More Canadians than ever have joined the million dollar club, and the number will triple by 2010, according to the Canadian Wealth Management Market Report released Wednesday.
As the total number of investment dollars grows, IT will play an increasingly important role for wealth management services firms, according to Cap Gemini Ernst & Young, which published the report. This includes essentially any company involved in savings or investments. Colin Deane, principal at Toronto-based Cap Gemini Ernst & Young Canada, said the importance of customer relationship management (CRM) solutions and the technology behind them are the trends to look for.
“They’re going to have to start providing the standardized electronic client statements, investment performance reporting and account aggregation to those clients that want these things,” said Deane. “That’s an area where Canada over the last couple of years has not moved ahead as fast as things have moved in the United States in particular.”
According to the report there are 315,000 Canadians with $1 million in investable assets. It predicts that in nine years there will be more than 900,000 “high net worth” individual