What are the motivations of private managers who decide to outsource certain activities?
Outsourcing is primarily the result of a strategic review of Wealth Management activities. Each company must decide on the core business activities and the others. These companies then become candidates for outsourcing.
Outsourcing can be a solution to reduce the cost of company structure. It can also make operational costs variable by indexing them to key activity indicators such as assets under management, the number of customers or the number of accounts opened.
Outsourcing in private banking can also be the consequence of a lack or loss of internal expertise, an impossibility of reaching a critical size to guarantee the resilience of the activity or an obsolescence of the IS of an activity.
Once the decision has been made to outsource an activity, the choice of service provider is a major issue because it will become a link in the operational chain without which the activity can no longer be ensured. More than a service provider, it is a partnership that must be set up.
Finally, the Wealth Management outsourcing project requires specific expertise in coordinating various projects: organization, change management, legal, IT, etc.
Périclès Group has recognized expertise in the feasibility and opportunity study for business outsourcing, the choice of providers and the management of the implementation of the business delegation or business outsourcing project.
For more information, contact us.