Incorporating lifestyle services into the wealth management propositionDatamonitorMay 23, 2003 32 Pages - SKU: DFMN904978 |
Datamonitor’s brief, Incorporating lifestyle services into the wealth management proposition, assesses the merits and drawbacks for wealth managers seeking to offer their clients such services. It evaluates the current market context, customer receptiveness and explores the range of strategic options open to wealth managers for marketing and delivering these services to their wealthy clients. Scope: * Provides an overview of the lifestyle services market place and evaluates the suitability of offering lifestyle services for wealth managers * Highlights the advantages and disadvantages of four different strategic approaches for delivering these services to clients * Provides a number of case studies and examples of potential lifestyle services partners and current wealth managers' lifestyle offerings * An issue-based brief with geographic coverage including the UK, Europe and the US Report Highlights: The increasing tendency for wealth managers to offer lifestyle services is being driven by a number of factors including an increasingly busy and demanding customer base, technological development, increasing aggregation of lifestyle service suppliers, reduced customer loyalty and increasing competition between wealth managers There a series of potential benefits for wealth managers in offering lifestyle service including improving and diversifying revenue flows, increased customer insight, greater customer loyalty, and a stronger perception of customer service, but there are also a number of drawbacks that need to be avoided Datamonitor believes that relationship managers are likely to be the key sales channel for lifestyle services and will also play a major role in adopting an integrated view of clients financial services and lifestyle needs and the various links between them Reasons to Purchase: * Independent analysis of the benefits and drawbacks allows wealth managers to make an informed decision about whether to offer lifestyle services; * A detailed assessment of the strategic options delivers clear insight into the implications of diffferent approaches to offering lifestyle services; * Competitive examples provide wealth managers with ideas for partners and the development of their own lifestyle services offerings. |
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