Report: Client expectations rise as wealth managers face increasing competition for assets

Wealth managers are entering a more competitive phase as client expectations rise and behaviors evolve, increasing pressure on firms to demonstrate clear value and strengthen relationships, he notes. EY Global Asset Management Report 2026.

Among the highlights of the report:

• Highlighting the increasingly intense competition for client share of wallet, 45% of wealthy clients plan to move 25%-50% of their assets.
• Clients now use an average of 2.3 wealth managers globally, reflecting more dynamic and less concentrated relationships.
• Some 29% of funding is already self-directed, reshaping the way firms deliver and differentiate advice.

The report highlights a structural change in the industry: clients are becoming more active, selective and willing to move assets in search of better results. At the same time, advances in artificial intelligence and digital tools are changing the way advice is accessed, given and evaluated.

Together, these dynamics are reshaping the competition—from a focus on product scope and breadth to relevance, trust, and measurable client outcomes.

Client loyalty becomes more fluid as expectations rise

Relationships with clients are becoming more and more dynamic. Wealthy individuals no longer rely on a single service provider, instead building portfolios of relationships tailored to different needs, from execution and investment to planning and complex advice.

This shift is reflected in the growing behavior of multiple service providers and an increasing willingness to move assets. Instead of long-term, stable mandates, client relationships are becoming increasingly contentious — with decisions driven by the perceived quality, timeliness and relevance of advice.

At the same time, client expectations extend beyond investment performance itself. Clients are looking for more comprehensive support, including advice on financial planning, tax, lending and intergenerational wealth, and expect this to be delivered seamlessly across all channels.

Companies that can respond with more proactive, personalized, outcome-focused engagement are better positioned to capture a greater share of client assets.

“Client expectations are rising at a time when relationships are becoming more fluid and competitive,” says Jun Li, global and US head of wealth and asset management at EY. “Clients today are more engaged, informed and willing to act when they don’t see clear value. This creates both a challenge and an opportunity for wealth managers. The firms that succeed will be those that can respond with advice that feels timely, relevant and grounded in the client’s full financial context – not just their portfolio.

“Technology, including artificial intelligence, will play an important role in enabling this, but it is how companies apply these capabilities to deliver consistent, meaningful results that will ultimately define success.”

A widening gap between capability and delivery

Despite significant investment in technology and customer insight, the report reveals that many companies have yet to translate capability into a consistent customer experience. Although segmentation and personalization strategies are widespread, they are not always reflected in the way advice is delivered in practice. Proactive leadership remains limited, and differentiation by client segment often falls short of expectations.

This creates a widening gap between what companies promise and what customers experience – especially as digital and AI-enabled tools raise the bar for responsiveness and relevance.

Closing this gap presents one of the most immediate opportunities for wealth managers to strengthen trust, improve retention and drive organic growth.

Advice models are changing as self-direction and AI proliferate

The rise of self-directed investment is accelerating this change. With nearly a third of assets already under self-management, clients are increasingly comfortable making independent decisions with the support of digital tools and AI-driven insights.

As a result, standard investment guidelines are becoming increasingly available and, in some cases, commodified. The role of advisers is evolving accordingly – with value shifting towards more complex, judgment-based areas such as financial planning, portfolio structuring and navigating market uncertainties.

Artificial intelligence is expected to play a central role in enabling this transition, not only by improving client interfaces but also by embedding it into advisory workflows, improving decision-making and supporting more timely, tailored client engagement.

From Scale to Relevance: Redefining Competitive Advantage

Size, product breadth and brand are still important, but are no longer sufficient on their own, the report points out. Instead, advantage is increasingly determined by a company’s ability to:

• Turn your client’s insight into action
• Deliver consistent, personalized experiences at scale
• Demonstrate clear and measurable value over time

Olaf Toepfer, founder and head of EY’s Global Asset Management Center, adds: “This isn’t just a technology story. It’s an operating model shift. As advice becomes more accessible and client expectations rise, the bar is shifting from insight to execution. Firms that can consistently translate insight into timely, outcome-focused engagement will stand out. Embedding these capabilities in large numbers will be critical to strengthening client primacy, defending margins and capturing future growth.”

The report is based on research from the EY Global Center for Asset Management, combining insights from EY experts and a wide range of market data sources.