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Brokerage and Wealth Management Delivery Channels: Institutionalizing the Client Relationship

Published by: TowerGroup

Published: Apr. 3, 2006 - 12 Pages


Table of Contents


TowerGroup Take-Aways




Report Coverage




Setting the Stage for Transformation of the Business




The Institutionalization Strategy


Exhibit 1: Institutionalizing the Client Relationship Is Key to Survival in Financial Services (2006)




Financial Drivers and Challenges of Institutionalization


Exhibit 2: In Difficult Economic Circumstances, Some Brokerage Firms Are Better Cushioned than Others (2006)

Exhibit 3: Some Market Segments Are Moving to a Fee-Based Income Structure Faster than Others (2003-07P)


Customer Acquisition




Business Drivers of Institutionalization


Exhibit 4: Percentage of Net Revenue Spent by US Securities Firms on Compliance Technology (2004)


Broker Management

Customer Retention


Exhibit 5: Brokerage Customers Want to Invest in a Relationship, Not a Transaction


Demographics

Consumer Adoption of Technology




Technology Implications (Requirements) of Institutionalization

Platform Architecture

Data Aggregators

Enterprise Communication

Advisor Tools




Factors in Building Out an Institutionalized Business

Outsourcing

Compensation

Cultural Change

Compliance




Summary

Abstract

In this report, TowerGroup postulates that a trend is under way among financial services institutions to win clients' loyalty to the institution itself rather than to an individual adviser to improve client retention and ultimately revenues. This "institutionalization" of the client relationship is in part a result of the continuing migration of firms to wealth management/fee-based business models and consumers' growing desire to bring more of their assets and financial relationships under one roof. It is also a catalyst for this movement. The resulting changes to business models will require significant and fundamental technology changes for the brokerage industry.

The present Research Note defines the strategy of institutionalization, identifies the forces driving it and the challenges of achieving it, and explores its implications for the technology of brokerage firms.

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