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EUROPEAN WealthTech 2025 LANDSCAPE REPORT

HIGHLIGHTS

TECH in ACTION

SHOW CASES

Showcasing the application of technology in wealth management in Europe

MARKET Summary An overview of key trends shaping the European market in 2025 and beyond

INSIGHTFUL Articles Perspectives relevant to the adviser, the client, the broader business, and the future of wealth management

Contents Background & Insight

03 / Introduction Our welcome to the European WealthTech Landscape Report 2025.

04 / Editor's Letter A scene setter for the content and insights within this report.

06 / Market Summary Covering the size, shape, features, trends and additional insights into the wealth management sector in Europe.

Thought Leadership

14 14 / The Client How firms are developing client tailored strategies and solutions. 30 / The Adviser How firms are using technology to support the needs of their Advisers. 40 / The Business How firms build and maintain a modern wealth management technology infrastructure. 54 / The Future Views on the future of wealth management and technology.

Showcases

74 76 / First Rate / Atomic Projects 80 / Finfox / Finfox Platform 84 / WealthOS / Wealth Operating Platform 88 / Raise Partner / Smart Risk

92 / Directory 98 / Taxonomy 100 / About The Wealth Mosaic 106 / About the WTLRs

Welcome &

Introduction Our first European-wide WealthTech Landscape Report (WTLR), but the 16th report in our WTLR series. Our aim, as always with these reports, is to assemble a range of insightful, thought-provoking opinions and business-relevant commentaries from wealth managers, technology vendors, consultants and other players in the sector. Brought together in one place, these pieces provide an expert view of some of the main themes and topics around the role of technology today and into the future across the European wealth management landscape. Whatever your profile, whether a wealth manager, a consultant, a technology vendor, an investor or any other player in and around the industry, through this and our other reports, our online global Solution Provider Directory (SPD), our research, events and our other products and services, The Wealth Mosaic (TWM) exists as an industry knowledge resource, a community bringing all sides of the industry together to accelerate the sharing of knowledge and industry advancement. We believe the wealth management sector in Europe and worldwide is set for ongoing and significant change, with the role of technology as a disruptor, enabler and catalyst in the middle of that development. Ongoing insight into the direction of travel is fundamental to navigate these changes. Given that, we hope you find this report insightful, and we look forward to receiving your feedback, comments and any questions you might have.

The Wealth Mosaic team

Editor's Letter By Stephen Wall, Founder of The Wealth Mosaic

European WealthTech Landscape Report 2025

he fundamental areas of change around the wealth management sector – clients, advisers, skills, business, financials, technology and data, products and services and regulation (we see eight overall areas of change) – mean the sector, in Europe and beyond, now now has the most significant opportunity to potentially seize, while being confronted by perhaps the broadest set of challenges in living memory. While some might beg to differ, it is both the most exciting time to be in and around wealth management, as it is the most complex. The next decade will, whichever way you look at it, see fundamental change.

While we do not touch in detail on those eight areas of change within one report, the European WTLR 2025 does focus on some of the key topics shaping the focus, structure and behaviour of the European wealth management sector. We are living through a period of sustained and quickened change, where the role, impact and potential of technology, coupled with strong leadership and clear strategy, will be far-reaching and have a significant impact on a sector that has often been seen as the laggard of technology adoption and modernisation. This report shines a light on some of what is happening, or needs to happen, across the sector in Europe.

are

pleased

and

grateful

feature

contributions in this report from a diverse range of organisations, including AWS, Croesus, Deloitte, ERI, EY, Fincite, Finfox, First Rate, Infront, Intellect Design Arena, Moneyfarm, Raise Partner and WealthOS. The contributions from these firms, all active in serving and engaging a wide variety of wealth management clients in different markets across Europe and beyond, provide valuable perspectives on how and where technology is delivering on the needs of the wealth management industry and transforming it for the benefit of all stakeholders, but especially clients, advisers and other staff. Their perspectives provide a view on the business themes that wealth managers are faced with today, and how technology adoption, whether in the front, middle or back office is helping firms deliver improved client engagement, enhancing the abilities of advisers, driving more efficient processes, and supporting improved compliance. Following these insightful articles, report readers will find featured solution provider showcases, offering

of these firms. This section is designed to provide an overview of a selection of solutions available on the market today, providing an overview of some of the technology tools and partners that could serve your business needs. We wrap up the report with a look at our online Solution Provider Directory (SPD) and the extent to which the European wealth management sector is covered by this growing and changing community of vendors. There is an increasing array of technology and related vendors and offerings available to all segments within the European wealth management sector. While we do not yet claim that the offering landscape is perfect, and development and change are at play here too, it is increasingly clear that technology, coupled with strong business

We also hope this report serves as a vital resource that not only enhances your knowledge of the marketplace in terms of solution providers and emerging trends, but also assists you in navigating this ever-evolving sector with confidence. I would like to once again take this opportunity to express our gratitude to the firms and individuals who have contributed articles, interviews, and enhanced showcases to this report. Their insights and expertise have been instrumental in shaping this publication. As we look ahead, we are excited about the continued interactions and collaborations with the market in the coming weeks and months, and we encourage you to engage with this report as a key resource in your ongoing journey to deliver change and improvement within your organisations and to deploy technology across your business.

leadership and clear strategic direction, can deliver real impact and results. We trust you find the European WTLR 2025 invaluable to your business needs and supportive of your understanding of the fast-moving business trends and supporting technology marketplace surrounding wealth management across Europe.

Stephen Wall Founder office@thewealthmosaic.com +44 (0) 7704 473665

European WealthTech Landscape Report 2025

insights into the offerings and capabilities of some

European Market Summary Setting the scene With fifteen Landscape Reports under our belts, including four each for Switzerland and the UK, it’s now time to turn our attention to the wider European region, the cradle of Western civilisation, and one of the wealthiest and most developed regions in the world. With significant diversity within a relatively small geographic area by some global standards, Europe is home to over 40 countries, big and small. Europe’s wealth makes it ripe for a flourishing wealth management market. But it’s fragmentation and complexity also bring with it limitations, especially in the context of the European wealth management industry. Economic and wealth backdrop Let’s first look at the backdrop. With over 40 countries and several of the world’s largest economies, including France, Germany, Italy, Spain and the United Kingdom, Europe today represents between 24% and 25% (US$24 – US$25 trillion) of the world’s total global gross domestic product (GDP) of around US$115 trillion. It is in the top three regions, alongside (but now firmly behind) Asia and North America.

A collection of data points that provide a visual snapshot of the trends impacting the wealth management industry in Europe.

Over the last two decades, Europe’s rate of growth has been significantly outstripped by Asia, as well as North America. Between 2000 and 2021, Asia’s share of global GDP jumped from 27% to 37%. While North America’s share also fell, it didn’t fall at the same rate as Europe. As illustrated in Table 1, Asia is now a far bigger contributor at 36% to 37% of total global GDP compared to Europe’s 24% to 25%.

Table 1: Global GDP by region

Country

GDP (Nominal, US$ trillion)

% share of world GDP

Asia

36 – 37%

North America

27 – 28%

Europe

24 – 25

24 – 25%

Latin America & Caribbean

5–7

5 – 6%

Africa

2.8

2.5 – 3%

Oceania

2.07

1.8 – 2%

This lack of recent growth has significant impact, not just on the general economy and financial well-being of its citizens, but also downstream on the growth potential of the wealth management sector that seeks to service this wealth. Europe’s economic power is also not evenly distributed. The top five countries are responsible for 59% of the region’s total GDP.

Source: OpenAI/ChatGPT, IMF, World Bank

As highlighted in Table 2, four of the world’s top ten largest economies are European,

Table 2: Europe’s largest economies by GDP

while Europe also has 15 of the top 25 countries by wealth per adult, according to the UBS World Wealth Report 2025. Those countries in ranked order are Switzerland, Luxembourg,

Denmark,

Netherlands,

Norway, Belgium, United Kingdom, Sweden, France, Ireland, Germany, Austria, Spain, Italy and Finland. Lacking recent economic growth and with wealth unevenly distributed, Europe is wealthy in terms of the global average, but is somewhat stuck in its ways, hampered by various macro factors. Europe is also being impacted by elements including an ageing population, and in many cases overly

Country

GDP (Nominal, US$ trillion)

Germany

4.59

United Kingdom

3.33 - 3.50

France

3.05 - 3.13

Italy

2.19 – 2.37

Russia

1.86

Spain

1.58

Netherlands

1.09 – 1.23

Switzerland

0.91

Poland

0.84 – 0.91

Belgium

0.63 – 0.69

related to technology, such as the Artificial Intelligence Act).

Source: OpenAI/ChatGPT, IMF, National sources

European WealthTech Landscape Report 2025

restrictive regulation (including in areas

Wealth in Europe According to the Capgemini World Wealth Report 2025, as one barometer of wealth levels and numbers, Europe now accounts for just 19% of total high-net-worth individual (HNWI) wealth globally, making it a distant third to Asia-Pacific with 26.9% and North America with 28.6%. Over the last year of its analysis, through to the end of 2024, Capgemini also highlighted how overall European HNWI wealth had grown by just 0.7% through 2024, while the total number of HNWIs fell by 2.1%. The picture is uneven again, however, and there are pockets of growth. According to the UBS World Wealth Report 2025, Eastern Europe achieved the highest regional growth in total personal wealth in 2024 at over 12%. Western Europe, where most of the European wealth is held, was way behind. As with any region of this size and complexity, Europe is not one story but a multitude of different stories. Looking more broadly at wealth, Europe’s average wealth per adult is US$166,000 to US$177,000. For Asia, the average is US$67,000, while for North America it is US$286,000 to US$532,000. According to the UBS World Wealth Report 2025, Western Europe has 26.2% of the world’s individuals with wealth between US$100k and US$1 million, with Eastern Europe at 3.1% and North America at 20.9%.

Trends in the wealth management sector The European wealth management is undergoing a structural transformation, shaped by a broad range of combinations: demographic shifts, rising client expectations, product developments and trends, new and fast-moving technologies, regulatory

In terms of growth, average wealth growth in Europe has been far slower than either Asia or North America over recent decades. Over the last 20 years, Europe’s overall wealth has grown by 175% to 200%, compared to 250% to 300% for North America and 300% to 400% for Asia.

developments, and so on. The ongoing shift is

While Europe’s wealth has grown, it has not been evenly spread across wealth levels. Indeed, wealth inequality is rising, middle-class wealth has stalled, ultra-HNWs continue to grow in number and assets, and existing divisions between segments are more entrenched.

digital tools. There is a lot at play at all levels.

prompting firms to rethink multiple aspects of their businesses – operating models, segmentation focus, engagement strategies, product offerings, technology infrastructure, moving from traditional, relationship-based Advisery to more hybrid models combining human advice with the increasing use of

Let’s now look at the wealth management sector. With the focus on technology in this report, we decided to ask ChatGPT for its take on the main trends impacting the European wealth management sector.

Hey, ChatGPT…

What are the main trends in the European wealth management sector?

As of mid-2025, the European wealth management sector is undergoing notable transformation, driven by structural, regulatory, and technological forces. Here are the key trends: Shift toward holistic and goal-based Advisery

Industry consolidation

•

Client-centric planning: Wealth managers are increasingly moving from product-pushing to holistic, goal-based financial planning.

•

Life-stage services: Demand for advice on retirement, inheritance, philanthropy, and family governance is growing, especially among ageing baby boomers and wealthy millennials.

M&A activity: Small- and mid-sized wealth managers are being acquired or merging to gain scale, meet tech and compliance costs, and remain competitive.

•

Platform convergence: Banks, insurers, and asset managers are increasingly building integrated wealth platforms to serve both mass affluent and HNW clients.

Digital transformation and hybrid models

•

Digital-first experiences: Digital channels (apps, portals, chatbots) are now standard for onboarding, portfolio tracking, and communication. Hybrid advice models: Combining digital tools with human Advisers remains the preferred approach, offering scalability and personalisation. AI/analytics adoption: Use of AI for portfolio management, risk profiling, and behavioural nudging is on the rise.

Sustainability and ESG integration •

•

Client demand: ESG investing has become mainstream. Investors—especially Gen Z and millennials—demand transparency and measurable impact. Regulatory push: The EU’s Sustainable Finance Disclosure Regulation (SFDR) and the Corporate Sustainability Reporting Directive (CSRD) are reshaping product offerings and reporting requirements.

Regulatory pressure and compliance costs •

Increased scrutiny: MiFID II, SFDR, AMLD, and local regulations continue to increase compliance burdens.

•

Cost challenges: Regulatory compliance has pushed firms to invest heavily in risk, reporting, and KYC technology, often squeezing margins.

Rising demand from new demographics •

Women and younger investors: These groups are accumulating wealth faster and expect modern, inclusive, and tech-enabled services.

•

Mass affluent focus: Firms are developing scalable offerings (including robo-Advisers) to capture this growing and underserved segment.

Alternative and private market access •

Democratisation: Firms are finding ways to offer alternative investments (e.g., private equity, real assets, crypto) to broader investor bases.

•

Tokenisation and fractionalization: Technology is enabling access to previously illiquid or highbarrier assets.

Geopolitical and macroeconomic volatility •

Impact on risk appetite: Events such as inflation, rate volatility, and political shifts (e.g., Brexit aftermath) have made clients more risk sensitive.

•

Wealth preservation focus: There’s greater emphasis on capital preservation, tax optimisation, and currency diversification.

European WealthTech Landscape Report 2025

•

Our Perspective That took a few minutes to prompt, review and copy and paste, highlighting the value of a technology tool to support quick access to knowledge. While it’s a good overview, there are more areas to add and more detail to include. Below is a TWM view of what more/else is in play. Rising HNWI and UHNW populations

Product differentiation

•

Continued growth in HNW and UHNW segments across Europe.

•

Growth in the UHNWI segment sees rising numbers of family offices, as well as private banks and others focusing more on products and services for this segment.

There is greater adoption of ETFs, a product set which combines well with digital wealth offerings and accessing lower value clients.

•

There is a growing trend towards private assets with more wealth managers giving access and more platforms in the market to enable access, analytics and management.

•

Sustainability and ESG investing have moved from niche to mainstream in European wealth management, with Europe account.

•

Crypto and product themes like tokenization continue to develop, but according to the 2025 EY Global Wealth Research Report, while 27% of clients want to know more but only 15% have discussed this with their adviser.

•

Alternative assets have grown from a 10% allocation in 2002 to 15% in 2025 for the average HNWI portfolio, according to Capgemini’s World Wealth Report 2025.

•

While a broader service offering across the industry, considering. Capgemini’s World Wealth Report 2025 found that one in three HNWIs had interest in services beyond financial advice, while the 2025 EY Global Wealth Research Report found that demand for further services is strong, with 35% of respondents wanting to learn more about healthcare and eldercare advice.

•

Similarly, the Natixis 2025 Wealth Industry Survey found that 56% of wealth managers believe their top growth factor is expanding their service offering.

Evolving client segments and behaviours •

•

As well as women and younger investors, the investor landscape is changing with new sources of wealth – technology, crypto, finfluencers, etc. Europe will see trillions in wealth transferred from one generation to the next – Capgemini’s latest World Wealth Report finds that 81% of next-generation HNWIs plan to switch from their parent’s wealth management firm in the next 1-2 years. The Natixis 2025 Wealth Industry Survey research found that 48% of wealth managers believe tapping into new client segments for growth. The UBS World Wealth Report 2025 highlighted the rise of EMILLI, the Everyday MILLIonaire with assets of US$1 million to US$5 million. This group has quadrupled (globally) since 2000 to around 52 million and US$107 trillion of total wealth.

Broader access and growth through digitalisation •

•

The move to open wealth management to a broader set of clients through robo advice/digital wealth offerings. Players like Moneyfarm, Nutmeg and Scalable Capital are just a few of the names changing access to wealth management services. These new players have also influenced the traditional market by delivering digital tools to their client bases. While some notable market participants have entered and then exited these offerings, the trend of growth and development remains.

Financial pressures •

Industry fees are under pressure, while business costs related to people, technology, regulation and other elements are on the rise.

•

Yet 79% of wealth management respondents believe AI will support accelerated investment earnings in the future, according to the Natixis 2025 Wealth Industry Survey.

Technology scene

People, talent and training •

The industry needs access to different skill sets, related to different types of clients as well as different business needs, compared to its traditional profile.

•

According to the PwC 2024 Asset & Wealth Management Report, only 39% of asset and wealth managers are upskilling their internal workforce specifically to leverage new technologies.

M&A, consolidation •

There is a growing trend for M&A and external investment into the wealth industry from private equity and other external investment. Industry leaders expert further consolidation in the years ahead to reshape a fragmented sector.

•

81% of asset and wealth management organisations are considering strategic partnerships, consolidations, or M&A, according to the PwC 2024 Asset & Wealth Management Report.

