2025年全球财富报告

FINANCIALINSTITUTIONS

Rethinkingthe

RulesforGrowth

GlobalWealthReport2025

June2025

BCG

BostonConsultingGrouppartnerswithleadersinbusinessandsocietytotackletheirmostimportantchallengesandcapturetheirgreatestopportunities.BCGwasthepioneerinbusinessstrategywhenitwasfoundedin1963.Today,

weworkcloselywithclientstoembraceatransformationalapproachaimedatbenefitingallstakeholders—empoweringorganizationstogrow,buildsustainablecompetitive

advantage,anddrivepositivesocietalimpact.

Ourdiverse,globalteamsbringdeepindustryandfunctionalexpertiseandarangeofperspectivesthatquestionthe

statusquoandsparkchange.BCGdeliverssolutions

throughleading-edgemanagementconsulting,technologyanddesign,andcorporateanddigitalventures.Weworkinauniquelycollaborativemodelacrossthefirmand

throughoutalllevelsoftheclientorganization,fueledbythegoalofhelpingourclientsthriveandenablingthemtomaketheworldabetterplace.

Introduction

Wealthcontinuestogrowsteadily.Butthedynamics

behindthatgrowthareshifting,andtheimplicationsforfirmsareprofound.

In2024,globalfinancialwealthreached$305trillion,an

all-timehigh.Financialassetsrosemorethan8%,fueled

bystrongequitymarketsandfavorableinvestorsentiment.Cross-borderflowsaccelerated.NorthAmericaandAsia-

Pacificcontinuedtobethefastest-growingregions.In

manymarkets,wealthmanagersdeliveredsolidresults.

Butsustainingthatmomentumisbecomingmoredifficult.Netwealth—whichcomprisesfinancialassets,realassets,andliabilities—grewjust4.4%,belowthe5.3%averageofthepriorfouryears.Currencyswingsandinflation

compressedreturns,andgeopoliticaltensionsareadding

historiclevelsofuncertainty.Moreimportantly,thesourcesofgrowthareshifting.

Forwealthmanagers,netnewassets(NNA)performance

hasbecomeoneofthemostreliableindicatorsofvaluationmultiples.Yetouranalysisshowsthatlessthanathirdof

assetsundermanagement(AuM)growthoverthepast

decadewasgeneratedorganicallybyexistingadvisors—

andinmaturemarkets,thatfigurefallsto22%.Thelimitingfactorformanyfirmsisn’topportunity,buttheirabilityto

captureitfromwithin.

Asaresult,organicgrowthismovingtothecenteroftheperformanceagenda.Meetingrisingexpectations,

improvingadvisorproductivity,andstrengtheningclientengagementarenolongeroptional.They’rethebasisforsustainableexpansion.

Thisyear’sreportexploreshowthatshiftisplayingoutandwhatwealthmanagerscandotostrengthentheirorganicgrowthmuscle.

Webeginbymappingtheglobalcontoursofchange:where

financialwealthisgrowing,whichbookingcentersaregainingground,andhowperformancevariesbyassetclassand

region.Wethenexaminewhat’sholdingfirmsback.Mosthaveleanedheavilyonmarketperformance,M&A,and

advisorhiring—andwhiletheseleversremainimportant,they’renotenough.Firmsneedamorebalancedapproach.

Tounderstandwhatdifferentiatestheleaders,weanalyzedmorethantwo-thirdsoftheworld’stop200wealth

managersbyAuM.Welookedacrossbookingcentersandbusinessmodelstoidentifywheregrowthisbeing

generatedandwhy.

Thesecondhalfofthereportshiftsfromdiagnosisto

direction.Thefirmsgainingtractionareinvestinginthe

capabilitiesthatmattermost:aclearermarketpresence,

moredeliberateclientacquisition,better-equipped

advisors,andearlier,morerelevantengagementwithrisinggenerations.Technologyplaysacentralroleinscalingthesecapabilities.Thisisn’tinnovationatthemargins,it’s

embeddedinhowleadingfirmsoperate—andincreasinglyit’swhatsetsthemapart.Thisreportexploreshowthesegrowthenginesarebuiltandhowtostayaheadasthe

industryentersitsnextchapter.

