Q1 2026 Trend Report
Operating Models Require Continuous Evaluation and Improvement

Think your wealth management firm’s operating model needs some adjustments? You’re not alone. Most firms believe their model could use changes and plan to make them in the next 12-24 months.

Operating models are complex and unique to each organization. In the past two years, firms say they have worked to modernize their tech stack to improve scale, reduce manual effort, and enhance reliability; redesign their organizational structure  to enhance clarity, support scale, and improve cross-functional alignment; and break down departmental barriers to align around the advisor and client experience.

F2’s national cohort of wealth management firms represents $31T in AUM. In its recent research among the group, it found common challenges across the industry when it comes to building the ideal operating model.

“There are very few things that we do that everybody across the industry needs to be thinking about, but everyone has an operating model, so creating one that works most effectively is a problem that everyone shares,” said Scott Lamont, F2 senior managing director and head of bank trust.

The full report examines the biggest areas of concern for wealth management firms in regards to their operating models.

Trend 1

79% of Wealth Management Firms Are Planning Changes to their Operating Model in the Next 12-24 Months

Insights and Actionable Intel:

  • Operating models require continuous improvement—both firms that stated they were not satisfied and firms that stated they were very satisfied said that they're going to make changes.
  • Operating models are complicated because they are unique to every firm; informed by who your clients are, who your advisors are, what technology, what combination of technology you use, what you consider important to your value proposition. Firms must consider all of those factors to design and build adoption of the tools and follow the process and building controls.
  • Take Action: Most often, firms that are successful with their operating model follow a structure where they think about what they want to achieve, where they want to be great and how they want their people organized first, then determine the right technology to fit that model. In addition, working with a professional organization that sees multiple model types and provides insights can expedite your optimization efforts.
Trend 2

Firms Have Tech but Lack the Connective Tissue to Bring Platforms Together

Insights and Actionable Intel:

  • Firms are not lacking technology—they have tech tools, but they haven't connected them with the right roles to reach the point where the tools are behaving in unison.
  • Many firms believe if they had integration, data, and product management experts overseeing their technology, they would improve how advisors operate.
  • Take Action: Different size firms have different staffing needs. As firms grow along the continuum, they have more resources to bring in specific skills, but in the meantime fill in the gaps in internal capacity by outsourcing.
Trend 3

The Biggest Place of Friction is (Again) Onboarding

Insights and Actionable Intel:

  • Onboarding was cited as a source of friction nearly 30% more than any other process.
  • Onboarding remains difficult due to several factors such as multiple handoffs, ticket-based workflows, limited real-time visibility, and more.
  • Take Action: To reduce friction, illustrate the current state by measuring appropriate data points and documenting exactly where the problem is occurring. That gives you a starting point for design changes as well as a benchmark to track improvement.
Trend 4

Most Firms Optimize their Operating Model for Advisor Experience

Insights and Actionable Intel:

  • Most firms say they optimize for advisor experience, allowing advisors to do a lot of what they want to do, but that freedom leads to process variation and prohibits the firm from automation.
  • Each priority comes with trade-offs for the other areas. For example, focusing on cost control limits your ability to scale and focusing on automation limits advisor experience.
  • Take Action: While there is no way to achieve a perfectly balanced operating model, if you're conscious of what you're doing and you work through the design process, you can limit the impacts of prioritizing one thing at the expense of another.
SUrvey Information

The data in this report is generated from a survey conducted by F2 Strategy in February 2026. The survey includes responses from 36 leading RIAs, Wealth Management firms and Broker/Dealers representing $9 trillion in assets.

ABOUT F2 Strategy

F2 Strategy is a leading consulting and research firm modernizing the wealth and asset management industry. Operating within Wealth, Bank & Trust, and Asset Servicing, F2 delivers executive-level technology and marketing guidance, proprietary research, and implementation support to the largest and fastest growing financial institutions. Built on firsthand insight and a people-first mindset, F2 empowers clients to build smarter systems, streamline operations, and drive sustainable growth.

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