Global wealth management technology spending by banks, brokerages and insurance companies is set to reach $3.7 billion by the end of 2010, up 5 percent from 2009, according to a report released January 7 by Boston-based research firm Celent.

The report, “Wealth Management Business and IT Priorities for 2010: A Global Perspective,” is based on interviews with 46 financial institutions and 30 technology vendors in major markets worldwide. It found that financial services firms will continue to focus on the high net worth market, but are looking to reach out to lower net worth clients via self-service models.

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