RETHINKINGTHERULESFORGROWTH3

MarketSizing:

AYearofUnevenGains

Globalnetwealthreached$512trillionin2024,growingbyjust4.4%—belowthe5.3%averagegrowthrecordedinthepriorfouryears.Thismutedtoplineresultmaskssharper

contrastsunderneath.Financialwealthroseby8.1%,

buoyedbymomentuminglobalequities,whilerealassetsfellby0.4%andliabilitiesgrewbyjust0.2%,draggingdownoverallnetwealthgrowth.(SeeExhibit1.)

Inthisenvironment,wealthmanagersgrewtheirAuMby

13.0%,outpacinggrowthinoverallfinancialwealth.They

benefittedfromstrongexposuretohigh-yieldingassetclassesandhighergrowthinthehigh-net-worthsegmentsrelative

tomassandaffluentinvestors.Yettheirrevenuedidn’tkeeppace,risingjust7.1%.Asaresult,revenueperAuMslippedslightly.Evenso,manyfirmsreducedcostsinparallel,helpingmaintainasteadycost-to-incomeratioof75%.

FinancialWealthTrendsbyAssetClass

Equitieswerethestrongest-performingassetclassin2024,growingby15.9%amidbroadmarketgains.Bondsalso

postedhealthyinflowsandreturns,rising8.6%asinterest

ratesstabilizedordeclinedacrossmanymajoreconomies—reversingthesharpyieldincreasesofprioryears.Cashanddepositsgrewmoderatelyby2.1%,ashouseholds

reallocatedtowardhigher-returnassetsandcontinuedtodrawdownsavingsinthefaceofpersistentinflation.

Lookingahead,weanticipateheightenedvolatilityand

greaterdispersioninperformanceacrossregionsand

sectors,shapedbyongoinggeopoliticaltensionsandshiftingmonetarypolicies.Still,thelong-termoutlookremains

favorable.Weexpecttotalfinancialwealthtogrowatanaverageannualrateofapproximately6%through2029.

FinancialWealthTrendsbyRegion

NorthAmericawasthestrongestengineoffinancialwealthcreationin2024,expandingby14.9%—propelledbya23%riseintheS&P500.Asia-Pacificfollowedwith7.3%growth,supportedbyrobustperformanceinChina,India,and

ASEANeconomies.Incontrast,WesternEuropelagged,

postingjust0.8%growth,partlyduetothedepreciationofmajorcurrenciesagainsttheUSdollar.

Lookingahead,Asia-Pacificisforecasttoleadglobal

financialwealthexpansion,withprojectedgrowthofabout9%annuallythrough2029—wellaheadofNorthAmerica(4%)andWesternEurope(5%).Thesedynamicsdrivehometheimperativeforleaderstorebalancetheirgrowth

strategiesandbookingcenterfocus.

4BOSTONCONSULTINGGROUP

RETHINKINGTHERULESFORGROWTH5

EXHIBIT1

NorthAmericaandAsia-PacificWeretheFastest-GrowingRegions

FINANCIALWEALTHGROWTH,2023–2024(%)