Technology Finally, the technology backdrop to the market is fast moving and increasingly multi-faceted. Below we highlight a range of insights from third parties related to the technology focus, needs and challenges of wealth managers across Europe. •

47% of relationship managers are dissatisfied with their firm’s technology toolkit, Capgemini’s World Wealth Report 2025.

•

58% of European wealth managers have adopted AI tools, and 69% expect AI to boost investment processes, Natixis 2025 Wealth Industry Survey.

•

60% of firms are either live, piloting, or experimenting with generative AI. (Celent, 2024).

•

The 2025 EY Global Wealth Research Report found that a clear majority of clients (60%) expect wealth managers to use AI, with 71% thinking their wealth managers are already using AI to manage their wealth.

Considering the many themes, opportunities and challenges, technology is and must become the cornerstone of transformation across European wealth management. Alongside a clear strategic vision and leadership to drive it, technology has the potential to reshape and enhance client interactions, to uplift and elevate adviser productivity and capability, and to generate further operational efficiency across what is a more complex business. While the legacy technology infrastructure of many firms remains a topic to tackle. the sector is shifting to a more nimble, responsive and flexible technology infrastructure, able to engage with many of the needs and opportunities referenced. While the vision for an integrated, data-driven, and digital-first model remains some way off for many, the journey has begun. Europe is not currently the economic driver than it has been before, but it still has in place many of the key criteria to both need and to deliver a modern and technologyenabled wealth management marketplace. The future of the European wealth management market will be a continual period of dynamic transformation, shaped by the factors referenced and how leaders and strategies respond and develop. As intergenerational wealth transfer accelerates and new client segments come onboard, as existing advisers retire and the next generation of digital native advisers enter the industry, there is bit one coming reality – the digital enabled wealth manager will be the norm. The journey will be long and complex, with bumps in the road, but the future of this industry in Europe is there to chase with the leaders, in terms of scale, being those that mix strategy, leadership and clear technological engagement and deployment.

Directory Content Research Events Marketplace Network Community Partnership Intelligence

Our online directory includes 3,100+ technology and related Solution Provider profiles and well over 6,500+ categorised solutions from across this community. This resource is supported by an extensive library of knowledge resources including New & PR, video and video interviews, podcasts & webinars, white papers & thought leadership, solution information and more. >

www.thewealthmosaic.com

The Wealth Mosaic is a curated online marketplace directory of solution providers and solutions relevant to the business needs of the global wealth management community.

Marketplaces

Business needs

3,100+

Business profiles

6,500+

Solution profiles

5,250+

Knowledge resources

European WealthTech Landscape Report 2025

The client

This section looks at how firms are developing persona tailored strategies and solutions to grow investor wealth based on individual goals and risk tolerance. In response to the shifting demographic of investors, wealth management firms are increasingly focusing on solutions that provide personalised financial advice. Tailored strategies are now designed to align with each investor's unique goals, lifestyle, and risk tolerance, as clients seek more customised approaches to growing their wealth. From younger investors looking for digital platforms to older generations prioritising retirement planning, firms are adapting their offerings to meet a broad spectrum of needs. This section explores how these tailored strategies not only drive better financial outcomes but also foster deeper client engagement.

1 The Client

The wealth management industry needs to master complex challenges in a world of changing client needs and expectations in order to survive By Ingo Rauser, Partner EY, WAM & Business Consulting Lead Switzerland

The EY Global Wealth Research Report 2025 has

Client sentiment and expectations

recently been examining the evolving landscape of wealth management, particularly focusing on the future needs of technology and Artificial Intelligence (AI) in meeting the expectations of affluent clients. With insights derived from a survey of over 3,600 affluent individuals across more than 30 markets, the report highlights critical shifts in client sentiment and behaviour that wealth managers must navigate and reflect in their technology roadmap to remain competitive in an increasingly complex economic environment.

While affluent clients generally hold positive views of wealth management services, there is notable discomfort surrounding the complexities of investments. This unease is exacerbated by economic uncertainties and geopolitical challenges. Approximately 45% of surveyed clients report facing difficulties with their investments, with 29% considering switching wealth management providers. This signals a strong demand for improved service delivery and (especially) cost transparency. Nearly

European WealthTech Landscape Report 2025

half of the participants prefer fixed fee structures

over traditional commission-based pricing, indicating a clear desire for clarity and predictability in their financial dealings. This shows that wealth managers must address these concerns by enhancing communication and providing clients with a clearer understanding of their investment strategies. This includes offering detailed insights into the costs associated with services and ensuring that clients feel informed and empowered in their financial decisions.

Dynamic client behaviour

Wealth managers must prioritise education and communication regarding alternative investment

Contrary to the stereotype of wealthy clients as passive investors, the report uncovers a shift towards diversification and fragmentation in client relationships. Nearly 50% of affluent clients, especially younger individuals in high-growth markets, prefer collaborating with multiple wealth managers. This evolution necessitates that wealth managers emphasise client retention and actively engage with their existing clients.

opportunities.

This

includes

providing

clients

with insights into emerging asset classes, such as cryptocurrencies and other digital assets, and ensuring that advisers are well-versed in these areas to facilitate informed discussions. Enhancing service delivery Enhancing service delivery is paramount, as 43% of clients feel that their wealth managers do not

To cater to this dynamic behaviour, wealth managers must adopt a more client-centric approach, focusing on personalised service delivery that aligns with individual client goals and preferences. This involves leveraging technology to enhance communication and provide tailored solutions that resonate with clients' unique financial situations.

adequately address their needs for personalised advice. There is also a growing demand for supplementary services, including healthcare and eldercare guidance. This presents an opportunity for wealth managers to facilitate crucial wealth transfer discussions since many clients feel unprepared for intergenerational wealth issues, especially in light

Investment product preferences

globally in the coming decades.

Furthermore, we recognise a rising interest in alternative investments, with more than 50% of clients eager to explore diverse options. However, there remains a significant gap between client preferences and adviser awareness, indicating a need for better education from wealth managers. Particularly, younger investors show a preference for digital assets, yet Advisery conversations around these investments are limited.

Wealth managers should consider expanding their service offerings to include comprehensive financial planning that encompasses estate planning, tax optimisation, and risk management. By taking a holistic approach to wealth management, advisers can better serve their clients' diverse needs and foster long-term relationships built on trust and transparency.

European WealthTech Landscape Report 2025

of the US$80 trillion expected to be transferred

Technology integration: Artificial Intelligence The integration of AI in wealth management presents both opportunities and challenges. Younger clients exhibit a higher openness to AI-driven solutions, while older clients express privacy concerns. Consequently, wealth managers need to integrate AI capabilities while maintaining a high level of personal engagement with their clients. A significant percentage of clients, 28%, trust AIdriven tools comparably to human advisers, with Millennials demonstrating the highest levels of trust. This indicates that wealth managers should explore the potential of AI to enhance client experiences, such as through personalised investment recommendations and automated portfolio management, while also addressing privacy concerns through transparent data practices. Technology-triggered advice erases the doubt of personal preferences of the relationship manager. Market dynamics and competition

European WealthTech Landscape Report 2025

The competitive landscape is evolving, with clients increasingly favouring independent advisers and digital platforms over traditional brokerage firms. This trend towards multihoming strategies has prompted wealth managers to create bespoke offerings that distinguish them in a crowded marketplace.

To remain relevant, wealth managers must innovate and differentiate their services, leveraging technology to enhance client experiences and streamline operations. This may involve adopting digital tools that facilitate seamless communication, improve access to information, and provide clients with real-time insights into their portfolios. Wealth transfer dynamics Concerns surrounding wealth transfer readiness are prominent, as 50% of clients believe their families lack preparedness for generational wealth needs. This gap emphasises the importance of engaging clients in proactive wealth transfer and planning discussions. Wealth managers should take the initiative to educate clients on the implications of wealth transfer and provide tailored solutions that address their specific needs. Facilitating discussions around intergenerational wealth issues can help clients feel more prepared for these transitions, reinforcing the importance of proactive planning. Wealth managers can offer resources and tools to assist clients in navigating the complexities of wealth transfer, ensuring that families are equipped to manage their legacies effectively.

Strategic implications for wealth managers

Conclusion

To successfully navigate the outlined challenges, wealth managers must adopt flexible strategies that emphasise transparency while catering to the specific needs of high-net-worth (HNW), very high-net-worth (VHNW), and ultra-high-net-worth (UHNW) clients. Establishing genuine relationships

The wealth management landscape is rapidly evolving in response to the changing needs and expectations of affluent clients. By embracing technology, particularly AI, and focusing on personalised service delivery, wealth managers can navigate the complexities of the market and position themselves for success in the years to come.

Additionally, wealth managers should aim for comprehensive service offerings that extend beyond mere investment guidance. This includes integrating technology into their practices to enhance efficiency and improve client interactions. By leveraging data analytics and AI, wealth managers can gain deeper insights into client preferences and behaviours, allowing them to tailor their services accordingly.

As the landscape continues to change, those who adapt and innovate will be best equipped to meet the demands of their clients and thrive in an increasingly competitive environment. The integration of technology, coupled with a commitment to transparency and client engagement, will be key drivers in shaping the future of wealth management. In summary, the future of wealth management lies in the ability of wealth managers to effectively integrate technology, prioritise client needs, and foster longterm relationships built on trust and transparency. By addressing these challenges and seizing opportunities for growth, wealth managers can differentiate themselves in a crowded marketplace and ensure their continued success in the evolving world of wealth management.

Ingo Rauser Partner EY, WAM & Business Consulting Lead Switzerland ingo.rauser@ch.ey.com

Discover more about EY

European WealthTech Landscape Report 2025

and understanding the varied expectations across generations is crucial.

2 The Client

The importance of the human touch in an AI-driven world: how the rise of AI is reinforcing the need for trusted and personalised service in private banking By Jean-Philippe Bersier, Director of Sales & Marketing, ERI

European WealthTech Landscape Report 2025

At a recent roundtable of financial services executives, it was no surprise that Artificial Intelligence (AI) dominated the agenda. Yet the conversation revolved as much around celebrating AI’s potential as it did about navigating the complex emotions it stirs: excitement, fear, optimism, and scepticism. Particularly in private banking, an industry historically built on personal relationships and trust, AI’s rise is not just a technology story. It is a call to reinforce the human touch in an increasingly digital world.

The AI surge: personalisation and changing client expectations Today’s private banking clients are not like those of the past. They are digitally savvy, increasingly selfdirected, and expect more relevance, responsiveness, and personalisation in their financial interactions. Personalisation, powered by AI, has emerged as the new competitive battleground. Clients now demand investment information tailored to their goals and preferences, delivered through intuitive, accessible channels. In a world where clients can access nearly the same data and simulations as their advisers, how can private banks maintain an edge? The answer lies in reimagining the role of the human adviser, supported by AI rather than replaced by AI

The AI adoption gap: varying speeds, common

AI is not an optional extra for private banks. It is

challenges

essential, both for empowering relationship managers (RMs) and enriching client experiences. AI can free

While some wealth management firms are forging ahead with AI, others, particularly smaller private banks, are lagging behind. Budget constraints, limited resources, and fierce competition for AI talent all pose significant barriers. Moreover, the costs associated with the massive processing power AI requires cannot be ignored.

Despite these hurdles, the industry is moving. Cloud adoption in Switzerland is gaining traction, although

RMs from routine tasks, allowing them to focus on higher-value activities that further enrich the client experience, deepening their brand loyalty and trust. However, advisers must also be prepared and able to justify AI-driven recommendations to clients and regulators alike, requiring a new level of expertise, transparency and system capabilities. The rise of self-directed clients: redefining Advisery roles

not without hesitation. The early use cases in private banking remain experimental, and no industrialised

AI tools are democratising financial insights, giving

solutions have yet emerged. Still, the pressure to

clients real-time data, simulations, and risk analyses

evolve remains relentless.

at their fingertips. This empowerment is driving a rise in self-directed investing, fundamentally shifting

redefining it

A few years ago, the debate centred around whether technology would erode the role of the adviser. Today, the narrative has matured: AI is seen as an enabler of greater efficiency and deeper client engagement. Bill Gates’ vision of AI transforming every industry is materialising, but in private banking, a world of historically fragmented players and highly personalised service, the transformation demands nuance. Private banks must balance technological innovation with the preservation of human relationships at their core.

the Advisery landscape. RMs must evolve from product pushers to strategic advisers, focusing on multi-generational planning, emotional

intelligence,

and

complex

wealth

structures, areas where AI cannot fully replace human judgment. Clients still crave empathy, understanding, and reassurance, especially during major life transitions like retirement, inheritance, or liquidity events. The future of private banking lies in the "human + machine" model: combining AI’s speed and precision

with

human

contextual understanding.

trust,

empathy,

and

European WealthTech Landscape Report 2025

Human advisers: from defending the role to

Building a truly customer-centric hybrid model

Navigating generational differences

In the hybrid AI-human environment, customercentricity must therefore be redefined. Clients expect seamless digital experiences that still feel deeply personal. They want their banks to know them, not just through data points but through real understanding.

The relationship with AI is not uniform across demographics. Older generations may remain more wary of tech-driven services, while younger clients expect and embrace AI-enabled convenience.

AI enables hyper-personalisation at scale, providing tailored insights, proactive nudges, and contextual communications based on real-time behaviours and financial signals. Armed with AI-driven insights, RMs can engage clients in more timely, relevant, and value-rich conversations. Omnichannel orchestration will be vital. Clients expect consistent, intelligent service whether they interact through apps, video calls, or face-to-face meetings. The back-end must enable the front-end, ensuring that every touchpoint reflects a unified understanding of the client.

European WealthTech Landscape Report 2025

Yet no matter how sophisticated AI becomes, emotional intelligence remains irreplaceable. In the more significant moments in life, only a human adviser can provide the depth of connection clients need.

RMs must continually adapt, reinventing their roles to stay relevant to a diverse client base. Crucially, they must position AI not as a cold, impersonal force but as a tool that augments their ability to provide better, more customised service. Depending on the demographic of the client, the adviser needs to be able to leverage AI to its fullest in the best interests of the client, and be able to explain decisions and recommendations made, or, with more technology-savvy clients, be able to demonstrate to the clients themselves how to best use the AI tools and technologies they may have access to. Responsible governance

AI:

balancing

innovation

with

Private banking is a heavily regulated industry, and the adoption of AI brings new governance challenges. Controlled experimentation is the norm today, as banks tread carefully to balance innovation with regulatory compliance. AI governance is becoming a board-level priority. Firms are embedding AI oversight into existing risk and compliance structures, implementing model validation, explainability protocols, and robust data governance frameworks to ensure responsible AI use. Transparency, auditability, and ethical considerations are critical. Training programs are also being rolled out to upskill teams on AI risks and best practices. Banks must ensure AI-driven decisions are free from bias, protect client secrecy, and secure data integrity, while still fostering innovation. Finding this balance is essential. Suffocating innovation would be as damaging as unbridled experimentation.

The critical role of infrastructure: data, security, and integration

Conclusion: The future belongs to those who combine intelligence with empathy

In an AI-driven world, data is the fuel that brings profound implications for broader bank infrastructure. Secure, high-performing, dependable systems are not just "nice to have" but mission-critical.

Private banking is at a turning point. AI is reshaping the industry, but the human touch will define its future. The RM of tomorrow will be an augmented adviser: technologically empowered, but deeply human.

Firms like ERI understand that the success of AI initiatives hinges on integrating intelligent frontend experiences with automated, resilient backend processes. Modernising legacy core systems, embracing modern technology languages, and ensuring seamless data flows will be crucial.

Clients will gravitate to firms that offer the perfect blend of cutting-edge digital experiences and authentic, trusted relationships. Success will not come from technology alone, but from how well private banks use technology to deepen their understanding of clients, anticipate their needs, and deliver experiences that feel as personal as they are intelligent. In a world increasingly driven by algorithms, the institutions that put human connection at the heart of their AI strategies will lead the way.

Jean-Philippe Bersier Director, Sales & Marketing info@olympicbankingsystem.com

Discover more about ERI

European WealthTech Landscape Report 2025

AI will further accelerate digitisation and automation, optimising operational efficiency and responsiveness. Without strong foundations, personalisation efforts will falter.

3 The Client

How machine learning, natural language processing, and advanced visualizations can help relationship managers establish deeper relationships with new clients By Milica Lazic, EMEA Banking Industry Lead, AWS

Situation and challenge

European WealthTech Landscape Report 2025

Making first meetings effective with prospects and customers is the aim of every Relationship Manager (RM) in Wealth Management. Effective meetings require good preparation and RMs to create a 360-degree view of customers regarding their source of wealth and interests. For this purpose, RMs traditionally inform themselves by reading news from different data sources (Internet, Dow Jones, Lexis

Nexis, World-Check) and extract relevant insights for meetings. This process may be incomplete depending on which data sources the RM reads, is time-intensive, and limits the number of meetings an RM can have. Manually unifying disparate data sources and keeping data always up to date is neither feasible nor scalable, and requires automation.

