The 2024 WealthStack survey indicates 91% of respondents plan to adopt new technology within the next year. Top additions include cybersecurity (34%), client attraction (33%), and digital workflow automation (29%). Technology budgets are expected to rise, with 79% predicting an increase, compared to 68% in 2023.

Regarding tech support staff, 61% expect headcount to remain flat, while roughly a quarter foresee increases. About one-third of firms lack full-time tech staff, while 29% employ in-house tech personnel.

AI is anticipated to have the most significant impact on wealth management over the next five years (75%), followed by regulatory compliance and cybersecurity solutions (52%), centralized data access (25%), M&A consolidation (22%), and blockchain (19%).