Asia-PacificJapan

Latin

America

NorthAmerica

MiddleEastandAfrica

WesternEurope

EasternEuropeandCentralAsia

14.915.3

10.7

8.4

7.17.3

4.8

1.9

5.35.5

0.80.3

–5.2

–9.3

USDLocalcurrency

Growth2023–2024

CAGR

2024–2029

CAGR

2024–2029

NorthAmerica

Global

2023

2024

2029

2023

2024

2029

Financialassets

128.3147.4

180.9

14.9%

4%

Liabilities

21.9

22.4

26.1

2.2%

3%

Realassets

63.5

63.8

73.5

0.5%

3%

Netwealth

169.8

188.8

228.3

11.2%

4%

WesternEurope

Financialassets

55.155.671.0

0.8%

5%

Liabilities

13.513.116.4

–2.7%

5%

Realassets

65.162.474.2

–4.2%

4%

Netwealth

106.7104.8128.8

–1.8%

4%

EasternEurope

andCentralAsia

Financialassets

5.35.37.7

0.3%

8%

Liabilities

1.11.01.5

–2.9%

8%

Realassets

7.98.110.5

1.5%

5%

Netwealth

12.212.416.6

1.4%

6%

Asia-Pacific

Financialassets

60.9

65.4

98.6

7.3%

9%

Liabilities

18.4

18.5

25.1

0.3%

6%

Realassets

94.6

93.8

117.5

–0.8%

5%

Netwealth

137.1

140.7

191.0

2.7%

6%

Growth2023–2024

Financialassets

282.0

305.0399.0

8.1%

6%

Liabilities

60.7

60.878.0

0.2%

5%

Realassets

269.0

267.9323.5

–0.4%

4%

Netwealth

490.3

512.1644.6

4.4%

5%

LatinAmerica

Financialassets

8.1

7.39.2

–9.3%

5%

Liabilities

1.6

1.52.4

–7.0%

11%

Realassets

10.6

11.614.1

9.0%

4%

Netwealth

17.1

17.520.8

2.2%

4%

Japan

Financialassets

15.5

14.718.9

–5.2%

5%

Liabilities

2.6

2.53.0

–5.5%

4%

Realassets

10.9

10.112.4

–7.2%

4%

Netwealth

23.8

22.328.3

–6.1%

5%

MiddleEastandAfrica

Financialassets

8.8

9.312.7

4.8%

7%

Liabilities

1.6

1.93.4

13.4%

13%

Realassets

16.4

18.221.5

10.8%

3%

Netwealth

23.6

25.630.8

8.4%

4%

Source:BCGGlobalWealthMarketSizing2025.

Note:WealthinlocalcurrencywasconvertedintoUSdollarsattheyear-endexchangerateacrossalltimeperiods.

6BOSTONCONSULTINGGROUP

Cross-BorderWealthbyBookingCenters

Withinglobalwealth,cross-borderwealthgrewby8.7%in2024,reaching$14.4trillion—amarkedaccelerationoverthepriorfour-yearaverageannualgrowthof6.3%.(See

Exhibit2.)Thethreelargestbookingcentersaccountedforoverhalfofallnewcross-borderwealth.Severalmid-sizedbookingcentersalsoshowedstrongmomentum.

Singaporeledallbookingcenterswith11.9%growth,

fueledbystrongnetinflowsfromChina,India,andacrossASEANmarkets.TheUAE,US,andHongKongalso

outperformedtheaverage,supportedbyfast-growing

regionalwealth.Switzerlandpostedmoderate6.0%

growth,drivenprimarilybymarketperformancerather

thannetinflows.Others—includingtheUKandanumberofsmallerEuropeanandCaribbeanlocations—struggledtokeepupwiththehighpaceofthegrowthleaders.The

UK,inparticular,alsofacesanadditionalchallengeduetoonshorecapitalflightonthebackofchangesinthetax

regime,whichwillalsoimpactfuturecross-borderinflows.

EXHIBIT2

HongKongHastheLargestAbsoluteGrowthasaBookingCenter,WhileSingaporeandtheUAEHavetheHighestPercentageGrowth

CROSS-BORDERBOOKINGCENTER

201920242029

Switzerland

HongKong

2.73.4

2.73.6

Singapore

1.92.8

US

1.51.8

UKmainland

1.01.1

ChannelIslandsandIsleofMan

0.70.8

UnitedArabEmirates

Luxembourg

0.70.9

0.60.7

CaymanIslandsBahamas

0.50.5

0.40.5

Others

1.82.3

GROWTH,2023–2024SIZE($T)

$billionsPercentage20242029

1546.0

2319.6

20411.9

14410.9

738.1

527.8

6511.1

448.1

378.3

348.7

1196.9

CAGR,

’24–’29

4.6%

6.3%

7.6%

4.2%

3.2%

2.5%

6.6%

3.3%

2.4%

2.8%

4.2%

Topsourceregion,2024

WesternEurope

Asia-Pacific1

Asia-Pacific1

LatinAmerica

WesternEurope

WesternEurope

MiddleEastandAfrica

WesternEurope

NorthAmerica

NorthAmerica

Total

1,157

14.418.4

8.7

5.0%

Maturemarkets

Growthmarkets

Source:BCGGlobalWealthMarketSizing2025.

Note:WealthinlocalcurrencywasconvertedintoUSdollarsattheyear-endexchangerateacrossalltimeperiods.1ExcludingJapan

RETHINKINGTHERULESFORGROWTH7

Lookingahead,cross-borderwealthislikelytosustainits

momentum.Asgeopoliticaltensionsrise,moreclients—

especiallythoseintheultra-high-net-worthsegment—areseekingdiversificationandstabilityacrossmultiplebookingcentersandgeographies.Thismarksashiftfromthemoreregionalcross-borderflowsthatdominatedinrecentyears.RecentUStariffannouncementshavealreadysparked

renewedinterestincross-borderservices,atrendthat’slikelytointensifyasglobaluncertaintypersists.

