The number of high net worth individuals working with a single wealth management firm dropped to 19 per cent in 2025, Capgemini has revealed.
That was a decrease from the 39 per cent of HNWIs who reported they worked with a single firm for their wealth management needs in 2019.
The 30th edition of the Capgemini Research Institute’s World Wealth Report 2026 also showed the proportion of HNWIs working with four to six wealth management firms increased from 12 per cent to 25 per cent from 2019 to 2025.
The 64-page report, seen by FT Adviser, said the fragmentation reflected the growing sophistication of HNWIs and their belief that specialised providers were better aligned to specific needs and use cases.
The report said this meant traditional wealth management firms did not fully capture the growth in global HNWI investable assets.
Addressing this gap, the report continued, required agile, client-centric operating models that strengthened engagement through improved accessibility and personalisation.
Anita Saggurti, managing director of the next gen strategy executive at the Bank of America Private Bank, said: “Personalisation starts with truly knowing each client, their family dynamics, life stage and priorities.
“Treating every client as a segment-of-one is not optional anymore; it is the foundation of a credible wealth relationship.”
However, the research, which polled 6,510 HNWIs across 27 markets, showed only 17 per cent said the advice they received felt seamless and tailored to their individual situation.
A further 42 per cent reported having to restate their goals and preferences multiple times to the same firm.
The report said this was explained by the operating model: 60 per cent of executives acknowledge that their firm lacked a unified client view, resulting in fragmented processes and duplicated effort.
Anneka Treon, global head of investments, private banking and wealth management at ING, said: “Modern wealth clients are increasingly accustomed to working seamlessly and digitally in their day-to-day lives.
“When these clients face friction when interacting around wealth with their private bank, the contrast starts to feel big, prompting clients to look elsewhere.”
Elsewhere, the report argued that while expanding products and services boosted loyalty, realising value required co-ordination and management across the customer journey.
Accordingly, 76 per cent of advisers wanted AI to automate routine work. A further 61 per cent wanted access to an integrated ecosystem of specialists to respond across financial and non-financial needs.
However, Capgemini said that when firms got customer service right, 53 per cent of HNWIs recommended their firm to others, while 47 per cent consolidated their assets.
Charles Boulton, chief executive of HSBC Private Bank UK, said: “As client needs become more complex, an individual banker cannot be an expert in everything.
“The role of the banker is increasingly about orchestrating the right expertise at the right moment.”
Wayne Hawkes, commercial director of Barclays Private Bank and Wealth Management, added: “Orchestration is not just about access to expertise; it is a proven driver of better client outcomes and stronger business results.”
hereward.mills@ft.com
