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Finding Wealth Management Opportunities in the Market Downturn

Datamonitor
October 9, 2008
24 Pages - SKU: DFMN1925183

Abstract Table of Contents Search inside this report Related Reports

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 Datamonitor's Wealth Management Market Leaders Surveys in Europe and Asia Pacific.
Makes use of extensive secondary research

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.

DATAMONITOR 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; Datamonitor 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

Finding Wealth Management Opportunities in the Market Downturn

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