Establishedbookingcentersaresettobenefit.(See

Exhibit3.)WeexpectSwitzerland,HongKong,and

Singaporetocapturenearlytwo-thirdsofallnewcross-

borderwealththrough2029.SwitzerlandwillremainatopdestinationforclientsfromWesternEuropeandtheMiddleEast,whileLatinAmericaninvestorswillcontinueto

channelmostoftheircross-borderwealthintotheUS.InAsia-Pacific,SingaporeandHongKongwillleadinflows,fueledbytheregion’srapidlyexpandingwealthbase.

Amongsmallercenters,theUAEispoisedtomaintainstronggrowthandbroadenitsappealasaglobalwealthhub—drawingclientsfarbeyonditstraditionalMiddleEasternbase.

Asgeopoliticaltensionsrise,moreclients—especiallythoseinthe

ultra-high-net-worthsegment—areseekingdiversificationandstabilityacrossmultiplebookingcentersandgeographies.

EXHIBIT3

MajorBookingCentersWillSeeStrongGrowthThrough2029

PRIMARYFLOWSFROMSOURCECOUNTRIESINTOTOPBOOKINGCENTERS($,ILLUSTRATIVE)

Switzerland

4.6%

+685bn

+73bn

+175bn

+263bn

+843bn

Western

+48bn

Japan

Europe

+27bn

Asia

excl.Japan

MiddleEast

+119bn

US

4.2%

+331bn

HongKong

6.3%

+951bn

UAE

6.6%+245bn

+107bn

+682bn

y

Singapore7.6%

+850bn

Oceania

Central&

South

America

CAGR2024–2029Absoluteassetflowsnext5years

Source:BCGGlobalWealthMarketSizing2025.

Note:WealthinlocalcurrencywasconvertedtoUSdollarsattheyear-endexchangeratesacrossalltimeperiods.

8BOSTONCONSULTINGGROUP

TheStruggleforOrganicGrowth

Theforcesthatpoweredassetgrowthoverthepastdecadeareshifting.Bullmarketshavesoftened.M&Aintegrationsremaincomplexandcostly.Andfirmsthatonceexpandedbyhiringseasonedadvisorsandabsorbingtheirbooksarenowconfrontingdiminishingreturns:experiencedadvisorsareinshortsupply,andnearlyhalfofnewhiresfailto

delivertheirinitiallyagreedbusinesscase.Asaresult,organicgrowthmattersmorethanever.

Yetmanywealthmanagersarestrugglingtoraiseit.AsoneseniorexecutivetoldBCG,“Morethan80%ofournetnewassetsoverthelastfiveyearscamefromnewlyhired

advisors—notfromtheteamsalreadyinplace.”This

chaptertakesanup-closelookatorganicgrowthtrendsoverthepastdecade:whereit’srising,whereit’snot,andwhat’sgettingintheway.

GrowthCamefromEverywherebutWithin

Wealthmanagersareexpectedtoperformontwocore

financialfronts:growingNNAandimprovingprofitability.Ofthetwo,NNAplaysanoutsizedroleinhowinvestorsvaluefirms.Infact,NNAexpectationsexplainroughlyhalfthe

variationinprice-to-earnings(P/E)multiplesacrossthe

industry.Simplyput,theabilitytogrowfromattractingandretainingclientassetsisnowseenasthesinglemost

importantdriveroflong-termvaluecreation.

Toassesshowwellfirmsareperformingonthisfront,we

gathereddataonmorethantwo-thirdsoftheworld’stop200wealthmanagersbyAuMfrom2014to2024,drawingon

bothpublicdisclosuresandproprietaryBCGbenchmarks.

Wedefined“organicgrowth”strictlyasNNAgeneratedbyadvisorsalreadyemployedatthefirm—excludingmarketperformance,currencyeffects,M&A,andassetsbroughtinbynewlyhiredadvisors.Whilesomemightclassifythose

inflowsasorganic,weexcludedthemtoisolategrowthdrivenbyclientengagement,notadvisormovement.

RETHINKINGTHERULESFORGROWTH9

Roughly50%ofthevariationinwealthmanagers’P/E

multiplesisdrivenbyNNAexpectations.

