Innovations In The Wealth Management Marketing Mix 2006
Datamonitor
March 23, 2006 37 Pages - SKU: DFMN1337038
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Introduction
This brief examines innovative marketing strategies in wealth management, covering product offerings, marketing promotions, and distribution channels. Each chapter gives a brief summary of the current standard in that area of marketing before discussing some of the most recent innovations from leading competitors.
Scope
- Covers major innovative strategic moves or developments in each area in wealth management over more than a year
- Covers a wide range of global and UK competitors, including some niche players
Highlights
Philanthropy has long been popular with clients, and some wealth managers are beginning to take a more serious look at helping their clients help others, not just their immediate family. Ethical investment is newer, and its development has been spurred by increasing client awareness of the geopolitical and environmental impact of their wealth.
Using the commodities market as a platform for innovative products is an effective way of diversifying clients' portfolios away from equity while allowing them to invest in movements in a market. This is important as the commodities market tends to negatively correlate with equities and bonds, thus improving the risk profile of most portfolios.
Reasons to Purchase
- Keep up to date with competitors' moves in marketing and promotion
- Assess the success of marketing or innovative strategies using the benchmark of competitors' experiences
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- CHAPTER 1 INTRODUCTION
- Overview
- CHAPTER 2 PRODUCTS
- Introduction
- Current standard offerings
- Innovative products
- Niche targeted products are being developed in response to the changing profile of home markets
- HSBC Private Bank targets UK inpatriates
- Butterfield targets property developers
- Deutsche Bank develops ethical investments to attract religious groups
- BMO Harris looks to capitalize on an aging population with new services aimed at this segment
- Some innovation is driven by regulatory or legal changes
- Close Brothers responds to IHT with a property-based fund
- IHT encourages innovative alterations to a VCT from Rathbones
- Loopholes in IHT lead to Merrill Lynch's AIM based fund launch
- SIPPs give Charles Stanley the chance to move into the mass affluent market
- James Hay's online SIPPs improve service and transparency for pension clients
- Sarasin use the UCITSIII legislation to offer absolute returns
- Emerging economies offer possibilities for innovative product development
- UBS move into Hong Kong commodities
- Asian currency growth prompts SG Hambros structured product
- UOB takes advantage of its Asian roots to offer IPO mutual fund
- Eye-catching products are an innovative way of attracting attention in a new or developing market
- HSBC Private Bank offers precious gems as an investment opportunity and lifestyle event
- Pictet offers luxury goods investment in Europe
- Stand-out ethical and philanthropic products are becoming increasingly popular with clients and wealth managers alike
- Coutts responds to client demands for charity initiative
- Deutsche Bank targets religious groups with ethical investments
- Investment in sustainable development is a profitable new direction for ABN Amro
- BNP Paribas offers microfinance to benefit investors and entrepreneurs in the developing world
- Short term products with large returns prove to be eye-catching
- Short term products are useful in the emerging market of Asian currencies
- OCBC's short term structured product offers potentially high returns
- Commodities offer a new direction
- MDM uses its position to open up Russian commodities to investors
- Dawnay Day Quantum open commodities investment to the mass affluent market
- Credit Suisse incorporates investor interest into commodities investment
- Deutsche Bank shows that commodities can also be integrated into Islamic banking
- Developing the uses of hedge funds can create new areas of innovation
- Outsourced management of currency hedge fund returns offers a balance between volatility and profitability
- Citigroup's joint venture into hedge fund of funds portfolios provides UHNWs with a sophisticated product
- Innovative products from the retail bank aimed at affluent clients can broaden the client base of the private bank
- Lloyds TSB eases the way for clients seeking to invest in second homes
- CHAPTER 3 MARKETING
- Introduction
- Current standard offerings
- Innovative offerings
- Links with media organizations offer new channels of communication
- Brewin Dolphin's link with a major newspaper enables it to reach a large captive audience
- HSBC leverages the international resources of the BBC to reach a niche market
- Unifying brand is the key response to an increasingly complex market internationally
- Credit Suisse rebrands to bring business together
- Fortis unifies as part of a growth strategy
- Innovative uses of technology can act as an effective and cost-efficient showcase for a wealth manager
- OCBC uses its website to provide information and add value to its online service
- Morgan Stanley uses its web presence to make itself more investor-friendly
- Coutts takes up online sponsorship deal to increase its presence among directors and senior managers
- Openness about business practice can also be developed offline
- UBS improves transparency for Americas clients
- Effective promotion to the families of wealthy clients will have a long term pay-off for wealth managers
- UBS promotes its business to clients' families through education
- HSBC Private Bank uses a mixture of formal and informal events to engage the next generation
- C Hoare finds family oriented client entertainment events attract more clients
- CHAPTER 4 DISTRIBUTION
- Introduction
- Current standard offering
- Innovative offerings
- Specialist 'all-in-one' centers for clients can be a focal point for client contact
- Fortis' 'Fortis House' brings together SME and private banking to increase efficiency and maximize its high-value client base
- Establishing a strong regional presence in strategically important areas opens up a new potential client base
- Coutts uses research and publicity to build up a strong strategic regional network
- HSBC backs up its branding with regional networks in the UK and France
- Establishing a strong base in a market of growing importance is a vital element of distribution
- ABN Amro establishes a strong base in Asia with Singapore trading hub
- In emerging markets, partnerships can offer local players sophisticated solutions their newly wealthy clients need
- ICICI's partnership with a niche multimanager offers increased sophistication without affecting the bank's autonomy
- Entry strategies into markets that are currently restricted require creative placement
- BNP targets Indian wealth with a technologically advanced approach
- Being the first to target a new niche in a well-established market gives an inbuilt advantage
- Establishing the first sharia-compliant banking institution in the UK makes the Islamic Bank of Britain attractive to a significant segment of the population
- ABN Amro targets a potentially lucrative segment in the rapidly growing Middle Eastern region
- APPENDIX
- Further Reading
- Global Wealth Management SPP
- Interactive Databases
- Market Reports
- Strategic Insight Reports
- Wealth Management Competitor Tracker
- Datamonitor Asia Pacific Wealth Management SPP
- Savings and Investments SPP
- Interactive Databases
- Reports
- Briefs
- SPP writing team
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