewealthmosaic.com office@thewealthmosaic.com Copyright © The Wealth Mosaic 2026 All rights reserved This publication constitutes marketing material. The information and opinions expressed in this publication were collated by The Wealth Mosaic Limited, as of the date of writing and are subject to change without notice.
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