Whatwefoundpointstoacriticalweakness:organic

growthaccountedforonlyasmallshareoftotalasset

growthoverthepastdecade.Yes,wealthmanagershave

madeprogressonefficiency.Globalcost-to-incomeratiosfellfrom78%to75%onaverage—drivenlargelybythetopquartile,wheretheaveragedroppedfrom69%to64%.

Globally,AuMmorethandoubledoverthepastdecade,withannualgrowthexceeding7%inseveralregions.Butthisexpansionwasn’tprimarilyaresultofnewclientwinsordeeperengagementfromexistingadvisors.Instead,itcamefromthreeexternaltailwinds:

•Capitalmarketsappreciation.InNorthAmerica,risingmarketsaloneaccountedforabouthalfofAuMgrowth.

•M&A.Consolidationcontributedroughly10%tothe

AuMbaseforlargeplayers,especiallyinEurope,the

MiddleEast,andAfrica(EMEA)andAsia-Pacific(APAC).

•Advisorhiring.Manyfirmsgrewbyrecruiting

experiencedadvisorsandonboardingtheirexistingclientbooks,effectivelybuyinggrowthfromcompetitors.

Onlyabout28%oftotalAuMgrowthwastrulyorganic.

(SeeExhibit4.)InmaturemarketssuchasNorthAmericaandEMEA,thatfiguredropstojust22%.

EXHIBIT4

Since2014,OrganicGrowthAccountedforOnlyaQuarterofAuMGains

REGIONAL

INVESTABLEWEALTH2024ANDCAGR

2014–2024

WEALTH

MANAGERS’

AUMGROWTHDRIVERS

2014–2024

$191T+6.2%p.a.

+7.2%p.a.

32%

9%

31%

28%

Overall

$88T+7.9%p.a.

+8.4%p.a.

49%

6%

22%

22%

Keybooking

centersin

NorthAmerica

$61T+6.3%p.a.

+8.2%p.a.

2%

9%

39%

50%

Keybooking

centersin

APAC

$38T+3.2%p.a.

+4.7%p.a.

13%

17%

47%

22%

Keybooking

centersin

EMEA

$4T

+3.4%p.a.

+2.9%p.a.

1%

47%

52%

Keybooking

centersin

LATAM

MarketandFXM&A

NNAfrom

newadvisors

Organicgrowth(NNAfrom

existingadvisors)

Source:BCGGlobalWealthMarketSizing2025.

Note:WealthinlocalcurrencywasconvertedtoUSdollarsattheyear-endexchangeratesacrossalltimeperiods.LATAMwithastronglynegativeMarketandFXimpactduetosharpcurrencydepreciation;onlynetpositiveimpactofotherleversshown.

10BOSTONCONSULTINGGROUP

Severalstructuralissueshaveheldorganicgrowthback—andmostarestillinplace:

•Manyadvisorsarelessfocusedonnewclient

acquisition.Theysitonsizablebooksandenjoystrongcompensationbasedonabsoluteperformancerather

thanincrementalgrowth,leavinglittleincentivetoprospect.

•Newcompetitorsaregainingshare.Registered

independentadvisors(RIAs),digitalplatforms,and

direct-to-consumermodelscontinuetomakeinroads,especiallyinNorthAmerica.Traditionalfirmshave

struggledtokeeppace.

•Administrativeburdensarerising.Escalating

complexityincomplianceandoperationsistakinga

toll,especiallywherefirmshaveyettorolloutthelatestdigitaltoolsforthefrontline.Advisorsnowspendmoretimeonregulatoryandadministrativeworksuchas

advicedocumentation,suitabilitychecks,andinternal

reporting,leavinglesstimeforprospectingandbusinessdevelopment.

Theresult?Evenfirmswithstrongbrandsandsolid

marketperformancehavestruggledtogrowfromwithin.Meanwhile,advisorhiringisnolongertheeasywinitoncewas:newregulatoryhurdlesandstrongerclientretentionprogramshavemadeithardertobringoverfullbooksofbusiness.Evenwhenfirmsdorecruitsuccessfully,asset

transferratesarelowerwhileintegrationcostsarehigher.Asoneexecutiveputit:“Thesedays,whenwerecruitanadvisorfromacompetitor,we’reluckytoattract20%to

30%oftheirclientbook.Thedaysofseamlessassetportabilityarelonggone.”

