What to read today: How High-Net-Worth Individuals Invest: With $68 trillion in assets set to transfer to younger generations over the next 30 years, wealth managers who target high-net-worth individuals (HNWIs) must adapt by using digital solutions to enhance their existing white-glove services—not replace them. This report examines the key characteristics of high-net-worth consumers in the US—which is home to the highest number of HNWIs worldwide—and their financial services needs. It looks at how the HNW investor-wealth manager relationship has changed in recent years and how it will evolve amid a massive generational wealth transfer. And it identifies three major trends that will dictate how providers serve HNWIs going forward..
Every morning the Insider Intelligence team delivers research briefings covering key trends moving industries. As a bonus for being a frequent Insider reader, we're including some free content below.
Want more content like this daily? Join our FREE Insider Intelligence Daily newsletter by clicking here. | |
 | January 15, 2022 | |  | | The IRS' updated tax rule could open new revenue opportunities for payment providers | Effective January 1, 2022, payment apps like PayPal, Venmo, and Cash App are required to report users' business payments that exceed $600 in a calendar year to the Internal Revenue Service (IRS), per NBC News.
The updated rule won't affect payment apps from a profitability standpoint—it just makes them provide tax documentation for more business users.
Players like PayPal and Cash App could use the new tax rule to their advantage by creating payment-adjacent tax services that help limit the friction some small businesses face during tax season—like Stripe's tax offering.
The new tax rule underscores one of the biggest advantages that governments see with digital payments: traceability. Unlike cash payments, digital transactions can easily be tracked—and, in turn, easily taxed. By updating digital payment tax rules, governments can mitigate tax evasion.
Insider Intelligence's Adriana Nunez has the full story. | | |  | BRIEFING HIGHLIGHTS | | | | | | | | | | | | | | | | | | | | | |  | RESEARCH IN FOCUS | |  | | How High-Net-Worth Individuals Invest | | With $68 trillion in assets set to transfer to younger generations over the next 30 years, wealth managers who target high-net-worth individuals (HNWIs) must adapt by using digital solutions to enhance their existing white-glove services—not replace them. This report examines the key characteristics of high-net-worth consumers in the US—which is home to the highest number of HNWIs worldwide—and their financial services needs. It looks at how the HNW investor-wealth manager relationship has changed in recent years and how it will evolve amid a massive generational wealth transfer. And it identifies three major trends that will dictate how providers serve HNWIs going forward. | | Get the full report → | | |  | | CIBC Mobile App Spotlight 2021 | | Slowing smartphone banking user growth this year is forcing Canadian financial institutions (FIs) to double down on enhancing their mobile offerings. This report shines a light on the features CIBC could add to strengthen its mobile banking app to win new users and better service its existing customer base. This report focuses on the findings from our inaugural Canada Mobile Banking Emerging Features Benchmark Study, which scores the seven largest FIs based on their support of 42 advanced mobile banking emerging features. Our report highlights the in-demand features that CIBC could add to its mobile app to make it more competitive. | | Get the full report → | | |  | | AI in Wealth Management | | Evolving client expectations for more personalized services are threatening wealth managers' ability to retain existing clients and snap up new ones. But incumbents can face these changes head on by tapping AI to hyper-personalize their offerings across the customer journey. This report dives into the challenges facing wealth managers and how AI can help incumbents overcome them; an outline of what wealth managers must put in place to enable successful AI implementations; and the key AI front-office use cases that will boost acquisition and retention. | | Get the full report → | | |  | BECOME A SUBSCRIBER | | | Our subscriptions deliver analysis on the biggest trends and decisions shaping the future of your industry. Stay on top and subscribe today to receive:
| | | | | | | |
0 comments:
Post a Comment