Introduction
The current economic environment presents several opportunities for savvy wealth managers to exploit. This report presents 10 actionable recommendations for wealth managers that will increase their revenues. These recommendations take advantage of changes in thinking among high net worth (HNW) customers, and exploit the weaknesses and mistakes of competitors.
Scope
*Draws on Wealth Management Market Leaders Surveys in Europe and Asia Pacific.
*Makes use of extensive secondary research
Report Highlights
Strategies covered in this report include:
?recruiting good relationship managers from competitors; ?raising your public profile by using the media; ?focusing on lending to HNWs; ?helping clients reduce the cost and risk of mortgages; ?assisting clients to position themselves for the inevitable recovery.
Strategies proposed in this report include: ?Recruiting good relationship managers from competitors ?Raising your public profile by using the media ?Focusing on lending to HNWs ?Helping clients reduce the cost and risk of mortgages ?Assisting clients to position themselves for the inevitable recovery
Reasons to Purchase
*Discover strategies for winning in the marketplace.
*Increase share of wallet and attract new customers.
Report Outline
VIEW
CATALYST
SUMMARY
THE CHANGING CUSTOMER AND COMPETITOR LANDSCAPE
The seismic shocks in the financial world have caused real changes in the nature and attitudes of HNWs, while exposing some major competitor weaknesses
Clients have become more defensive and demanding
The protection of wealth is a key priority for HNWs
Clients are shifting their portfolios towards safer havens
HNWs are increasingly demanding when it comes to their wealth management service
Wealth managers around the world are vulnerable to competition
Wealth managers have not got the basics right in the downturn
The damage to the brands of leading wealth managers makes them particularly vulnerable
Affected private banks face increased dangers of staff defection
EXPLOITING THE MARKET OPPORTUNITIES
There are at least 10 ways for wealth managers to profit in this new environment
Customer acquisition opportunities
Actively recruit good relationship managers from competitors
Raise your public profile by using the media
Leverage customer relationship management to identify HNW clients
Redouble efforts at attracting entrepreneurs
Launch range of 'safe' products
Share of wallet opportunities
Focus on lending to HNWs
Help clients reduce the cost and risk of mortgages
Assist clients to position themselves for the eventual recovery
Increase the level of communication with customers
Educate clients about alternative investments
APPENDIX
Definitions
Capital protected funds
Absolute return funds
Exchange traded product
Methodology
Bibliography
Further reading
Ask the analyst
consulting
Disclaimer
List of Figures
Figure 1: HNWs have become more defensive in nature
Figure 2: The expected change to the allocation of HNW customers' portfolios in two years' time
Figure 3: Wealth managers have focused on housekeeping while the house has been burning
Figure 4: Brand, image and reputation are key in deciding which wealth manager to use
Figure 5: The defection of key staff often precipitates the defection of clients
Figure 6: HNWs are looking for proactive advice
Figure 7: Leveraging CRM is key to attracting new clients
Figure 8: Business/entrepreneurship is particularly important in the emerging economies
Figure 9: HNWs are very focused on protecting their wealth
Figure 10: The importance of financing needs varies between countries
Figure 11: HNWs across the globe are generally open to new ideas
Figure 12: Face to face contact is more important in troubled times
Figure 13: There is a positive correlation between HNWs' financial knowledge and their uptake of alternative investment products