On top of the user's application landscape build a tool with AWS services by augmenting the manual/ semi-manual process to automatically generate relevant insights from large amounts of structured and unstructured (webpages, PDFs, social media, etc.) internal and external data, giving the RM the ability to search with natural language queries (full sentences going beyond keyword search), and always have an up-to-date visualized view of the customer and their relationships. The following AWS services have been used in this solution. Data Exchange is a data marketplace with more than 3,500 pre-approved data providers that users can easily subscribe to from a single place. Instead of negotiating with each data provider in Data Exchange, users can easily select and test providers to determine if they match their use case, and either continue or discard them and select new ones. Amazon Athena is a serverless query engine that provides processing and analytics capabilities without requiring infrastructure management.

OpenSearch gives users the ability to run and search through vast amounts of data (individuals, events, company news). Amazon Neptune is a fully managed graph database designed to store and query highly connected data with complex relationships. This is important as networking and relationships are key components of 360-degree customer value. Amazon SageMaker allows secure hosting of different Generative AI models. All data remains private and within customer boundaries. This enables the integration of generative AI functionalities in the application, like natural language search for prospects, simplifying the identification of key individuals for RMs. Amazon Comprehend enables automated insights. Comprehend's event detection functionality can detect up to 11 business events, including corporate acquisitions, general investments, stock splits, and IPOs. It is used to detect relevant news for individuals. It also provides sentiment analysis, offering more insights about prospects and customers.

European WealthTech Landscape Report 2025

Approach and solution

Explanation of how It works

European WealthTech Landscape Report 2025

All data names have been processed through anonymization and randomization for demonstration purposes. In a real-world scenario, there are thousands of individuals (prospects) with hundreds of attributes, news, and other data. The demo shows prospects with attributes such as company name, sector, and other columns representing third-party data providers' data integrated into the solution, with indicators showing whether individuals/prospects match with specific third-party data providers.

Generative AI enables natural language search. For example, if an RM knows about an upcoming golf event and wants to find prospects interested in golf, they can input the sentence "show me prospects who like golf." This is sent to the LLM hosted in the SageMaker endpoint. The LLM translates the natural language sentence into a query that OpenSearch can understand, finds relevant individuals with that interest, and returns the response. The same question can be phrased differently, such as "Show me people interested in golf," and yield identical results, as the LLM understands the intention and transforms it into the same query for OpenSearch. RMs can additionally filter for specific age ranges of prospects. For example, "Show me prospects who were born

after 1953" will display all customers interested in golf who were born after 1953. If the event is happening in NY, the RM might want to see only customers who, besides being interested in golf and born after 1953, live in NY. Similarly, users can expand queries to include any attributes in the database (e.g. questions about company, interests, or networks). Once users find prospects matching their criteria, they can dive deeper into individual profiles. The system can display all data about individuals, including their networks and relationships. If the RM is interested in another individual from the network (e.g. a family member of the prospect), they can view all data about this person (their network, companies, financials, shareholders). In this example users can also see related stories, Twitter tweets, metadata, and sentiment analysis (ranging from -100 for very negative sentiment to +100 for very positive sentiment) extracted by the Comprehend service. Processing news and tweets provides significant value to prospecting, offering real-time sentiment analysis and all events related to individuals. These insights can be used to find potential new prospects who are related to recent corporate acquisitions or investments.

Summary In summary, there are several benefits of this built solution: 1. Time to value in getting a 360-degree view of customers with rich insights (strategy, business events, news, social media, sentiment analysis). Ability to visualize and traverse connections of prospects/ customers. Any data format, including emails and audio (from calls), can be added and analyzed. 2. Significant increase in RM productivity, freeing them from manual tasks and allowing focus on higher revenue-generating activities. 3. Powerful natural language search capabilities powered by Generative AI. 4. Business agility enabling organizations to add new data feeds faster when implementing the solution across geographies.

Milica Lazic EMEA Banking Industry Lead milical@amazon.ch

Discover more about AWS

European WealthTech Landscape Report 2025

5. Ability to provide proactive service to prospects/ customers, enhancing customer experience and leading to higher conversion rates.

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European WealthTech Landscape Report 2025

The adviser

This section looks at how firms are leveraging technology innovations to make advisers lives easier, helping them focus on valueadded activities to build lasting client relationships Contributors look at how wealth management firms are leveraging cuttingedge technology to streamline workflows and free up advisers to focus on what truly matters – delivering personalised, value-added advice. By automating routine administrative tasks, such as portfolio management, data analysis, and compliance reporting, technology allows advisers to dedicate more time to building deeper, more meaningful client relationships. With access to AIdriven tools and advanced data analytics, advisers can offer insights that are timely and highly relevant, tailoring investment strategies to meet each client's unique financial goals and preferences.

4 The Adviser

Hybrid advice 2.0: unlocking the potential of advisery services in self-service channels with AI agents By Andreas Borg, CEO, Finfox

Hybrid

advice

today:

digitally

supported

interaction between client adviser and clients

In the last three years, the concept of hybrid advice has emerged as a cornerstone of modern

clients, ensuring all users always have the same data at their fingertips across all channels. A shifting landscape: the evolving demands of a new client generation

wealth management, ensuring seamless interaction between client advisers and their clients. The hybrid Advisery model leverages technology to create flexible user journeys that ensure a smooth interplay between personal client-adviser meetings and digital self-service interactions conducted by clients from anywhere and at any time. This enables European WealthTech Landscape Report 2025

a tailored experience, allowing clients to access and

complete information as well as make and confirm decisions in self-service channels independently, while maintaining the option to easily engage with a client adviser if needed.

The hybrid formula can vary significantly depending on a bank's strategy, client segments, and technology infrastructure, but its goal is consistent: delivering a cohesive omnichannel experience that fosters effective collaboration between client advisers and

The push towards hybrid advice is not just a passing trend, it reflects a fundamental change driven by two major forces: demographic factors and technological advancements. According to UBS’s Global Wealth Report 2024, a record sum of approximately US$83.5 trillion is expected to be passed between generations globally within the next 20 to 25 years. This historic shift of wealth is known as the Great Wealth Transfer. The baby boomers, who traditionally relied heavily on personal advisers, are being replaced by younger, more tech-savvy generations that are reshaping the financial landscape with their expectations of selfservice and instant access to information. These digital natives, particularly Gen Z and millennials, are accustomed to 24/7 convenience in other areas of life – from online shopping to media streaming – and expect the same flexibility and control when it comes to their finances.

However, while this clientele values autonomy and

and the self-service channel, will be transformed into

feels comfortable with technology in managing

an augmented service channel, embedding interactive

everyday information needs, many of them lack

information and eventually even Advisery services for

financial literacy and actual investment experience,

end clients by means of virtual Advisery agents.

just as the older generations of clients did. Consequently, if they are left alone in the selfservice channel as execution-only, they risk being overwhelmed by the complexity and implications of financial decisions. For example, when navigating complex financial products or in times of market fluctuations or special life situations, most clients will want to seek the expert guidance of an experienced client adviser, providing factual as well as emotional affirmation in the decision-making process. The key to a successful hybrid Advisery model lies in balancing self-service options with professional

This will be made possible by generative and agentic artificial

intelligence

combination

with

voice

recognition and humanoid characters. Combining these technologies creates responsive speech-based, avatarlike agents, which will deliver an engaging and interactive user experience. The result will feel natural and humanlike in interaction – only lacking the actual physical presence of the client Adviser. However, the human likeness of AI agents has its limits, as excessive anthropomorphising may trigger uncanny valley effects, causing users to feel confused

guidance by offering scalable digital tools for basic

or uncomfortable. Thus, finding the right balance is

needs while reserving human expertise for intricate,

important to gain trust and acceptance of the virtual

key moment scenarios. Thus, the role of the adviser

Advisery agents. We believe stylised human-like

will not be replaced by technology, but rather,

characters can bridge this gap. In the context of financial services, the initial focus

Hybrid advice 2.0: embedding AI agents in

should be on pre-defined client journeys, such as

self-service channels

opening a fund savings plan or a personalised next-best action recommendation in the context of clients with

We believe the next era of hybrid advice – hybrid

established investor profiles. We are convinced that in

advice 2.0 – will constitute a transformative step in the

the near future, this will result in an engaging and intuitive

evolution of wealth management, with regard to both

self-service experience which will empower clients to

service capabilities and client experience. What used

take control of certain aspects of their finances, while

to be the seamless interaction between client adviser

maintaining the reassurance of expert oversight at the

– as guardian of personalised and qualitative advice –

hand of tailored AI agents for specific use cases.

European WealthTech Landscape Report 2025

complemented by it.

Once generative AI hallucinations have become better controllable, agentic AI has made further progress, and the initial adoption reluctance – among clients and institutions – has faded, we foresee that ultimately AI-driven agents will be used to analyse a client’s financial situation. They will guide clients

In the future, the key adoption criteria for AI agents in portfolio optimisation will be if they can replicate an equally qualified and engaging dialogue with the client, considering the client’s unique context as well as offering high-confidence explanations of how proposed changes add value.

through the risk capacity and risk tolerance profiling process based on visualised wealth simulations and step-by-step explanations. This way, AI agents can establish an investor profile with the client, which – in combination with a strategic asset allocation at institute level – provides the basis for regulatorycompliant advice.

The next key step in any Advisery process is portfolio optimisation. In short, it is a straightforward

Circling back to the initial example of a fund savings plan, success will be based on providing educational content in combination with an interactive discussion on why a fund savings plan makes sense in the specific client context. In the end, it is about explaining foregone opportunities and the impact of a consistent long-term investment approach, with AI agents assuring the client of the soundness of such a decision, just as a human adviser would in a personal meeting.

parametric or risk-based optimisation and has been standard for the past 20 years. The current challenge

Customisation, scalability, and cost-efficiency

is not optimisation but defining a rule framework that avoids an unnecessarily large number of rebalances and hence transactions. Today, client advisers play a crucial role in integrating the existing client context and focus on improving the portfolio in context of the strategic asset allocation. Put differently, the client adviser facilitates an interactive dialogue with the client resulting in a balanced outcome that aligns the client’s preferences with the strategic asset allocation, while ensuring suitability of the advice

European WealthTech Landscape Report 2025

being provided.

The key challenge in building a successful hybrid advice 2.0 offering is ensuring quality in the user experience. Initial negative experiences will delay adoption on an individual level significantly. Every financial institution serves various client segments, with different expectations and levels of financial literacy. AI agents will have to cater to a bank’s value proposition, offering, and client personas, taking into account factors such as financial goals, risk tolerance, and personal values.

We also believe high-net-worth individuals with complex, non-standard situations will continue to prefer the reassurance of personal, expert-backed advice. For these clients, holistic 360-degree Advisery services from client advisers are, and will remain, indispensable. However, the key point being, in this client segment and with these preferences two factors are ensured: AUM and client predisposition to pay – hence guaranteeing overall profitability. In the end, the successful adoption of hybrid advice 2.0 will depend on how well financial institutions integrate technology into their Advisery services, and how well they manage client expectations in the context of their offerings without losing the human touch where client expectations demand it.

Building a winning proposition for the clients of tomorrow Done well, hybrid advice 2.0 will be a gamechanger for the wealth management industry. By combining digital tools, AI, and human expertise, financial institutions can create an augmented client experience that blends the efficiency of technology with the trust and personalisation of human interaction. This model not only promises to enhance client satisfaction and loyalty – it also sets banks apart in a highly competitive marketplace. By demonstrating a commitment to innovation, banks can attract the tech-savvy clientele of tomorrow and, in particular, build a winning proposition for the sizeable retail to affluent segment, thus ultimately unlocking and enabling growth in revenue. As hybrid advice – augmented in parts by AI agents – continues to evolve, it will unlock substantial potential for banks and make wealth management more accessible, engaging, and effective for all.

Andreas Borg Chief Executive Officer finfox@ecofin.ch

Discover more about Finfox

European WealthTech Landscape Report 2025

Furthermore, Advisery avatars enable banks to serve a larger client base without a proportional increase in human resources. This reduces costs and allows banks to scale their offering to the growing affluent segment and unlocks a standardised proactive advice offering for the retail segment. AI-powered advice and personalisation will help banks meet the expectations of tech-savvy, self-service-oriented clients who demand 24/7 availability while remaining fee-conscious and less loyal to specific financial brands. The pressure on fees is no secret in the industry, and hybrid advice offers a way to cope with it while still maintaining a high standard of service. By delegating routine tasks and simple user journeys to AI agents, client advisers can focus on delivering value-added services, while clients enjoy the benefits of more efficient and lower-cost offerings.

5 The Adviser

From digital wealth manager to total wealth manager By Ross Godlonton, Head of Product, Moneyfarm

European WealthTech Landscape Report 2025

The wealth management industry is undergoing a significant transformation, driven by evolving client expectations, behaviours, and life stages. This shift is particularly evident among clients aged 35 to 55 – a demographic navigating a complex financial phase. They are actively building wealth, supporting families, and thoughtfully planning for retirement. At this stage, they need more than just investment portfolios; they require flexible, holistic solutions that align with their diverse financial goals.

At the same time, the industry is moving away from simply selling individual products. Today’s clients aren’t just looking for financial tools – they want tailored strategies that deliver meaningful outcomes. This includes considerations like tax efficiency, family planning, and long-term financial security. Wealth management has become deeply personal, and firms that recognise and adapt to this shift will be the ones that thrive in the evolving landscape.

The blurring of lines in wealth management The boundaries between digital advice, DIY investing, and traditional wealth management are fading. Clients no longer want to choose between speed and support – they expect both. This is where hybrid models come in. Digital tools should make investing seamless and efficient, but expert guidance must be available when needed. This balance fosters trust and leads to better outcomes.

The demand for a unified experience

Overcoming technology debt

Managing pensions, ISAs, and investments across multiple platforms is frustrating for clients. The new standard is a single, integrated experience that brings everything together in one place. Firms that fail to offer this level of convenience risk losing client engagement over time.

Outdated systems are another major roadblock. Many firms still rely on legacy technology that wasn’t built for today’s digital demands. These outdated systems make it difficult to: Launch new features quickly Integrate with third-party tools Improve the overall user experience

Many wealth management firms recognise the need to evolve but struggle to execute change effectively. One of the biggest challenges is finding the right balance between scalability and personal service.

As a result, firms struggle to innovate and keep up with changing client expectations.

•

Too much automation can make the client experience feel impersonal and disconnected

•

Too much reliance on human advisers increases costs and limits scalability

Another key challenge is client engagement. Too often, firms wait for clients to act instead of taking a proactive approach. Without access to smart data and real-time insights, they miss crucial life moments – such as career changes, inheritances, or market shifts – where support and guidance are most valuable.

This creates a gap in the market for firms that can successfully integrate both, offering digital ease while ensuring clients have access to expert support when needed.

The need for proactive engagement

Failing to act on these moments doesn’t just mean lost opportunities; it weakens trust and reduces long-term client loyalty.

European WealthTech Landscape Report 2025

The struggle to balance scale and personalisation

• • •

The path forward: a hybrid, tech-enabled approach

The competitive advantage of hybrid wealth management

To stay competitive, wealth management firms must rethink both their technology and service delivery. The most effective approach is a hybrid model that:

The benefits of this approach are clear. A hybrid model leads to:

• • •

Leverages automation for efficiency Provides expert guidance when needed Creates a personalised, scalable experience without driving up costs

This approach enables firms to strengthening client relationships.

grow

while

Higher client engagement Greater satisfaction Long-term retention and growth

By combining seamless digital experiences with expert human support, firms can create a wealth management service that evolves with clients – delivering lasting value and staying ahead in a competitive landscape.

Modernising technology for agility Firms that successfully adapt are those moving away from outdated systems and embracing a modular technology approach – blending in-house solutions with best-in-class third-party platforms. This strategy allows for:

• • •

Faster feature rollouts More responsive client service Better cost management

A flexible technology stack ensures firms can adapt to a rapidly changing market.

European WealthTech Landscape Report 2025

Giving clients greater control

Clients want flexibility in how they interact with their wealth management service. Some prefer a hands-on approach, while others want to delegate. Many want a mix of both. Firms that offer multiple engagement paths – allowing clients to self-manage some areas while receiving expert support in others – build stronger trust and long-term loyalty.

