UK wealth managers are still using “outdated infrastructure” and manual processes, which is seeing them “struggle to evolve” to take on younger clients, according to a new report by Seismic.
The firm’s 2025 State of Wealth Management Report found that 45% of UK wealth firms still use manual processes – significantly higher than the European average.
Meanwhile, just over half – 57% – said they felt ready to serve Millennial and Gen Z clients – meaning almost half do not feel prepared, ahead of what is set to be the biggest wealth transfer in history. That was the lowest score across all of Europe.
Nearly half (48%) cite budget constraints as the principal obstacle to digital transformation, while just 55% say their AI initiatives are “very effective”.
Gemma Livermore, international financial services marketing director at Seismic, said: “This is an existential threat to relevance, and the risk extends beyond individual firms losing clients. If the UK can’t properly serve the high-net-worth individuals already here, why would wealthy newcomers choose London over other wealth hubs like Dubai, Singapore, or Zurich?”