MatureMarketsLagPeersElsewhere—ButAllFace

Challenges

Acrosstheglobalwealthmanagementindustry,theabilitytogenerateNNAfromexistingadvisorsremainsuneven—andmaturemarketsarefallingfurthestbehind.From2014to2024,organicgrowthvariedsharplybyregion,with

wealthmanagersinLatinAmerica(LATAM)andAPAC

achievingratesof52%and50%,respectively—morethandoublethatoftheirpeersinEMEAandNorthAmerica.

Thedifferentspeedofgrowthisrootedinfundamentals.Ingrowthmarkets,investablewealthexpandedsignificantlyoverthelastdecade,fueledbynewmillionairepopulationsacrossChina,India,andotheremergingeconomies.This

allowedbothnewandestablishedadvisorstobringinnewclientsandassets.Inmostmaturemarkets,those

conditionsdidn’texist—andfirmsleanedmoreheavilyonexternaldrivers.

LATAMandAPACremainthemostcompellingfrontiersforfutureAuMexpansion.Butfirmsoperatinginthese

marketsfaceseveralemergingchallenges:

•Large-scaleassettransfersarereshaping

competition.Acombinationofyounginvestorbases,livelyeconomicmobility,andthemovementofassetsonshoreinmajormarketshastriggeredwidespread

clientswitching.Underperformingwealthmanagersarelosingassets,whilemoreagilecompetitors—especiallylocalplayers—aregaininggroundattheexpenseof

globalincumbents.

•Advisorsupplyistight.Thenumberofqualified

advisorshasn’tkeptpacewithclientdemand.Asaresult,firmscan’trelysolelyonrecruitmentandwillneedto

drivegreaterproductivityfromtheirexistingadvisorbase.

•Tailwindsmaybetransient.ThelowshareoforganicNNAinmaturemarketsoffersacautionaryviewofwhatcanhappenastheseemergingregionsevolve.Growth

willlikelybecomemoredifficulttoachieve.Firmsthat

investearlyinscalable,advisor-ledorganicgrowth

strategieswillbebetterpositionedforlong-termsuccess.

RETHINKINGTHERULESFORGROWTH11

InNorthAmerica,wealthmanagersbenefitedfromcapitalmarketsmorethananyotherregion.Overthepastdecade,theS&P500morethantripled,deliveringcompound

annualgrowthofover12%.ThataloneliftedAuM

significantly.Butmarket-drivengrowthalsomasked

underlyingstructuralshifts.Mostnotably,assetsand

advisorsmovedawayfromtraditionalplayers—especially

wirehousesandlargebroker-dealers—towardindependentbroker-dealers,RIAs,anddigital-directplatforms.For

clients,thesemodelsofferedlowerfees,moreflexibility,

betterdigitalexperience,andgreatertransparency—

featuresthatresonatedwithyounger,cost-conscious

clients.Meanwhile,advisorsareparticularlygravitating

towardplatformsthatoffermoreautonomyandmore

attractivecompensationmodels.Also,intheUSandmanydevelopedmarkets,ademographiccliffisapproachingas

manyexperiencedadvisorsnearretirement,puttingthe

sustainabilityofadvisormigrationasgrowthdriverinto

question.Asthosenewermodelscontinuetogainshare,allfirmsfaceaclearimperative:Makeadvisorsmoreeffectivewithtechnology,retooltheirgrowthengines,andrefocusonnewclientacquisition.

InEMEA,thechallengesweredifferentbutnolesspressing.Withwealthcreationsubduedandmarketperformance

muted,firmsinhighlycompetitivemarketssuchas

SwitzerlandandtheUKhaveoftenresortedtocross-borderacquisitionsandadvisorpoachingtospurgrowth—

reshapingtheregion’swealthlandscapeconsiderably

comparedtoadecadeago.AlthoughM&Aaccountedforroughly17%ofAuMgrowth,thisnetfiguremaskedaflurryofdealactivity,includingnumerouslow-valuedivestituresandregularstrategicrefocusingeffortsonhomemarkets.

Advisorrecruitmentwasparticularlyprominent.An

estimated47%ofAuMgrowthintheregioncamefromclientassetsbroughtinbynewlyhiredadvisors.Insomepure-playfirms,thatfigurewasclosertotwo-thirds.