Moneyfarm – making investment simple and accessible Over the last five years, Moneyfarm has grown from a focused, single-product digital wealth manager into a broader, more complete wealth partner. We have expanded our range of services to meet the growing and more complex needs of our clients. But through that growth, we have stayed true to our original purpose: to make investing simple and accessible without compromising on quality. We continue to serve the same core audience. These are informed investors aged between 35 and 55, with between £100k and £500k in investable wealth. They want to make smart financial decisions, but they also want expert guidance and a digital experience that is intuitive and easy to use. Our goal has always been to deliver investment success without making it feel like hard work. We do this by combining smart technology with real people. Clients benefit from a smooth digital journey but can also speak with qualified investment consultants when they want guidance. This mix of automation and human expertise is a key part of the trust we build. For us, trust is not just about what you invest in. It is about who you invest with.

Investment management styles

•

Fully managed portfolios, which follow a longterm strategic asset allocation but are also actively managed by our asset allocation team to take advantage of short-term market opportunities, or…

•

Fixed allocation strategies, which follow a set longterm allocation and are typically rebalanced annually for those who prefer a more hands-off approach.

Here are some of the key areas we have developed: Service models

Investment sophistication

•

Managed portfolios: clients can choose from socially responsible portfolios that focus on ESG factors, or classic portfolios with global diversification, all managed by Moneyfarm’s internal asset allocation team.

•

DIY share investing: the DIY platform offers access to a wide range of asset classes, including individual stocks, ETFs, bonds, and mutual funds, all within the same digital experience.

We now offer thematic investing through a core and satellite model. Clients choose a theme like technology or sustainability, and we build a tailored portfolio based on their risk profile. In Italy, our Primary Markets feature gives clients access to new investment opportunities based on current economic trends. And unit-linked insurance contracts offer extra benefits like tax efficiency and estate planning advantages.

Tax-efficient wrappers

We continue to explore new ways to expand our offering and are currently evaluating a private markets solution to further diversify client portfolios.

•

A wide range of account types, including: SIPPs and ISAs.

Moneyfarm – the secure, one stop shop that brings everything together in one place

•

Support family-focused options like Junior ISAs and unit-linked insurance contracts in Italy (which help with tax planning, inheritance, and protecting assets where appropriate).

All of this is delivered through the same secure and easy-to-use platform. It brings together everything clients need to manage their wealth in one place. As our clients’ needs grow, our platform grows with them, always focused on making things simpler, more personal, and more effective.

Ross Godlonton Head of Product ross.godlonton@moneyfarm.com

Discover more about Moneyfarm

European WealthTech Landscape Report 2025

To support that trust, we have expanded the breadth and flexibility of our platform. Everything is now available through a single, integrated user experience, accessible on Android, iOS, and a fully responsive web app. Clients can shape their journey based on how much control they want, what types of accounts they need, and what level of investment guidance suits them best.

European WealthTech Landscape Report 2025

The business

This section takes a closer look at how firms direct, build, and maintain a modern wealth management technology infrastructure How are wealth management firms designing and maintaining cuttingedge technology infrastructures to stay competitive in today’s fast-evolving financial landscape? How do they ensure their efforts and investments don’t fail? By leveraging digital platforms, firms are driving transformation across every aspect of their operations, from portfolio management to client communication. These platforms streamline processes, reduce operational costs, and enable more efficient workflows, allowing advisers to focus on delivering higher-value services. Whether through automation, data analytics, or AI-driven insights, wealth management firms are using technology to enhance decision-making and ensure that their infrastructure can scale with the increasing demands of clients and the market.

6 The Business

The imperative of tax-suitable portfolio management: a wake-up call for Swiss wealth managers By Romain Faraut, Director, Swiss Market at Croesus

In today's climate of heightened tax transparency

Tax considerations - it’s time for action

and increasingly intricate global tax regulations, prioritising tax-suitability in portfolio management is not just prudent, it is essential for safeguarding clients' financial well-being. Failing to do so can erode their wealth, their trust, and potentially lead to financial losses for both the client and the

European WealthTech Landscape Report 2025

institution in question.

Swiss wealth management has historically overlooked tax considerations, but this approach is no longer sustainable. As a former and experienced wealth management professional deeply involved in the Swiss financial landscape, I have observed firsthand the negative consequences of neglecting tax implications. It is time for a call to action. This article outlines the key reasons why, in the broader context of the European wealth management market, Swiss portfolio managers in particular must include broader tax considerations in their investment strategies. We explore the undeniable benefits of a tax-conscious approach, both for clients seeking to maximise their after-tax returns, and for financial institutions aiming to strengthen their position in a competitive market.

Adapting to tax transparency

Initially, the bank declined to compensate the client, asserting that it wasn't obligated to consider

Switzerland, once synonymous with banking secrecy, has undergone a profound transformation in recent years. The country has embraced international tax

individual tax circumstances. However, following mediation, the bank agreed to cover 50% of the taxes owed due to the portfolio restructuring.

cooperation, actively participating in the automatic exchange of information. This shift has created

This case underscores the critical importance

unprecedented transparency, requiring financial

of integrating tax considerations into wealth

institutions to adapt their practices to meet global

management strategies. A proactive approach to

tax standards.

tax-suitability not only enhances after-tax returns for clients, but also cultivates client trust and mitigates

In this new era, neglecting tax considerations in

legal and reputational risks for financial institutions.

portfolio management carries substantial risks both face unnecessary tax burdens, diminishing their after-tax returns. In some cases, these oversights can escalate to disputes and even litigation, potentially involving ombudsman services. A recent case handled by the Swiss Banking Ombudsman highlights the potential consequences of a client not taking into account the full tax considerations

their

portfolio

–

client

The competitive edge: tax-suitable personalisation While international clients are increasingly seeking tax-suitable portfolio management, surprisingly few firms have prioritised this need, creating a key differentiator for those who act now. Achieving true tax-suitability for international clients involves a level of personalisation that goes beyond traditional portfolio management.

residing outside Switzerland entrusted her wealth management to a Swiss bank. Without the client’s knowledge, the bank liquidated their entire portfolio and reinvested the proceeds into an internal fund, generating significant capital gains. As the client resided in a jurisdiction where capital gains were taxable, they incurred a substantial tax liability.

Tax-suitable personalisation means tailoring investment strategies to each client's specific tax residency and circumstances. This approach requires a deep understanding of international tax regulations and the ability to integrate this knowledge into investment decision-making.

European WealthTech Landscape Report 2025

for the wealth managers and their clients, who may

Technological empowerment to tax-suitability

To illustrate the practical application of these technological advancements, let's explore how

Technological advancements have made it possible to achieve tax-suitable personalisation at scale. Sophisticated portfolio management solutions, such as Croesus Central, are leading the way by providing insights into tax trends, identifying potential

tax

implications

liabilities, across

and

forecasting

tax

multiple

jurisdictions.

integrating tax data from specialised partners like

Croesus Central empowers wealth managers with data-driven insights. This solution uses a system of tax ratings, ranging from -2 to +2, to assess the taxsuitability of diverse financial products for clients in different jurisdictions. These ratings, derived from comprehensive tax data from 80 countries, offer a clear and concise assessment of the tax implications associated with various investment options.

Indigita, these platforms enable wealth managers to optimise portfolios while considering the tax

The platform utilises a comprehensive rating

implications for clients in numerous countries. This

system to evaluate the tax implications of various

data-driven approach facilitates informed decision-

investments. This system provides a clear indication

making, optimises client outcomes, and streamlines

of potential tax burdens, ranging from highly tax-

portfolio management processes.

inefficient options that could lead to significant liabilities, to highly tax-suitable choices designed

However, it is crucial to emphasise that while technology provides valuable data and insights, it doesn't replace the human element in wealth management. The final decision-making power

to minimise them. Essentially, the rating system provides a quick and easy way to understand the tax impact of any given investment within the specific tax context of the client.

rests with the portfolio manager, who brings their professional judgment and experience to tailor

By integrating these tax ratings into its portfolio

investment strategies to each client's specific needs

rebalancing engine, our solution empowers wealth

and preferences.

managers to make informed decisions about asset

European WealthTech Landscape Report 2025

allocation and security selection.

The

platform

inefficient

can

automatically

investments

and

identify

suggest

tax-

The time to act is now

fiscally

advantageous alternatives, ensuring that portfolios are aligned with the client's tax residency and individual circumstances. It is then easy for the professional to accept or reject the suggestions provided by the system.

This approach achieves an effective combination of leveraging technology to enhance efficiency and personalisation while preserving the essential role of the wealth manager in nurturing client relationships,

Swiss wealth managers should act now to embrace tax-suitable portfolio management. By leveraging cutting-edge financial technology and global tax intelligence, Swiss banks and wealth managers can ensure compliance with tax regulations, maximise after-tax returns, and offer a personalised, transparent client experience. As tax policies continue to evolve, embracing tax-suitable portfolio management will be a defining characteristic of success in the future of wealth management.

building trust, and providing customised advice. driven insights with human expertise, Swiss wealth managers can confidently navigate the complexities of international taxation and achieve optimal outcomes for their clients.

Today, the Swiss wealth management sector stands at a crossroads. To maintain its esteemed position in the global financial landscape, it must embrace a new era of client-centric approach, including tax-conscious portfolio management. The time to act is indeed now.

Romain Faraut Director, Swiss Market marketing@croesus.com

Discover more about Croesus

European WealthTech Landscape Report 2025

By strategically integrating the power of data-

7 The Business

A playbook for growth in European wealth management: Insights and imperatives to drive ongoing success By Zlatko Vucetic, CEO, Infront

Europe’s wealth management industry is at a turning point. Digital disruption, economic volatility, and new client expectations are reshaping what it takes to compete and grow. Drawing on market analysis, industry data, and conversations with wealth management leaders, this article identifies the forces driving change – and offers a practical roadmap for firms ready to turn disruption into opportunity.

Navigating a shifting landscape European wealth managers face a mix of challenges: slowing

economic

growth,

rising

costs,

and

tightening regulation. In 2023, Europe’s private wealth grew by only 3%, compared with 5.3% globally (BCG Global Wealth Report 2023). Inflation, higher interest rates, and geopolitical uncertainty have made clients more risk-aware, forcing advisers to rethink portfolio strategies. At the same time, clients are demanding digital-first

European WealthTech Landscape Report 2025

services and real-time data capabilities. According

to Deloitte’s 2024 Wealth Management Outlook, over 60% of high-net-worth clients now expect dashboards with live portfolio updates, scenario simulations, and instant performance insights. Yet many European firms still rely on fragmented legacy IT systems, slowing response times and raising costs. PwC’s Digital Banking Survey 2023 found that 37% of Swiss wealth managers still use over ten disconnected systems – making real-time data integration a challenge.

Meanwhile, the generational wealth transfer is accelerating. By 2030, millennials and Gen Z are projected to inherit around US$68 trillion globally (Cerulli Associates). This cohort expects hyperpersonalised advice, digital engagement, and valuesdriven investing – forcing firms to rethink traditional Advisery models.

The forces reshaping growth

•

Digital transformation as a strategic lever Modern wealth platforms now use realtime data streaming (e.g., via APIs and data lakes) to deliver up-to-the-minute portfolio performance, risk alerts, and compliance checks. Firms are piloting portfolio curation tools that simulate market scenarios live – helping advisers respond instantly to client questions.

•

The rise of personalisation at scale AI and behavioural analytics can map each client’s financial history, risk profile, and life events to generate hyper-personalised investment strategies. Capgemini’s World Wealth Report 2023 found that 45% of clients are dissatisfied with generic digital tools – an opportunity for firms adopting predictive analytics and recommendation engines.

•

Empowering clients through self-service tools Modern platforms integrate interactive dashboards, chatbot support, and scenario planning tools giving clients transparency and control. Far from replacing advisers, these tools enhance the relationship by providing data-driven insights on demand. Infront offers a white-labelled Wealth Portal for end clients which we could use as the example here. It is also now available as a mobile app.

•

Consolidation and FinTech partnerships driving agility To modernise quickly, larger firms are acquiring boutique firms or integrating FinTech APIs.

•

Demographics redefining the market Millennials are twice as likely as baby boomers to value sustainable investing (Morgan Stanley, Sustainable Signals 2023). They also expect appbased onboarding, instant access to advisers via chat, and personalised video reports.

European WealthTech Landscape Report 2025

Regulatory change adds complexity. New European regulations demand detailed disclosures and stricter reporting standards, which can only be delivered efficiently through integrated data pipelines and automated reporting tools.

Turning insight into action: an industry playbook

Key

questions

guide

your

digital

transformation strategy: Four strategic imperatives stand out to drive future To turn ambition into measurable progress, leaders

growth in wealth management:

should ask – and answer – specific, practical questions that test readiness across technology,

1. Accelerate digital transformation Integrate real-time data feeds (e.g., via data lakes or cloud-native platforms) to enable instant portfolio analysis and risk alerts.

client experience, and organisational capability:

•

Are we equipping clients and advisers with real-time, actionable insights? Audit your data infrastructure to ensure

Example: With the platforms like the Infront

dashboards and analytics deliver instant visibility

Wealth Portal, financial service providers in wealth

into portfolio performance and market changes.

management can offer their clients an innovative white-label platform. This allows investors to gain a simple and direct overview of their investments and

•

How effectively are AI and machine learning embedded in daily operations?

portfolios, ensuring maximum transparency.

Evaluate whether these tools personalise advice, detect emerging risks, and automate manual tasks

2. Expand investment offerings

so advisers can focus on high-value conversations.

To meet SFDR requirements and rising client demand, firms should build dynamic fund and investment dashboards, and integrate live third-party data to

•

Do our clients enjoy a truly seamless, omnichannel experience?

monitor sustainability risks in portfolios.

Review the client journey to ensure onboarding, communication, and transactions work effortlessly

Example: AXA Belgium partnered with Infront

across web, mobile, and in-person touchpoints.

to create a fund platform with advanced search, interactive

visuals

and

automated

factsheets,

ensuring a client-friendly experience fully aligned

•

with MiFID and PRIIPs.

compliance

built

into

our

digital

architecture? Examine how regulatory data, such as KYC and

3. Target next-generation and under-served client

reporting requirements, are integrated to reduce

segments

manual intervention and ensure audit readiness.

Modern platforms can segment clients dynamically,

European WealthTech Landscape Report 2025

offering mobile-first content, interactive financial

•

Which client segments or markets are

education, and AI-driven nudges that encourage

underserved by current digital offerings?

engagement.

Use analytics to pinpoint new opportunities – such

next-generation

wealth

holders,

entrepreneurs, or cross-border investors.

4. Enhance client-centric Advisery models Combine human advice with AI-driven scenario simulations, real-time alerts, and behavioural finance tools that detect changes in client sentiment.

•

Are we leveraging external innovation? Identify potential FinTech partnerships, open APIs, or modular platforms to add features quickly without large-scale IT overhauls.

•

Do we have the right talent mix?

This article is an extract from our detailed White

Assess whether teams combine deep financial

Paper on the future of European wealth management,

knowledge with data science and digital product

including deeper analysis, real-world case studies, and

skills to translate technology into client value.

practical digital transformation strategies.

By addressing these key questions, wealth managers can move from aspiration to concrete action –

Download the full white paper to discover how to turn today’s disruption into tomorrow’s growth.

building a digital-first, client-centric model ready to address future challenges. Shaping the future, not waiting for it Economic volatility, tighter regulation, and rising costs are real – but also open the door to bold transformation. Firms that invest in real-time data capabilities, AIpowered tools, and fully integrated digital platforms can turn disruption into differentiation. Consider

this:

FinTech

adoption

wealth

management could double by 2026 (EY). Clients increasingly expect seamless, data-rich, and mobilefirst engagement – delivered at scale, without losing human connection. Wealth managers today must combine digital mastery with human insight – using real-time data to deliver personalised, seamless client experiences. Now is the moment to revisit your digital strategy, modernise core systems, and proactively engage the next generation of clients before assets shift to more agile competitors.

Discover the forces driving change in European wealth management > Read the white paper

Lead the change with clarity and purpose – or risk

Zlatko Vucetic Chief Executive Officer Get in touch here

Discover more about Infront

European WealthTech Landscape Report 2025

being left behind.

8 The Business

Bridging regional differences in wealth management By Sophie Echenim, Founder and CEO, Raise Partner

In the wealth management industry, distinct regional differences must be taken into account when analysing the market. Our extensive experience working with clients globally has revealed key distinctions between European and Asia-Pacific (APAC) investors in terms of investment strategies, client expectations, and wealth management approaches.

European investors: long-term strategy

asset

allocation

and

European investors maintain a strong focus on asset allocation, prioritising long-term wealth preservation and gradual growth over time. This strategic approach underscores the challenge for wealth managers aiming to drive personalisation, as the diverse mix of investments makes it harder to leverage client data effectively. Many investors in the region are dissatisfied with the traditional 'one-sizefits-all' Advisery models, seeking greater levels of diversification tailored to their financial goals.

