Broadridge’s white paper explores the forces changing the Canadian wealth management industry and how firms can keep pace through tech transformation initiatives, the criticality of improved data management systems for successful AI adoption and providing next-gen investor experiences, and critical components for digital transformation success.

Key findings include:

• Demographic Dynamics: With Canada’s aging population and with an anticipated significant transfer of wealth between generations, wealth firms must pivot towards decumulation-focused strategies to meet evolving client needs.
• Regulatory Evolution: The establishment of CIRO (Canadian Investment Regulatory Organization) and initiatives like T+1 and potentially T+0 are driving operational consolidation and technological advancements across the industry.
• Competitive Imperatives: Fintechs and digital brokerages are reshaping the competitive landscape, prompting wealth management executives to leverage innovative technologies and personalized approaches to client engagement.