WesternEuropestandsoutasoneofthemostdifficult

organicgrowthenvironments:mature,saturated,andhighlycompetitive.Yettherearebrightspotselsewhereinthe

region.EasternEurope,theMiddleEast,andAfricaareprojectedtomatchorexceedLATAMandAPACinwealthcreationoverthenextfiveyears.

UniversalBanksOutpacePure-Plays—ForNow

Organicgrowthisn’tjustaboutgeography;businessmodel

playsamajorrole,too.Overthepastdecade,pure-play

wealthmanagersthatfocussolelyonprivatewealthhave

grownfasterthanuniversalbanks,yethadtorelymuch

moreonmarketperformanceandhiring.(SeeExhibit5.)

Thereasonisstructural:universalbanksbenefitfromretail-to-wealthclienttransitions,cross-businessreferrals,scale,

andstrongbrandrecognition.Andwhilepure-playskept

paceinoverallassetgrowth,theyreliedfarmoreonexternalleverslikemarketgainsandadvisorrecruitment.Asthe

industryshiftstowardmoresustainable,advisor-ledgrowth,theorganicgrowthgapisbecominghardertoignore.

EXHIBIT5

UniversalBanksOutperformPure-PlaysinOrganicGrowth

WEALTHMANAGERS’AUMGROWTHDRIVERS2014–2024

+7.0%p.a.

+7.9%p.a.

40%

36%

15%

30%

9%

MarketandFX

29%

9%

M&A

NNAfromnewadvisors

Organicgrowth(NNAfromexistingadvisors)

32%

Universalbanks

Pure-playwealthmanagers

Source:BCGGlobalWealthMarketSizing2025.

Note:WealthinlocalcurrencywasconvertedtoUSdollarsattheyear-endexchangeratesacrossalltimeperiods.

12BOSTONCONSULTINGGROUP

Onthesurface,pure-playsappeartooutperform,withAuMgrowingatcloseto8%annuallyoverthelastdecade,

slightlyaheadofthe7%seenatuniversalbanks.Butthattoplinefigurehidesadeeperissue.Only15%ofpure-plays’growthcamefromNNAgeneratedbyexistingadvisors—comparedto32%foruniversalbanks.

Universalbankshaveseveralbuilt-inadvantagesthatsupportorganicgrowth:

•Internalreferrals.Corporateandinvestmentbankingarmsprovideasteadyflowofhigh-qualityleads,

especiallyamongbusinessownersandexecutives.

•Retailbankingchannels.Massaffluentclientsaremoreeasilyconvertedtowealthrelationshipsastheirfinancialneedsgrow.

•Capitalstrength.Withlargerbalancesheets,universalbanksarebetterpositionedtooffercustomizedlendingsolutionsandfavorabledepositterms.

•Brandrecognition.Well-knownnames,especiallyamonginvestmentbanks,carryweightincomplexinvestmentscenarios.

Yetmanyuniversalbankshavefailedtocapitalizefullyontheseadvantages.Somegeneratestrongorganicgrowthinotherbusinesslinesbutfallshortinwealth.Forfirms

willingtobuildbetterbridgesacrossdivisions,thereisplentyofopportunity.

OneleadingUSuniversalbankoffersaclearexampleof

howcross-divisionalcollaborationcandriveorganicgrowthatscale.Thefirmputinplaceastructuredincentive

frameworktoencouragecooperationacrossbusinesslines.Thisincludedrevenue-sharingmodelsforreferredclientsaswellasperformanceassessmentsthatexplicitlytracked

andrewardedcollaboration.Theseweren’tone-off

gestures—seniorleadershipbackedtheeffortwithvisiblesupport,settingpublictargetsforinternalpartnershipandregularlyhighlightingsuccessstoriestobuildacultureofsharedownership.

Atthesametime,frontlineadvisorsweregiventhetoolstomakecollaborationwork.Theyreceivedtargetedtraining

andgainedbetteraccesstosolutionsfromacrossthe

bank’sbusinesses,makingiteasiertopresent

comprehensiveofferingstoclients.Withtangiblerewards,executivebuy-in,andday-to-dayenablementallworking

together,thebankwasabletoturninternalalignmentintorealbusinessimpact.Notonlydiditachievebest-in-classNNAperformance,italsosawsignificantcross-selling,withmorethan20%ofwealthrevenuesgeneratedjointlywith

otherdivisions.

TheBottomLine

Ext