European WealthTech Landscape Report 2025

APAC investors: product-centric investment strategies

In contrast, the key growth market that is the APAC wealth management industry – fueled by the rising mass affluent segment and significant intergenerational wealth transfer – is heavily productdriven. Investors in this region favour a dynamic, transaction-oriented approach, leading to portfolios and holdings that differ significantly from those in Europe. This fundamental difference in investment philosophy necessitates tailored Advisery models and solutions that cater to each region’s unique needs, ensuring optimal engagement with investors.

Bridging diverse investment approaches: the role

Tax optimisation as a key consideration

of Raise Partner Tax optimisation remains a significant focus in To address these varied investment approaches,

Europe, with investors actively seeking ways to

Raise Partner provides solutions that cater to both

manage tax liabilities efficiently. This emphasis further

asset allocation-focused European investors and

distinguishes the European market from APAC, where

to product-driven APAC clients. By using cutting-

tax considerations may not always be as central to

edge decision-aid models to match investors’

investment decisions. Wealth managers must ensure

profiles, Raise Partner enhances personalisation,

that tax-efficient investment strategies form an

empowering wealth managers to offer more targeted

integral part of their Advisery services in Europe.

recommendations aligned with client expectations across different markets.

The ‘regionalisation’ of ESG investment

Digital assets: contrasting attitudes in Europe and APAC

A notable trend in global wealth management is the perceived shift away from ESG (Environmental, Social, and Governance) investing in some regions,

Another area where European and APAC investors

particularly in the US. While financial institutions

differ is in their approach to digital assets. European

recognise their role in promoting sustainability, there

investors often take more of a cautious stance, in

is a growing investor preference for self-centric

contrast to their APAC based counterparts. Add

strategies. Whether this trend is temporary or signals

to this the fact that, historically, European clients

a long-term shift remains uncertain, raising questions

have preferred to manage their wealth with multiple

about the future of ESG-focused investment products.

human touchpoints with their advisers, where

Europe, however, still remains a stronghold for

the more digital native APAC investor is more

ESG investment, with the approach in Asia varying,

comfortable

influenced to a degree by regulatory priorities.

leveraging

the

hyper-personalised

insights many of the larger banks in the region offer, thanks to the latter’s integration of the latest AI technologies. When it comes to asset class, the

The role of AI in enhancing Advisery services

APAC region has emerged as a frontrunner in digital asset adoption, especially Singapore, Hong-Kong and

Artificial Intelligence (AI) is playing an increasing

Japan. Understanding these regional preferences is

role in wealth management, but rather than

essential for financial institutions developing digital

replacing human advisers, it serves to enhance their

asset solutions that align with investor expectations.

capabilities. European firms, in particular, are focused on optimising AI to improve the Advisery experience,

segments A key challenge in European wealth management is effectively serving the mass affluent segment

ensuring that technology supports a more customercentric service model. However, many firms still struggle with AI implementation, often due to a lack of clear strategy and high-quality data.

while maintaining high service standards for high-

Personalisation at scale: the industry’s greatest

net-worth (HNW) clients. The demand for greater

challenge

personalisation at scale necessitates innovative strategies that integrate technology to cater to the

The growing demand for personalised wealth

distinct needs of different client segments without

management services, especially within the mass

compromising service quality.

affluent segment, presents a significant challenge for the industry. Reconciling this demand with scalable

European WealthTech Landscape Report 2025

Serving the mass affluent vs. high-net-worth

solutions requires the effective use of AI and data-

Family offices play a critical role in managing these

driven approaches. However, firms must adopt a

transitions, requiring advanced tools that provide

structured implementation strategy to ensure these

a global, consolidated, and accurate view of total

technologies deliver meaningful benefits.

portfolio holdings. With diversified assets spread across multiple jurisdictions, digital solutions that

Regional

loyalty

differences

and

their

implications

enable efficient tracking and reporting have become indispensable. Firms that successfully integrate sophisticated technology with personalised service

Investor loyalty varies significantly across regions, influencing how wealth management services are delivered. European clients typically remain loyal to financial institutions, while APAC investors exhibit stronger loyalty to individual advisers. This cultural

will be best positioned to attract and retain the next generation of high-net-worth individuals. Cloud vs. on-premise solutions: the ongoing debate

distinction affects how vendors communicate the value of their products and services. In Europe,

The debate between cloud-based and on-premise

brand strength and institutional trust play a more

solutions continues in wealth management. While

significant role, whereas in APAC, the personal

cloud technology offers flexibility and scalability,

relationships advisers build with clients drive

some firms remain hesitant due to concerns over

investment decisions.

data security and regulatory compliance. Striking the right balance between these approaches will be

The rise of multi-provider ecosystems in wealth

crucial for the industry's future, ensuring security

management

and

efficiency

while

embracing

technological

full

potential

digital

advancements

financial

advancements. An emerging trend in wealth management is the increasing acceptance of multi-provider ecosystems.

Unlocking

the

Historically, investors preferred working with a

transformation

single financial institution, but today they are more open to engaging multiple providers to access

Despite

the best solutions. While this shift presents new

technology, the wealth management industry remains

opportunities for partnerships and collaborations, it also introduces complexities in integrating diverse solutions seamlessly.

ongoing

heavily reliant on traditional methods, with many firms still depending on paper-based processes and PDFs for client communications and documentation.

European WealthTech Landscape Report 2025

This continued reliance on outdated systems slows

Generational wealth transfer: implications for

operational efficiency and limits the ability to deliver

solution providers

truly personalised client experiences.

One of the most significant shifts impacting the

The industry has immense potential to leverage AI,

wealth management industry today is the ongoing

data analytics, and cloud-based solutions to enhance

generational wealth transfer. As substantial assets

decision-making and provide more tailored financial

move from older generations to younger heirs,

advice. AI-driven insights can help wealth managers

wealth managers must adapt to evolving client

better understand client behaviours, preferences,

expectations and investment behaviours. Unlike

and risk tolerance, leading to more effective

their predecessors, younger generations are more

portfolio management. Meanwhile, cloud-based

inclined

solutions,

platforms can improve accessibility, security, and

demanding seamless digital experiences, real-time

collaboration across financial entities, making wealth

portfolio insights, and greater financial transparency.

management services more agile and scalable.

toward

technology-driven

Firms that strategically embrace digital transformation will not only gain a competitive edge but also redefine the client-adviser relationship. By integrating innovative technologies while maintaining a strong human touch, wealth managers can unlock new levels of efficiency, personalisation, and longterm client engagement. Conclusion: a path forward for wealth managers

them to provide more personalised investment recommendations. Digital transformation is not just about automation – it’s about enhancing the Advisery process, ensuring efficiency, and delivering superior customer experiences.

At the same time, fostering strategic partnerships within

the

increasingly

financial

ecosystem

important.

becoming

Collaboration

between

banks, FinTech firms, and technology providers can Navigating the complexities of the wealth management landscape requires a deep understanding of regional differences, evolving investor preferences, and shifting market dynamics. Investors across Europe vary in their approaches to wealth preservation, asset allocation, and digital adoption, making it crucial for financial institutions to tailor their services accordingly. Additionally, demographic shifts, such as generational wealth transfer, are reshaping client expectations, necessitating strategies that cater to both traditional and tech-savvy investors.

create comprehensive solutions that address the complex needs of investors, from tax optimisation to multi-asset portfolio management.

Ultimately, the future of wealth management lies in embracing innovation while maintaining the personalised service that investors demand. Striking the right balance between digital efficiency and human expertise will be key to long-term success. Firms that effectively integrate technology with a client-centric approach will not only differentiate themselves in a competitive market but also build lasting relationships based on trust, value, and tailored financial solutions.

Sophie Echenim President and CEO sophie.echenim@raisepartner.com

Discover more about Raise Partner

European WealthTech Landscape Report 2025

By leveraging advanced technology, including AI and data analytics, wealth managers can gain deeper insights into client behaviours, enabling

European WealthTech Landscape Report 2025

The future

Contributions in this section offer views on the future perspective in wealth management This section presents forward-looking insights on the future of wealth management, with a focus on how advanced technologies like AI and data analytics are revolutionizing the industry. As client expectations evolve, wealth management firms are embracing these innovations to deliver highly personalized and efficient financial strategies. AIpowered tools can analyze vast amounts of data to offer deeper insights into client behaviors, market trends, and risk factors, enabling Advisers to craft more relevant investment plans. This level of precision not only enhances the client experience but also streamlines decisionmaking, making wealth management more agile and responsive to changing financial landscapes.

9 The Future

Is disruptive technology a threat or an opportunity for Europe as a wealth management centre? By Julien Schaffner, Deloitte Luxembourg Director – Digital Banking Solutions, Deloitte

In a constantly evolving financial world, wealth management centres face significant challenges and profound structural transformations. At the heart of this evolution lies a crucial question: how can European financial hubs maintain their competitiveness in a global environment where technology, consumer behaviour, and innovation are reshaping the industry?

This article analyses the changing dynamics of international wealth management and investigates whether technology represents a threat or a

European WealthTech Landscape Report 2025

unique opportunity for Europe. We examine the

performance of major global centres, the shifting expectations of wealthy and affluent clients, and the strategic levers available to European players.

Technology and global competition: European centres at a crossroads

Since 2021, Europe’s leading wealth centres have followed increasingly divergent paths amid growing global competition and technological disruption.

Switzerland, still the world’s top wealth hub, now faces mounting challenges. The 2023 collapse of Credit Suisse revealed structural weaknesses, prompting US$183 billion in outflows between Q3 2022 and Q2 2023. Beyond reputational harm, its slow pace in adopting Artificial Intelligence (AI) and digital tools is becoming a liability as clients expect more advanced services.

Table 1: Assessment dimensions

Luxembourg remains a stable cross-border asset servicing centre. Its market share rose from 4.2% in 2020 to 4.6% in 2023, reflecting strong demand. Yet, its small domestic base limits scalability. Continued competitiveness will depend on expanding digital Advisery capabilities and integrating AI into portfolio processes. Elsewhere in Europe, countries with larger internal markets are gaining ground. In France, high-networth investor numbers have grown since 2021, driven by digital-first platforms like Yomoni and Boursorama. Germany is advancing hybrid Advisery through FinTech such as Scalable Capital. In Southern and Eastern Europe, countries like Spain, Poland, and Romania are piloting robo-Advisery and AI compliance tools, though adoption remains uneven. Globally, non-European hubs are accelerating. Singapore now competes with Switzerland, thanks to its technology focus, neutrality, and pro-business regulations. The United States has moved into third place, propelled by AI leadership and deep capital markets. Hong Kong maintains strength despite political risks, while the United Arab Emirates has overtaken the UK in recent rankings.

Performance and growth: ground, but losing share

Europe

holding

In 2023, the total International Market Value (IMV) of cross-border wealth reached US$10.1 trillion, a modest 2.9% rebound after the 2022 contraction. Yet this recovery masks a deeper trend: Europe’s relative weight is declining, as non-European hubs outpace growth through technology and regulatory agility. Switzerland remains the largest international wealth hub with US$2.2 trillion in cross-border assets, but its share fell from 23.7% in 2020 to 21.4% in 2023. Limited digital and AI adoption is hampering its ability to defend its lead. The United Kingdom matched Switzerland in 2023 with a 21.4% share. Despite ongoing macro and political uncertainty, FinTech-driven platforms have helped sustain its momentum. Luxembourg continues to grow in niche areas like fund servicing and sustainable finance. Yet, infrastructure scalability remains a concern. France and Germany are driving domestic wealth expansion, France via digital platforms and pension reform, and Germany through hybrid Advisery and robot-services.

European WealthTech Landscape Report 2025

The United Kingdom, though still grappling with Brexit fallout and infrastructure gaps, is repositioning. Regulatory reforms, such as the easing of London Stock Exchange rules, aim to foster FinTech growth and attract digital investment platforms. The UK's recovery increasingly hinges on hybrid Advisery models and technology-enabled offerings.

Beyond Europe:

•

Hong Kong posted the highest IMV growth in 2023 (+8.8%), showing resilience amid political tensions.

•

The United States ranks third globally, underpinned by leadership in AI-led wealth management and strong capital markets.

•

Singapore, though stable in IMV, saw 10% AUM and 9.5% private banking growth in early 2024, supported by a digital-first regulatory environment.

More broadly, IMV’s share of global wealth has dropped from 5.3% in 2013 to 3.7% in 2023, reflecting a shift toward domesticised wealth management. Regulatory tightening, tax harmonisation, and local digital offerings reshape cross-border models. The rise of a new wealth generation: Personalisation, digitalisation, and ESG expectations One of the strongest forces reshaping global wealth management is the rise of a new generation of affluent clients. These individuals are digitally native, socially conscious, and increasingly demanding when it comes to personalisation and transparency.

This emerging segment, including next-generation heirs, crypto founders, female investors, and digital influencers, is challenging the traditional rules of engagement. Standard portfolios and generic risk profiling are no longer sufficient. Instead, datadriven segmentation and personalised experiences have become essential. European wealth centres must adapt to these new expectations. In France and Germany, the number of digital investment platforms has increased by more than 20% since 2021, with a clear shift toward ESGintegrated portfolios, especially among younger and female high-net-worth individuals. In Italy and Austria, hybrid Advisery models that blend human expertise with AI-generated insights are gaining popularity. These solutions appeal to millennial ultra-high-net-worth clients seeking both technological efficiency and personalised service. More broadly, the future of client experience lies in seamless, omnichannel journeys that combine mobile, web, in-person, and remote interactions. AIdriven analytics allow for real-time understanding of client needs, but human empathy remains vital for building lasting trust.

European WealthTech Landscape Report 2025

Figure 1: International market volume of leading wealth centres (in US$ trillion)

To remain competitive in an increasingly digital and fragmented global environment, European wealth managers must redefine their strategic roadmap around five key, interconnected capabilities that address both operational efficiency and evolving client expectations. First, the ability to deliver client personalisation at scale is now critical. AI must be harnessed to map increasingly complex investor preferences and behaviours, enabling the delivery of bespoke solutions across a wide spectrum, from crypto assets and ESG mandates to private equity and impact-driven strategies. The days of generic Advisery are over; tomorrow’s leaders will offer deeply contextualised investment journeys. Second, exclusive investment access must be made available through secure and intuitive digital platforms. Whether it is tokenised assets, curated private equity portfolios, or high-conviction thematic baskets, wealth managers need to offer value-added products that justify premium pricing. The digital layer is not just a channel, it is a key differentiator in product distribution and client engagement. Third, cost control through advanced operational technologies is essential in an environment of margin compression. Streamlining onboarding, automating compliance, and digitalising booking centre operations can drastically reduce friction while improving profitability. Technology-enabled efficiency is becoming a core strategic advantage rather than a support function.

Fourth, the hybrid client experience is becoming a standard. The intelligent combination of personalized advice and digital solutions satisfies increasingly demanding clients while improving operational efficiency. Finally, European firms must lead or catch up in generative AI and data strategy. Modular technology platforms that support predictive analytics, intelligent automation, and the integration of generative AI will reshape both front and back-office operations. In this domain, Europe is already falling behind. Competitors in the US have developed mature data architectures that fuel AI-powered decision-making at scale. For European banks and wealth managers, accelerating investment in infrastructure, data governance, and innovation partnerships is not optional. Conclusion European wealth management centres stand at a turning point. Technology should not be viewed as a threat, but rather as a test of leadership, adaptability, and long-term vision. Although Switzerland and the United Kingdom continue to hold leading positions, their dominance can no longer be assumed. The true differentiator will be the ability to effectively combine digital transformation with human insight, creating a hybrid model that reflects the evolving expectations of both current and future clients. Those who fully invest in AI, enhance the client experience, and build scalable digital infrastructures, while maintaining high standards of trust and regulatory excellence will position themselves as the next global leaders in wealth management.

Julien Schaffner Deloitte Luxembourg Director – Digital Banking Solutions jschaffner@deloitte.lu

Discover more about Deloitte

European WealthTech Landscape Report 2025

Strategic priorities for the future of European wealth management

10 The Future

How agentic AI is reshaping wealth management in Europe By Hari Menon, Global Delivery and Business Head for AI, Wealth, and Capital Markets, Intellect Design Arena

Artificial Intelligence (AI) is rapidly transforming

The admin trap: What’s holding advisers back?

industries across the board, but few sectors stand to benefit as significantly as wealth management. As the financial advice landscape evolves, AI is emerging as a critical enabler, enhancing client

experiences,

streamlining

operations,

and expanding accessibility. Nowhere is this transformation more urgently needed than in Europe, where advisers are grappling with complex regulatory frameworks, high operational costs,

European WealthTech Landscape Report 2025

and shifting customer expectations.

Despite their expertise, many financial advisers still find themselves bogged down in low-value administrative tasks. From compliance checks to data entry, these manual processes consume time and energy that could be better spent developing client relationships and delivering personalised investment strategies. As a result, advisers struggle to scale their services or serve clients with smaller portfolios, limiting their impact and reach. This inefficiency isn’t just frustrating; it’s costly. With the burden of administration, compliance, and documentation growing each year, especially in regulated markets like Europe, firms are finding it harder to justify servicing clients with less than £200,000 in assets. The result? A widening gap in access to financial advice.

