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Client-centric Models in Wealth Management - Asia-Pacific

Datamonitor
September 19, 2006
47 Pages - SKU: DFMN1351014

Abstract Table of Contents Search inside this report Related Reports

Countries covered: Asia

Introduction

As private banks seek to differentiate themselves from competitors many are turning to more customer-centric business models. This report looks at the reasons behind the client-centric approach and analyses some examples such as the franchised private bank and the family office.

Scope of this report

This report introduces the concept of customer centricity, looking at the argument behind it and answering the question "why?"
This report looks at the various options for customer-centricity, analyzing each and discussing their merits.
This report sizes the affluent population across Asia-Pacific and discusses the need for client-centricity as a means to retention of clients.

Research and analysis highlights

In the current global environment, the number of wealthy individuals is growing very quickly. The fact is that there is plenty of wealth being created for most of the wealth managers to find new clients. However the question is, having attracted clients to a service, how can these clients then be retained?

The fact is that relationship managers are always going to be interested in making money and will pursue whichever means they need to in order to gain the best remuneration they do not work for the love of work. What wealth managers and private banks need to do is to find a remuneration model that ultimately leads to better client service.

Wealth managers cannot just drop their own products, but there are some aspects of the family office model that can be taken on board and replicated. The biggest factor is in the way the family office offers value to the family by taking over the research function of investing and also by knowing the inherent requirements that the family has.

Key reasons to read this report

Find out what factors you should look for in better-servicing your client base.
Find out what factors irritate wealthy individuals vis-à-vis their wealth managers.
Find out how to structure your service to offer value to clients and ensure retention.

CHAPTER 1 INTRODUCTION: Who is the target reader?; How to use this report; Report Methodology
CHAPTER 2 WHY IS CLIENT-CENTRICITY IMPORTANT?: In order to be successful going forward wealth managemers will need to be client-centric
CHAPTER 3 CLIENT-CENTRIC BUSINESS MODELS: There are a three factors that wealth managers should consider when seeking to be client-centric
CHAPTER 4 APPENDIX: Supplementary data; Definitions; Research methodology; The Global Wealth Model; Bespoke Wealth Market Sizing; Further reading; Datamonitor Financial Services Consulting; Asia-Pacific contacts
List of Tables: Table 1: Affluent individuals with more than USD1m in investible assets USD and the value of their liquid assets; Table 2: Wealth markets that have been modeled using the Global Wealth Model
List of Figures: Figure 1: Methodology diagram and report structure; Figure 2: As the 1st generation ages and passes away, intergenerational transfer increases in occurrence; Figure 3: Japanese individuals own by far the largest share of affluent wealth in the Asia-Pacific region; Figure 4: Country of origin of survey respondents; Figure 5: Money transmission is clearly an important service offering for expatriates around the world; Figure 6: Investment advisory services offered by an offshore bank are considered important by expatriates; Figure 7: Understanding of income tax position is a large concern for expatriates; Figure 8: The tax or legal implications of buying property abroad are of concern to expatriates; Figure 9: The forces behind financial complexity for HNW individuals; Figure 10: The HNW population can be segmented across a range of different dimensions; Figure 11: Essentially client-retention can be improved through client-centricity; Figure 12: There are several different ways in which wealth managers are choosing to manage their clients, but increasingly they are turning to the team-based relationship model

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Client-centric Models in Wealth Management - Asia-Pacific

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