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Innovations In The Wealth Management Marketing Mix 2006

Published by: Datamonitor

Published: Mar. 23, 2006 - 37 Pages


Table of Contents


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

Abstract

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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