Regional nuances: Why one size doesn’t fit all While the global promise of AI is universal, its application must be nuanced and region-specific, especially in wealth management. Here’s how different global regions compare with each other:

Enter AI: A game-changer for advisers

•

United Kingdom: strong regulatory oversight, a focus on pensions, and relatively low uptake of self-service platforms. Clients expect high-touch service, and advisers operate in a complex, tightly monitored environment.

•

APAC: generally characterised by smaller investment portfolios, higher rates of digital selfservice, and a more experimental, technologyforward mindset. Portfolio management tools are widely embraced, even by retail investors.

•

Europe: sits in the middle of this spectrum. It combines high regulatory pressure with a traditionally conservative investment culture, making it ripe for disruption – but only with the right, localised approach to technology adoption.

The rise of AI-powered solutions presents a powerful antidote to adviser inefficiency. These tools aren’t about replacing human expertise—they’re about enhancing it. From automating pension paperwork to simplifying regulatory compliance, AI can now integrate across the entire client lifecycle. By leveraging agentic AI – intelligent systems capable of taking autonomous actions within defined parameters – wealth managers can dramatically

The affordability challenge: Can AI bridge the gap?

reduce the time spent on routine tasks. This not only but also reduces the cost to serve, making wealth management services more scalable and accessible. From our experience, rolling out an agentic solution for a clear use case can bring anywhere between 30% to 80% efficiency to your existing advice process.

One of the most pressing issues in European wealth management today is advice affordability. Due to mounting regulatory demands – such as the FCA’s Consumer Duty and the EU’s Consumer Rights Directive – Advisery firms are under pressure to offer gold-standard service that’s often economically unviable for clients with smaller portfolios.

Adopting the right platform for your AI journey is one of the most critical steps, as that determines how easily and effectively you can bring AI into your existing world without too much disruption. A platform like Purple Fabric can make the implementation and adoption of AI extremely

AI can help change that. By automating routine workflows and ensuring compliance through digital audit trails, firms can lower their operational costs. This enables them to profitably serve a broader demographic, including the “mass affluent” clients often overlooked by traditional models.

simple and at the same time provide all the required guardrails, security, explainability and traceability, model and LLM independence, built-in scalability and operational capabilities.

The long-term impact? A more inclusive and accessible financial ecosystem, where quality advice is not a luxury but a scalable offering.

European WealthTech Landscape Report 2025

frees advisers to focus on strategic decision-making

Augmentation over automation: The human-AI partnership

Agentic AI: a tailored fit for Europe’s wealth

AI is not here to replace financial advisers. It’s here to make them better. When used effectively, AI tools act as powerful ‘enrichers’ – providing datadriven insights, flagging risks, and streamlining documentation so that advisers can spend more time with their clients and less time on spreadsheets.

What makes agentic AI especially impactful in Europe is its ability to adapt to stringent regulatory demands while honouring the region’s more conservative investment culture. With retirement and pension planning taking centre stage in most European markets, the need for compliant, repeatable, and intelligent advice journeys is greater than ever.

European WealthTech Landscape Report 2025

For example, AI can analyse a client’s financial behaviour and flag inconsistencies or opportunities that might be missed through manual review. It can also help advisers craft highly personalised portfolios that align with each client’s goals and risk tolerance, without hours of manual work.

We have implemented a Consumer Duty complaints management solution where a multi-agent solution replicating a full case-handling team has managed to bring down the processing time of complaints by more than 90% with an accuracy of more than 98% whilst still leaving the final decision-making to the case handler. This has helped our customer save a significant amount of money and effort that could now be used for progressive transformation rather than operations. In this sense, agentic AI isn't about minimising the human element – it's about maximising human potential.

landscape

Agentic AI can help advisers navigate these journeys more efficiently. By automating activities such as regulatory disclosures, managing data privacy requirements, and maintaining compliance with frameworks like Consumer Duty, AI tools become not just convenient but essential. Furthermore, the conservative risk appetite prevalent across Europe means clients often require more reassurance and bespoke strategies. AI can help provide that depth of personalisation at scale, using client data to surface relevant insights and tailored options, without compromising on regulatory adherence.

Playing catch-up: why Europe lags in tech adoption

business goals. Gone are the days when AI was considered a “nice to have.” Today, it’s a core enabler

While the Covid-19 pandemic spurred a global shift toward hybrid advice models, Europe still trails behind markets like the United States and APAC in leveraging technology to empower advisers. Many European firms continue to rely on legacy systems and fragmented processes, limiting their ability to innovate or serve clients efficiently.

of both profitability and client satisfaction.

This lag isn’t due to a lack of interest – it’s due to complexity. European advisers must juggle multiple layers of national and EU-wide regulations, making technology integration more daunting. However, failing to modernise is no longer an option. The firms that will thrive in the coming decade are those willing to invest in intelligent, agentic platforms that support compliance and enhance adviser productivity.

Done right, this strategic alignment turns technology

This is another area where choosing the right platform can give organisations almost immediate results, as it doesn’t depend on re-platforming your existing technology infrastructure or systems. Instead, they have the ability to bring it all together and give you an intelligence layer on top of your existing data and landscape. Purple Fabric has enabled this for multiple customers across geographies and has helped them achieve accelerated return on investment and efficiencies.

The future of wealth management in Europe is

For firms operating in Europe, this means selecting AI platforms that understand and accommodate the region’s regulatory landscape. It also means training advisers not just to use these tools, but to embrace them as partners in the client journey.

from a cost centre into a revenue driver – unlocking new segments, increasing adviser capacity, and future-proofing the business. The future is wow: AI as the bedrock of modern advice

not fully automated – it’s intelligently augmented. Agentic AI is already proving that it can reshape how advisers work, who they serve, and how value is delivered across the board. From reducing compliance burdens to enhancing personalisation, AI is setting a new standard for what good advice looks like.

For firms willing to act now, the opportunity is clear: embrace agentic AI not just as a tool, but as a

Strategic investment: technology as a business enabler

transformational force. Because in a market where client expectations are rising and regulations are tightening, the smartest investments are the ones that empower people to do what they do best, with a little help from AI, of course.

Hari Menon Global Delivery and Business Head for AI, Wealth, and Capital Markets harikrishnan.menon@intellectdesign.com

Discover more about Intellect Design Arena

European WealthTech Landscape Report 2025

As the wealth management industry becomes increasingly competitive, firms must align their technology investments with their long-term

11 The Future

Compete or become obsolete: why all wealth management businesses urgently need an API strategy By Shri Krishnansen, CCO, WealthOS

In the competitive European wealth management sector, achieving next-level efficiency and delivering truly intelligent, personalised services are no longer

holistic contextual data for AI to learn from, creating a continuous feedback loop that supercharges efficiency and personalisation in wealth management.

aspirations - they are necessities.

The key to realising this potential lies in the essential bond between automation and artificial intelligence (AI), and the foundational technology that powers both: the application programming interface, or API.

Think of APIs as the invisible infrastructure that

European WealthTech Landscape Report 2025

allows disparate systems to connect and share

data seamlessly. This interconnectedness is crucial for automation, streamlining repetitive tasks and workflows, and AI, providing the vast datasets needed to learn, adapt, generate intelligent insights and act.

What's truly transformative is the cyclical nature of this relationship: APIs empower AI with access to wider ecosystems, services and data, leading to smarter automation, which in turn generates more

Before we delve deeper into this revolution, let's demystify the jargon and explore exactly what APIs are and how they function as the engine of this powerful cycle.

Decoding the digital connectors: What exactly

structures, absence of validations and a failure to

are APIs?

adhere to industry standards, resulting in integration and usability challenges. However, APIs that are

Imagine a sophisticated set of digital Lego bricks. Each brick represents a specific function or piece of data within a software system. An API acts as the instruction manual and the connector, allowing different software applications to communicate with

aligned with best practice prioritise robust security protocols to ensure data integrity and protect sensitive client information. This allows for more complex interactions and the secure transfer of diverse data types.

each other and exchange information seamlessly without needing to understand the intricate inner

Such

interconnectedness

workings of each system.

management

businesses

vital

looking

for to

wealth integrate

with best-of-breed WealthTech innovations. And The aim here is to foster interconnected ecosystems and break down traditional data silos that have long hampered innovation in wealth management. And because modern open APIs are publicly accessible, they allow developers to build innovative applications and services that can integrate with any firm's existing infrastructure. These could be digital modules that take care of tax wrappers, investments,

it mirrors the strategies of the technology and retail giants who excel at creating seamless user experiences across various services. Thus, understanding of the different types of APIs, particularly the potential of open APIs to foster innovation and integration within your technology ecosystem, is now a mission-critical priority for the wealth management industry’s business leaders.

payments and transfers and portfolio management, to name but a few functions.

The automation engine: How APIs streamline wealth management

apps can talk to back-end portfolio management

APIs’ ability to facilitate seamless communication

systems to retrieve account balances or execute

between disparate systems is the very foundation of

trades. Robo-Adviser platforms can access real-

automation in wealth management.

time market data from third-party providers. CRM systems can pull client financial information from a core banking platform. And so on.

Think about the traditionally manual and timeconsuming processes that plague many firms. For instance, in the case of pension transfers, this

Yet, despite their immense capabilities, it’s important

could

to note that not all APIs are created equal. For

communications between the ceding provider

example, poorly designed APIs are characterised

and receiving provider, due diligence checks, fund

by a lack of clear documentation, inconsistent data

transfers and investments.

include

manually

noting

back-and-forth

European WealthTech Landscape Report 2025

In fact, the scope is endless. Client-facing mobile

APIs offer the key to automating these tasks, leading to significant gains in efficiency, faster processing, reduced operational costs and a lower risk of human error.

Generative AI, capable of creating new content and insights; reasoning AI, able to draw logical conclusions from data; and agentic AI, capable of autonomous action based on context, represent the next frontier in wealth management.

Furthermore, APIs empower wealth management firms to strategically build their core competencies while seamlessly integrating with best-of-breed solutions developed by third-party innovators. Instead of building every piece of functionality in-house, firms can harness APIs to connect to specialised providers for tasks like tax wrapper administration, financial planning or portfolio management.

However,

the

power

these

advanced

technologies can only be truly realised through a robust and well-functioning API infrastructure. AI algorithms require access to vast amounts of data client information, market data, economic indicators and more - to learn, adapt and provide intelligent, context-aware automation that can rival human reasoning. APIs are the conduits through which this data flows securely and efficiently.

Therefore, a good starting point for an API strategy is to identify manual workflows within your firm that could be streamlined through API integrations. This will free up valuable time and resources for highervalue activities like client relationship management and strategic decision-making.

Consider agentic AI, for example. To provide truly personalised financial services, an agentic AI system needs to access a holistic view of a client's financial situation, goals and risk tolerance – as well as access to systems to take actions for that client. This requires seamless integration with various systems

However, for some firms, the core competency is the entire automated investment process.

holding this information (from investment accounts to insurance policies to even external data sources) as well as to the systems with the capabilities to

Beyond rules: The API gateway to AI-powered intelligence

transact and execute. APIs, particularly when coupled with model context

European WealthTech Landscape Report 2025

While API-powered automation can drive significant improvements, it does have limitations thanks to its reliance on pre-defined rules and logic. This is where the transformative potential of AI comes in.

protocols, which standardise how AI models interact with APIs, make it easier for these intelligent agents to contextualise, self-orchestrate across systems and operate effectively to provide truly tailored services.

It is therefore essential that wealth management firms recognise that a strong API foundation is not just for current automation needs but is a critical prerequisite for leveraging the transformative power of AI in the future, enabling more intelligent and personalised services. In fact, this is now a matter of priority, if research by Gartner is anything to go by. After surveying 459 independent technology service providers, the global consultancy predicts that, by 2026, more than 80% of vendors will have embedded generative AI capabilities into their enterprise applications, up from less than five percent in 2024. This will increase demand for APIs by 30%.

To make the most of these advancements and avoid the risk of obsolescence, it is vital that wealth management businesses grow their knowledge of technology and devise an adoption strategy. To do this involves three key actions: 1. Action #1 - Understand the API landscape. Leadership teams must prioritise gaining a comprehensive understanding of the different types of APIs, with a particular focus on the opportunities presented by open APIs within the regulatory framework. 2. Action #2 - Audit your automation potential. Conduct a detailed review of all manual workflows across your operations to pinpoint time-consuming processes ripe for API-powered automation.

Future-proofing your firm: The imperative of an API strategy

3. Action #3 - Develop a forward-thinking API strategy. Craft a clear and comprehensive API strategy that not only addresses immediate automation and AI needs but also ensures the long-term adaptability and future-proofing of your technology infrastructure to integrate with emerging innovations and WealthTech partners.

The wealth management industry is in a state of constant evolution. While automation and AI are the dominant forces shaping the present, the future will undoubtedly bring new technological advancements and unforeseen disruptions.

Wealth management firms that fail to prioritise API adoption risk being left behind by more agile competitors and new entrants who are already capitalising on this transformative technology. There’s no time to waste.

Shri Krishnansen CCO shri@wealthos.cloud

Discover more about WealthOS

European WealthTech Landscape Report 2025

This level of sophisticated personalisation is a key differentiator for firms looking to meet the heightened expectations of today's investors, who are increasingly accustomed to personalised experiences from other areas of their digital lives (e.g. e-commerce, social media, and streaming).

12 The Future

Wealth advice across borders – the new standard of tomorrow By Ralf Heim, co-CEO, fincite

The European wealth management industry stands at a pivotal moment. A powerful combination of factors –generational change, rapid technological advancement, increased regulatory pressure, and rising client expectations – is reshaping the landscape. Wealth is flowing into the hands of younger, more digitally native investors who expect seamless, personalised, and technologydriven experiences.

This

generation

wealth

holders

fundamentally different from their predecessors. Tech-savvy, globally mobile, and less loyal to traditional financial institutions, they bring new expectations to the table. Accustomed to the frictionless service of travel and shopping apps, they demand the same from their wealth management providers. Convenience, user experience, and 24/7 access to services matter more than brand legacy or long-standing personal relationships. For them,

As banks and advisers look to remain relevant in this new era, the need for a scalable, modular, and turnkey approach to wealth management – one that transcends borders – has never been greater.

European WealthTech Landscape Report 2025

The great wealth transfer: a new breed of client

Arguably the most powerful force reshaping European wealth management today is the great generational wealth transfer. According to Wealth-X, an estimated US$18.3 trillion will be inherited globally by 2030, with US$3.5 trillion of that set to change hands in Europe alone. This unprecedented shift is seeing vast amounts of wealth move from baby boomers to millennials and Gen Z – generations raised in a world defined by smartphones, social media, and seamless digital experiences.

managing wealth should be as intuitive and accessible as managing any other aspect of their digital lives.

At the same time, the lack of adequate estate planning among many wealth holders threatens to undermine the efficiency of this transition. Poor planning can lead to avoidable tax burdens, family conflicts, and suboptimal wealth structures. As

Yet, paradoxically, the number of advisers is shrinking across the industry. The challenge, then, is not just managing increased demand – it’s doing more with less. Advisers must be equipped to be significantly more productive, responsive, and informed.

awareness of these risks grows, so too does the demand for professional financial advice, particularly among investors and business owners seeking to navigate the complexities of succession and crossborder wealth management. Adding to this complexity is the increasingly global

This means providing them with tools that automate administrative tasks, deliver proactive insights, and support more strategic conversations with clients. Time-to-productivity for new advisers must also be shortened. Increasingly, advisers choose employers based on the digital tools they’ll have at their disposal.

nature of the new wealth clientele. Many live in one country, work in another, and invest across

Regulation vs. personalisation: finding the balance

multiple jurisdictions. They expect their banks and – mirroring the way they live and operate. Meeting these expectations will require wealth managers to rethink not only their digital offerings but their entire approach to client engagement in the decade ahead. The evolving role of the modern adviser This generational shift is redefining the role of the adviser. No longer is it sufficient to simply hand over

Meanwhile, regulatory scrutiny across Europe continues to intensify. From MiFID II to GDPR, compliance frameworks have led to greater standardisation in processes, documentation, and reporting. But this stands in contrast to client expectations. Investors want tailored advice, bespoke financial planning, and real-time insights across every stage of their financial journey – from buying a home, to funding a start-up, to planning for retirement.

a neatly printed PDF or schedule an annual review. Today’s clients ask more questions, more frequently, and through more channels – whether it's WhatsApp, video calls, e-mails, or mobile apps. Client engagement is now 24/7, multi-channel, and continuous.

Today’s adviser is asked for advice on more topics, through more channels, more often – and in a way that is both compliant and customised. The balancing act is delicate but essential.

European WealthTech Landscape Report 2025

advisers to offer a seamless, borderless experience

The competitive pressure from online brokerages (neo, mobile, or digital banks) Adding further pressure is the rise of online brokerages and FinTech platforms. With sleek apps, zero-commission trades, and AI-driven investment advice, these digital challengers are capturing a growing share of wallet from younger investors. Banks may currently benefit from interest-driven profitability, but to stay competitive, they must adapt their wealth offerings. It’s not enough to digitise existing processes. They must reimagine the Advisery experience entirely – making it more intelligent, more responsive, and deeply integrated with client lifestyles. Technology as a differentiator: what banks and advisers need now As the wealth management arms race heats up, technology becomes the differentiator. But not just any technology will do. Advisers and banks alike are demanding solutions that are:

European WealthTech Landscape Report 2025

•

European advantage: built for borderless wealth This is precisely where fincite comes in. Unlike legacy portfolio management platforms that may dominate in some markets, fincite was built from the ground up with a European, cross-border audience in mind. Our modular, digital wealth solution is designed to meet the complex, evolving needs of advisers and banks alike. Fincite enables:

•

Rapid scalability across countries and languages

•

Agile customisation to fit local preferences and regulations

•

A full suite of Advisery and portfolio tools outof-the-box

For banks, it reduces implementation risk and accelerates time-to-revenue. For advisers, it improves productivity and deepens client engagement. The result? A seamless, strategic Advisery experience that works across borders – digital, compliant, and deeply human.

Turnkey – ready to deploy with minimal disruption

Metric

Today

2030 Target

Growth

How fincite Enables This

•

Modular – adaptable to unique workflows and evolving client needs

Adviser Meetings per Day

0.6–0.8

2–3

3–5x

Automated prep, proactive alerts, smart agendas

•

Scalable – able to support clients across multiple geographies and business lines

Customer Touchpoints

4–5

30+

6–7x

50–200M

500M–1B

5–10x

Banks with international ambitions need technology partners that can work across jurisdictions, align with local regulations, and integrate seamlessly with their existing infrastructure. Advisers, on the other hand, want intuitive platforms that boost their efficiency and allow them to deliver more value-added services in less time.

Adviser AuM

Dashboards, financial planning, digital access

Efficiency gains, reduced workload

Quantifying the impact: from meetings to millions!

The future of hybrid wealth advice

Let’s look at the numbers. Fincite’s platform is designed to transform adviser productivity and client engagement at scale. Consider the following projections:

Despite the digital revolution, the human element in wealth advice isn’t going anywhere. What’s changing is the nature of adviser-client interactions.

These gains translate into real-world impact:

Technology will increasingly handle the transactional and operational aspects – portfolio rebalancing, performance tracking, reporting – freeing advisers to focus on strategic discussions, life planning, and personalised insights.

Happier clients with more frequent, relevant interactions

•

Advisers who serve more clients with less administrative burden

•

Banks that drive retention, reduce adviser turnover, and improve profitability by 40% or more

Specifically, wealth advisers using the fincite platform have seen:

Whether it's a dashboard login or a virtual meeting, every touchpoint must enrich the client experience. That means delivering not just data, but actionable intelligence. Not just service, but connection. This is the future of hybrid wealth advice – where digital and human strengths combine to deliver superior outcomes.

•

Growth in AUV (assets under view) by a third, leading to a 20 percent increase in share of wallet

Conclusion: a frictionless, scalable future for European wealth management

•

Increased compliance by elimination of over 80 percent of investment restriction violations across all Advisery processes

As wealth becomes more global, more digital, and more demanding, the tools and strategies of the past will no longer suffice. Banks and advisers must adapt – not just to survive, but to thrive.

•

A reduction of 12 weeks per year in time spent on manual effort, freeing up time for high-value client interactions

The winners will be those who embrace modular, turnkey platforms that enable scalable, compliant, and truly client-centric Advisery models across borders. Fincite stands ready to be that partner.

Ralf Heim Co-CEO ralf.heim@fincite.de

Discover more about fincite

European WealthTech Landscape Report 2025

•

Project Programme

2025/2026 Explore our Report and Event programme for 2025 and 2026, mixing a range of topics, regions and segments across the global wealth management landscape. Within each project, firms can choose from a menu of participation options.

UK Toolkit

Future View Toolkit

US RIA Toolkit

Geographic

Thematic

Segment

August 2025

September 2025

October 2025

Focused on the United Kingdom, the UK Toolkit 2025 Report will seek to bring in 10-15 Showcases from contributors, each tasked with highlighting how an area of technology and their offering can support the business needs of a wealth management firms in the region. The report will also be showcased at The Wealth Mosaic Live 2025: UK event in November 2025.

This report will look at the technologies that will support wealth managers in future proofing their businesses. Regardless of positioning on the infrastructure map, each participant vendor needs to highlight why and how their topic and solution is relevant. The report will be supported by Toolkit Roadshow events in Q2-Q3 2025.

The US Registered Investment Adviser market plays a significant role in the wider US wealth management sector, with a wide range of technologies built to support its needs. The report will also be showcased at The Wealth Mosaic Live 2025: US event in October 2025.

www.thewealthmosaic.com

US Conference TWM Live 2025

UK Conference TWM Live 2026

Atlantic City

London

8-9 October 2025

2026

A two-day event in Atlantic City focusing on the key themes business and technology themes shaping today and the future of the US wealth management sector across all segments. A mix of presentations, panels, interviews, demos, roundtables and networking, we invite participation from wealth managers, technology vendors, consultants, investors and others.

A two-day event in London focusing on the key themes business and technology themes shaping today and the future of the UK wealth management sector across all segments. A mix of presentations, panels, interviews, demos, roundtables and networking, we invite participation from wealth managers, technology vendors, consultants, investors and others.

European WealthTech Landscape Report 2025

Showcases

Four solution showcases relevant to the business needs of wealth management firms in the Europe The showcase section provides a overview of specific vendor solutions plus their role and function within the wealth manager’s overall technology infrastructure.

Atomic Projects Atomic Projects are First Rate’s answer to a common industry challenge: how do you innovate with best in class partners without risking disruption, overcommitting resources, or pausing other priorities?

About First Rate

Solution Overview

First Rate is a global WealthTech partner with over 30 years of experience helping financial institutions solve complex data challenges across aggregation, calculation, reporting, and activation. Unlike many in the industry, we remain privately held and purpose-driven, with no exit plan: only a vision of long-term partnership that serves our coworkers, clients, and communities. We believe in conducting business for something greater, combining innovative technology with values that shape how we work: love, give, serve, and enjoy.

Atomic Projects offer a smarter way to accelerate innovation without overcommitting resources or creating new risks. First Rate designed this model to help wealth managers, family offices, and private banks solve immediate challenges while evaluating longterm partnership fit. These engagements focus on real problems, not theoretical exercises. Each project is:

We operate as a global brand with regional hubs and local impact delivering enterprise-grade solutions while staying close to the unique needs of each market. Our mission is to empower wealth and asset management firms to grow and thrive as responsible stewards of wealth, while making technology more human, more transparent, and more useful. Whether you’re a wealth manager, family office, private bank, or fiduciary platform, we work alongside you to build solutions for your business, in your market, and for the long term.

•

Fixed-scope: One clearly defined objective, no moving targets

•

Fast: Delivered in just three weeks

•

Low-risk: No production access, no system integration, no disruption to current workflows

•

Cost-contained: Priced under £5,000 to keep procurement simple and decisions fast

Think of it as a real project not just a pilot but without the weight of full transformation. Whether you need to validate a data feed, replicate a report, test return logic, or explore AI-driven insights, Atomic Projects deliver tangible outputs you can act on immediately.

Fact file

Website

www.emea.firstrate.com

Email address

emea@firstrate.com

Year founded

1991

HQ location

London, United Kingdom

No. of employees

101-500

No. of clients

501-1,000

Geographic relevance

Global

Type of wealth manager served

EAM, Bank Wealth Manager, Family Office, Financial Advisers, Insurance-based, Trust & Fiduciary, Digital Wealth Platforms

Delivered in just three weeks and for under £5,000, each Atomic Project delivers a high-impact outcome that reduces risk, builds trust, and lays the groundwork for deeper collaboration. >

Discover more

How Atomic Projects Work

Benefits

Each engagement follows a simple, repeatable model designed to deliver one clear and timely outcome. Projects typically run for 20–35 hours over three weeks, following this structure:

Most wealth management firms aren’t short on ideas. They’re short on capacity.

Week 1: Discovery & Data Alignment We clarify the objective, gather relevant data, and align on success criteria. No system integration is needed most clients provide files or exports, and we handle the rest. Week 2: Solution Design & Execution The team shapes the solution, whether that’s aggregating data, replicating a report, testing return logic, or applying AI insights. We work alongside your team or independently, depending on your preference.

Whether you’re managing high-net-worth portfolios, complex family office structures, or institutional mandates, the challenge is the same: how do you pursue innovation without putting current operations at risk? In practice, that means most firms delay technology initiatives until there’s a burning platform. Even when innovation does happen, it’s often slowed by:

•

Vendor fatigue: Too many pitches, not enough practical outcomes

•

Resource constraints: Technology teams stretched thin, operations teams overloaded

•

Risk concerns: Fear of disruption or regulatory missteps during transformation

•

Proof-of-concept purgatory: Endless pilots that never lead to action

Week 3: Delivery & Feedback We present the outcome, review findings, and refine as needed. When the engagement closes, you keep the deliverable ready to use immediately or as a foundation for next steps.

The result? Opportunity cost. Firms miss chances to improve data aggregation, reporting efficiency, or client experience not because they lack vision, but because they lack a low-risk, high-value starting point.

Read more on The Wealth Mosaic

What makes Atomic Projects different isn’t just the output it’s how they’re delivered: by specialists who stay close to the work, using real systems, not simulations. The goal is clarity, not commitment. Whether it leads to a broader partnership or simply a useful deliverable, each engagement moves your firm forward without creating new dependencies.

Installation and deployment Each project runs in a secure, sandboxed environment, with clear data boundaries and GDPRcompliant protocols from day one. There’s no need for production access or technical lift from internal IT. Clients provide only what's needed which is typically files or exports and our team handles the rest. This model eliminates integration risk, shortens time to value, and allows firms to engage safely without creating new dependencies. Everything is designed to move quickly, work securely, and leave you in control of what happens next.

First Rate: WealthTech for Generational Impact First Rate is a global private WealthTech partner with 30+ years of experience delivering modular data solutions across aggregation, calculation, reporting, and activation.

Start small. Move fast. Stay in control. The Atomic difference.

Get in touch

Grayson Greer

Surya Saikumar

Managing Director, Global

Market Development Partner, UK & Europe

ggreer@firstrate.com

ssaikumar@firstrate.com

The digital platform for hybrid wealth management Streamline, engage, and empower: revolutionise your Advisery process with the Finfox Suite

About Finfox

Solution overview

Finfox is the digital platform for hybrid wealth management for banks, advisers, and their clients, developed by Zurich-based wealthtech firm Finfox Software and Technology AG. Thanks to intelligent business logic, a consistent data set, and full omnichannel capability, our software makes the Advisery process an engaging, regulatory compliant, and seamless experience across all channels and client touchpoints. Private banks, savings banks, and Swiss cantonal banks equally trust in Finfox. We offer solutions for all segments from wealthy to affluent and retail clients.

Finfox enables the end-to-end digitalisation of client interactions across a variety of Advisery scenarios – whether in a personal conversation, a digital meeting, or at home through guided self-services. With over 35 years of expertise under our belt, we have a deep understanding of designing client-centric solutions and implementing individual configurations. Going beyond the software itself, we act as a strategic partner to our clients in all matters relating to the digital transformation and efficiency of their wealth Advisery services.

Fact file

Website

www.finfox.ch

Email address

finfox@ecofin.ch

Year founded

1986

HQ location

Zurich, Switzerland

No. of employees

51-100

Geographic relevance

Asia, Middle East, Western Europe

Type of wealth manager served

Bank Wealth Managers

Discover now

Features

Benefits

FinfoxPro is the powerful digital workbench for Advisers, consolidating portfolio insights, client interactions and actionable investment proposals in a centralised, easy-to-navigate desktop application.

Finfox enables client engagement at all touchpoints and effectively conveys the value-add of the bank’s Advisery offering to its clients by delivering specific and relevant content that is tailored to them. Finfox solutions are automated and standardised for the bank yet perceived as individualized by their clients. The distinctive combination of operational efficiency and personalised client journeys empowers banks to secure a competitive edge in the market.

FinfoxTouch is the tablet-based tool for interactive client meetings. It actively involves the bank’s clients in the Advisery process and brings complex topics to life in a dynamic way, whether in the branch or at the client’s home. FinfoxAdvice is the dedicated digital channel for the bank’s clients and their guided self-services that seamlessly brings the end-to-end Advisery process to life. FinfoxReports provides consistent, regulatory-compliant investment reporting that customers understand. The platform’s functionality is made available by FinfoxPublicAPI, a set of standardised and modular business services. To achieve the ambition of open banking, FinfoxPublicAPI can be integrated with the front- and back-end systems of banks or thirdparty providers. As such, Finfox technology can be tailored to precisely fit into any IT architecture. Apps, front ends, widgets and back-end services directly access data from Finfox and use Finfox services via the API.

Read more on The Wealth Mosaic

Finfox. The award-winning software solution for hybrid investment advice. The wealth management of the future is both personal and digital. In other words: hybrid. Automated and standardized for the bank, yet perceived as individualized by the client. Supporting client engagement at all touchpoints, effectively conveying the value-add to the client. Welcome to Finfox. Investment advice redefined.

Find out more

About WealthOS

Solution overview

WealthOS lets you focus on building your customer’s experience, because we take care of all the backend technology, infrastructure and processes to run the next generation of digital investment and retirement products. Our modular platform significantly reduces operational time and costs through extensive automation, orchestration of processes as well as remote maintenance and updates. Whether you're launching or upgrading an existing digital wealth management product, you can get to market 3x faster and 40% cheaper than other technology platforms today.

WealthOS’s cloud-native core wealth platform enables wealth managers to develop digital products 3x faster at 40% lower TCO and 99% up-time. WealthOS offers a modular operating system covering the entire client lifecycle, including onboarding, through to tax-wrapper administration (ISAs, accumulation to drawdown SIPPs), payments, portfolio management, trading, withdrawals, projections, fees, billing and more. Built with microservices architecture, embedding extensive automated and orchestrated workflows throughout. WealthOS reduces manual processes, mitigates risk, and accelerates execution, enhancing client experience and operational efficiency. Its extensive features allow institutions to select necessary backend components, significantly reducing the time and cost of developing digital solutions or digitizing existing workflows.

Fact file

Website

www.wealthos.cloud

Email address

contact@wealthos.cloud

Year founded

2019

HQ location

London, United Kingdom

No. of employees

21-50

No. of clients

1-10

Geographic relevance

Global

Type of wealth manager served

Pension Providers, Robo Advisery Firms, Investment Platforms, Brokers, Wealth Management, Banks, Custodians, IFA Consolidators / IFA Groups, Discretionary Fund Managers (DFMs), Private Banks

Power your digital wealth management products with WealthOS' modular middle and back office SaaS >

Discover more

Features

Benefits

WealthOS provides a future-ready, cloud-native operating system for digital wealth management through a Software-as-a-Service model. Our platform supports. Our modular architecture supports the entire wealth management operations life cycle— from client onboarding and flexible account structures to automated transactions, real-time holdings, seamless payments, trade execution, and portfolio management. Additional features include support for tax-efficient products, rebalancing strategies, fee automation, multi-currency operations, and branded, compliant communications. Allowing wealth managers to build tailored, end-to-end digital products with speed and scale.

WealthOS’s weekly release cycle ensures rapid innovation and speed to market, enabling businesses to launch new products in weeks rather than the 12-18 months typical of legacy systems. Its futureproof architecture eliminates technical debt through continuous, automated updates that keep you at the cutting edge.

WealthOS’s serverless infrastructure enables automated provisioning, and zero-downtime, weekly releases that are fully regression-tested and backward compatible. A 99.9% uptime ensures reliability, while microservices-based design supports scalability and resilience. REST APIs allow rapid development and release of digital features, while WebSocket APIs enable quick implementation of push messages and notifications. The Unified API and no-code integration marketplace, enable seamless no-codeconnectivity with third-party services. An orchestration layer combines features into seamless, automated workflows for a smooth, efficient experience.

The comprehensive API-first architecture enables seamless interoperability and integration with existing systems and third-party services. Development is streamlined through prebuilt orchestrated workflows, while no-code admin interfaces create a smooth operational experience. The no-code marketplace facilitates easy addition of third-party services to enrich your offering. WealthOS's fully automated platform delivers straightthrough processing across operations, reducing manual interventions and improving efficiency. This comprehensive approach results in up to 40% lower total cost of ownership through increased automation and reduced infrastructure costs. By eliminating legacy constraints, WealthOS empowers wealth managers to innovate rapidly, reduce costs, and deliver exceptional client experiences in today's competitive landscape.

Read more on The Wealth Mosaic

Smart Risk Decisions Power-up your Advisery process with Smart Risk

About Raise Partner

Solution overview

Raise Partner is a B2B WealthTech delivering cuttingedge digital solutions (Smart Risk) to support investment, Advisery and distribution processes in the Wealth and Asset Management Industries.

Digital transformation is not only about a great client experience. It is mostly about providing added-value services through digital channels to augment portfolio managers, Advisers and relationship managers and help them better serve their clients. Smart Risk offers a userfriendly access to unique cutting edge mathematical models based on the latest API and cloud technology.

Our vision: bringing trust and purpose to investment decisions. Our mission: guiding investment decisions in an increasingly complex and digitalized environment. How we do it: using cutting-edge models and digital technology to leverage the human’s touch and expertise in the Advisery process. Raise Partner equips portfolio managers, CIOs, investment Advisers, private bankers, re1ationship managers to monitor their risks and build personalized investment proposals for their clients.

Smart Risk is a cloud-based modular solution designed to seamlessly integrate into the Advisery journey. The Smart Risk suite consists of a set of modular APIs (Smart Risk APIs) and web apps (Smart Risk Decisions), as well as an underlying data connectivity platform to aggregate and consolidate multiple data sources. Smart Risk is used by investment professionals in the Asset and Wealth Management industry to support their risk monitoring, investment and Advisery processes.

Fact file

Website

www.raisepartner.com

Email address

contact@raisepartner.com

Year founded

2001

HQ location

Grenoble, France

No. of employees

21-50

No. of clients

11-20

Geographic relevance

Asia, Eastern Europe, Middle East, North America, Western Europe

Type of wealth manager served

EAMs, Bank Wealth Manager, Family Offices, Financial Advisers, Insurance-based, Digital Wealth Platforms

Smart Risk is a cloud-based modular solution designed to seamlessly integrate into the Advisery journey. The Smart Risk suite consists of a set of modular APIs and web apps, as well as an underlying data connectivity platform to aggregate and consolidate multiple data sources. >

Discover more

Features

Benefits

Far from replacing the Adviser, Smart Risk Decisions is a client-facing web application designed to bring more interactivity in the client/Adviser relationship:

Smart Risk Decisions helps Advisers focus on their clients’ needs, build confidence through transparent and tailored investment proposal, hence develop new business by attracting and fidelizing clients.

•

Starting the Advisery journey from the client’s wealth and expectations

•

Helping Advisers figure out the ‘next best action’ for each client depending on their profile, preferences and existing holdings

•

Designing personalized portfolios with a global wealth approach

•

Supporting a “4-hand” investment decision process: onboard the end-client with an interactive discussion

•

Avoiding the black-box effect with a focus on transparency and explainability, which are the keys to a trustful Adviser/client relationship

•

Providing easy-to-use scenario simulations and analytics to understand the impact of investment decisions

Read more on The Wealth Mosaic

Our online

European WealthTech Landscape Report 2025

Solution Provider Directory (SPD)

This section introduces our online SPD, and references the 1,796 solution providers relevant to the business needs of the European wealth management sector Visit our online SPD to access these business profiles via the 24 business need categories hosted in our Technology & Data marketplace.

Headline data from the European directory

1,796 Total number of firms in our SPD relevant to the EU wealth management sector

75%

25%

EU-headquartered

Non-EU headquartered

Directory guide For this first European WealthTech Landscape Report, we have included 1,796 solution providers from our global Solution Provider Directory (SPD). That’s 58% of the total of just over 3,100 firms in the SPD that we see serving, targeting or relevant to the business needs of the full European wealth management sector. This total includes 1,345 firms headquartered in the European region, as well as 451 firms from outside that may or may not have a strong office and human presence in one or more parts of Europe, or they are simply relevant and able to reach and serve the market as technology providers do best, from somewhere else in the world.

Primarily technology businesses, or businesses that use technology to enable their offering, such as a data or research provider, the 1,796 firms also include firms that support the technology needs of wealth managers with services such as analyst and research firms, consultants, compliance, and so on. Each of these 1,796 firms, wherever they are based, has an entry in our online SPD. Looking at the SPD for this report in a little more detail, we see that the top five markets for vendors are the United Kingdom, Switzerland, Germany,

Top ten countries for EU-headquartered firms

Germany

France

18 Belgium

Switzerland

Spain

United Kingdom

Sweden

Luxembourg

Ireland

278

Netherlands

699

Top five countries for non-EU-headquartered firms

16 Australia

India

Singapore

Canada

United States

France and the Netherlands. We confess that our SPD does have a bias towards international financial centres and cross-border and/or English-language accessible market participants. The leading market for non-European vendors by far is, unsurprisingly, the United States. By age, most firms in the SPD fall in the six to 50 years old grouping. Largely, this means that the marketplace is dominated by well-established providers.

3,100 Total number of firms in our online SPD

In terms of business needs, the leading category represented here is Investment Platforms & Tools (IP&T). We have 836 of the 1,796 solution providers tagged to this business need. What is IP&T? It refers to solutions that support the investment process in one way or another such as Advisery tools, investment marketplaces, rebalancing tools, research marketplaces and so on. The other two most relevant business need categories are Digital Platforms & Tools and Portfolio Build, Analysis & Reporting.

European WealthTech Landscape Report 2025

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Types of wealth manager

Types of solution provider

In terms of the types of wealth management firms in Europe that our SPD seeks to cover, it would include firms that might be considered:

We include any solution provider in our SPD that has relevance to the business needs of wealth management. In the modern day, we have a broad view of what constitutes a wealth management client, a wealth management business and, similarly, a relevant solution provider to the sector. While there are a growing number of solution providers that are built exclusively for wealth management, which is great for the industry, there are many more that service wealth management as part of a broader offering and a third type of firm that has no specific focus on wealth management but remains relevant.

• • • • • • • • •

Asset managers Bancassurance Bank wealth managers (investment, merchant, private, retail, universal) Brokers Digital wealth managers External asset managers Family offices Independent financial advisers Investment platforms

In covering all types of wealth managers, our SPD is naturally broad. There are solution providers in our SPD that are only relevant to specific countries, types of wealth managers, etc.

Those three levels highlight what we look for in firms to include in our SPD. Below we have listed the three types and also included entries from our SPD of solution providers that fit the category:

•

Built for wealth – 3rd-eyes analytics, Altoo, Croesus, Finfox, First Rate, InvestCloud, Objectway, Point

•

Wealth as a segment – additiv, Aveni, Backbase, LexisNexis Risk Solutions, LSEG, Storyline, RPost, Umlaut, Unblu

•

Wealth relevant – Facebook, HubSpot, OpenAI

European WealthTech Landscape Report 2025

Our SPD includes pure technology firms but also an array of firms that use technology to enable or distribute a service. There are multiple examples of this covering compliance, data, market insights, portfolio themes, trading ideas and much more.

With so many vendors and solutions now at play in this market, while that depth and breadth is a positive in terms of the availability, quality and relevance of what’s on offer, it also means complexity of selection, and post-selection, integration. This is perhaps where the real struggle of technology is now focused. Any wealth management business needs a clear strategy and vision, a leadership and delivery team to bring the right technology infrastructure into play, and a means to tie it all together so each system speaks to the others, shares data, is compatible, and so on. This is the new art of WealthTech.

European Solution Provider Directory Summary Europe, of course, is not one homogeneous market – it is fragmented by country and by segment as well as a multitude of other factors such as language, currency, products, laws, tax, culture and more. Yes, there is the European Union and the European Economic Area, which allow for a certain amount of structure and commonality across the region, but doing business in Portugal is not the same as Poland. Not yet. Arguably, it is only in a small set of WealthTech and related players where their offering is relevant to every country and every segment across Europe. For almost every vendor, operating in Europe means having a clear view of the geography in focus, the size and shape of that market, the needs and behaviours it has that may be different to its nearest neighbour. Each country, whether a larger financial centre like the United Kingdom or Switzerland, as well as smaller, more local markets like those in Eastern Europe, will have its ecosystem of local, foreign and relevant vendors. Our global SPD is an increasingly broad and relevant resource providing a single source of much of what is out there and available to all forms of wealth managers. For any wealth manager looking at updating their technology infrastructure, selecting systems or just wanting to know what is trending in the market, The Wealth Mosaic has been built and will be further developed to support your needs. The full directory on The Wealth Mosaic is accessible at https://www.thewealthmosaic.com/ either through search or via the Technology & Data marketplace and the individual ‘business need’ categories here, www. thewealthmosaic.com/market/technology-data/

Business Need categories

European WealthTech Landscape Report 2025

Our online Solution Provider Directory categorises solutions into dedicated marketplaces and, within those, into Business Needs. The most relevant marketplace for this report is Technology and Data, which features the below highlighted 24 Business Need categories. The number of solutions listed in each of the Business Need categories is also shown below (encircled).

836

IP&T

Investment Platforms & Tools

300

DF&IS

Data Feeds & Information Sources

771

DP&T

Digital Platforms & Tools

298

BI&PM

Business Intelligence & Practice Management

607

PBA&R

Portfolio Build, Analysis & Reporting

273

P&WMS

Portfolio & Wealth Management Systems

584

M&BI

Market & Business Infrastructure

230

SD&M

Software Development & Management

449

CE&M

Client Engagement & Management

212

TS&C

Technology Strategy & Consulting

444

C&R

Compliance & Regulation

208

RA&M

Risk Analysis & Management

441

DM&A

Data Management & Analysis

191

BPM&O

Business Process Management & Outsourcing

357

T&BO

Trading & Back Office

181

C&NS

Cyber & Network Security

CO&IV

Client Onboarding & Identity Verification

138

DLT&C

Distributed Ledger Technologies & Cryptocurrencies

134

CM&P

Client Marketing & Prospecting

120

DM&S

Document Management & Storage

104

F&RP

Financial & Retirement Planning

CC&R

Client Communications & Reporting

Core Banking

DBI

Digital (Robo) Investing

European WealthTech Landscape Report 2025

153

Our technology and data marketplace features 24 B2B-focused Business Need categories. Each of these reflects the range of technological functions that any given wealth manager is likely to require.

European WealthTech Landscape Report 2025

About The Wealth Mosaic

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The Digital Marketplace for Wealth Management The Wealth Mosaic (TWM) is an increasingly well-known and highlyregarded knowledge resource, closing the gap between the evolving business needs of wealth management businesses across the world and the growing marketplace of technology and related solution providers selling into the market. For wealth managers, the buy side of our marketplace, TWM is designed to enable discovery of key solutions, solution providers and knowledge resources by specific business needs. For solution providers and vendors, the sell side of our marketplace, TWM exists to support the positioning, exposure and business development needs of these firms in a more complex and demanding market. Discover The Wealth Mosaic at: www.thewealthmosaic.com

The Wealth Mosaic is UK-headquartered online solution provider directory and knowledge resource, focused specifically on the wealth management community. Built around a curated and constantly growing and evolving directory of solution providers to the wealth management sector across the world, our business is founded on five core principles that make us different from other offerings in the market:

Business needs categories across our first two live marketplaces (Technology and Data, and Consulting, Research and Support Services). These Business needs categories create the first level of filtering around our Solution Provider Directory. As we focus on further growth, we expect that maintaining and evolving this resource will provide users with even more business and solution profiles

• Wealth management-focused • Directory-first • Research-led • Online-first • Accessible

relevant to their business needs, more refined Business Need categories, more sub-categories and more focused tagging. This will allow any wealth manager to more precisely pinpoint the solution providers and offerings that are relevant to their needs. This should then support solution providers

European WealthTech Landscape Report 2025

to more effectively position themselves and their

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Behind this report, the engine room of our business in delivering all of the above is our website. This is available to any user 24/7, 365-days a year. As of November 2024, our website hosts over 3,100 solution provider profiles and hosts over 6,500 solution profiles from these businesses. Each of these solutions is tagged to at least one of the 40 headline

offerings to be discovered by the right users. Alongside the core directory focus, we will continue to add and also further develop the content, knowledge resources and tools within the website to support the user in their discovery, learning and engagement process.

Discover more about The Wealth Mosaic, our directory, offering, and projects for 2025-26

Our offering pivots around the following six core components which can be used individually or pieced together to support your needs.

Membership Membership is where it all started for TWM. It remains central to our offering and is designed to increase a Solution Provider’s presence in our online directory.

Reports

To support our goal of delivering a deep knowledge resource for the sector, in addition to the build, maintenance and development of the SPD, we are increasingly working with partners, clients and the industry across six core service pillars:

• Membership • Content • Reports • Campaign • Events • Research & Insights Offering a supporting fuel to help drive the engine that is the SPD, each of these service pillars also features standalone service offerings available to both wealth managers and solution providers to support their specific business needs whether that be positioning, exposure, insight, learning, networking or more. TWM offers a menu of products and services within each service pillar which can be consumed by our clients either as 'push' (you participate in a TWM project such as a report or event) or 'pull' (you ask us to support your individual needs with a specific service).

Events We offer a range of tailored events that bring together wealth management decision makers from around the world.

Campaign Campaign offers a toolkit of marketing tactics that you can deploy in various ways to amplify your engagement and awareness in our established global wealth management network.

Content We enable our clients to create compelling and market-relevant content with our inhouse team.

Research & Insights We create and deliver market research and insights. Whether you have internal strategic needs or wish to make a splash in the market with some research-led thought leadership, we can support you.

European WealthTech Landscape Report 2025

Our services

Our report program offers its contributors and sponsors various opportunities to engage, inform, and position their thought leadership to our global readership.

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Directory Content Research Events Network Marketplace Community Partnership Intelligence

www.thewealthmosaic.com

Leverage our established global network. We generate better levels of engagement for our clients and members by leveraging our established global wealth management community. Our user base includes representatives from leading financial services, consultants, and investors from around the world. >

180,000+ Annual Users

15,000+

Monthly Users

10,000+ Subscribers

25,000,000+

Annual Impressions

15,000+

Social Followers

European WealthTech Landscape Report 2025

About the WealthTech Landscape Report Series (WTLRs)

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Our benchmark reports cover all key wealth management geographies Each report provides the reader with a compelling mix of thought leadership, Solution Showcases and SPD highlights designed to provide our wealth management and vendor community with a modern and insightful knowledge resource for its technology and related business needs.

Our goal with our WealthTech Landscape Reports, is to collate relevant, insightful content and comments from both wealth managers and vendors operating in a specic region.

Our benchmark reports cover all key wealth management geographies. Each WTLR is founded on a curated directory of hundreds of relevant technology and related solution providers to the business needs of the wealth management community in focus.

European WealthTech Landscape Report 2025

This Directory is reviewed and refreshed for every report. The directory is supported by a rich variety of thought leadership articles and interviews with industry participants from both buy and sell side, plus a section of Solution Showcases. Within each report we look at how global trends affect that country, region, or sector.

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We also look at country, regional, and sectoral trends. This compelling mix of thought leadership, Solution Showcases and Directory come together to form the basis of each WTLR and a report that aims to provide each community within the series with a modern and insightful knowledge resource for its technology and related business needs.

Previous WealthTech Landscape Reports

Swiss WTLR 2024

UK WTLR 2023

APAC WTLR 2023

A comprehensive guide to the

This edition of the report featured

This edition of the report includes

786 solution providers within the

15 articles from wealth managers,

management community.

Middle East WTLR 2023

directory, supported by 16 articles on consultants, and technology solution the evolution of technology themes providers, and a directory with 615 in the UK wealth management space.

entries from all across the world.

Swiss WTLR 2022

US RIA WTLR 2022

A comprehensive guide to the

Featuring 512+ solution providers

A comprehensive guide to the

technology and related vendor

and 21 insight articles from wealth

technology and related vendor

marketplace with 500+ solution

managers and solution providers on

marketplace featuring 437

providers and an overview on the

contemporary technology themes

solution providers targeting

data of growing trends.

relevant to Switzerland.

the RIA segment.

If you are interested in contributing to our projects for 25/26, please don't hesitate to get in touch.

Discover more Reports, Reserach and Events

European WealthTech Landscape Report 2025

technology and related vendor marketplace for the Swiss wealth

109

www.thewealthmosaic.com

Brook House, Mint Street, Godalming, GU7 1HE, United Kingdom

This publication constitutes marketing material and is the result of independent research. The information and opinions expressed in this publication were produced by The Wealth Mosaic Limited., as of the date of writing and are subject to change without notice. Get in touch: office@thewealthmosaic.com Discover more about us at www.thewealthmosaic.com