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The Case For Online Wealth Management

Published by: Datamonitor

Published: Nov. 2, 2006 - 46 Pages


Table of Contents


CHAPTER 1 EXECUTIVE SUMMARY
Market Context
Wealth Manager Internet Offerings
Strategic Options And Actions


CHAPTER 2 MARKET CONTEXT
Market overview
Key findings
The internet has grown significantly as a distribution channel over the years
Some wealth managers still fail to recognize the importance of the internet in attracting new clients
Technological developments are ongoing and are moving towards an "all-in-one" style service

CHAPTER 3 WEALTH MANAGER INTERNET OFFERINGS
The internet as a marketing tool
Case studies of wealth managers
ABN Amro Private Banking
Barclays Private Banking
BNP Paribas Private Bank
Citigroup Private Bank
Coutts Private Bank
Credit Suisse
Deutsche Bank Private Wealth Management
HSBC Private Bank
JP Morgan Private Bank
UBS Wealth Management
Coutts & Deutsche Bank are providing the most useful information in a clear and aesthetically comfortable way
The internet as a client service channel
Interactivity & range of tools varied with some banks requiring authorisation
Coutts provides details about its private online banking service features
Depth of detail provided on the main internet site varied substantially but RBC was one of the few to buck the trend
The balance between adequate information and clarity was rarely met
Very few banks disclose any fee or charging information for their services
Ease of contact with staff was mixed among the top private banks

CHAPTER 4 STRATEGIC OPTIONS AND ACTIONS
Introduction
Key Findings
The internet is being espoused as integral to a new high technology wealth model
Even elderly high net worths are turning to the internet as a source for their financial advice
Art-based investments are increasingly being given more and more online space
The internet is an important means of distribution and advisors must be aware of and act upon its superiority over other channels
Wealth managers are failing to adequately attract new clients through the online channel and furthermore, existing clients are also being somewhat neglected
An online chat advisory service will increase the means by which clients can interact with wealth managers
Online communication is well-liked by independent financial advisors who deal with high net worth individuals
Wrap services will gradually incorporate more sophisticated online technology
Wealth institutions should have their online offerings scrutinized by an external specialist internet consultant

APPENDIX
Research methodology
Data tables for website assessment
Definitions
Advisory portfolio management
Discretionary portfolio management
HNW
Mass affluent
Further published research
Global Wealth Management SPP
Interactive Databases
Market Reports
Strategic Insight Reports
Wealth Management Competitor Tracker
Datamonitor Asia Pacific Wealth Management SPP
SPP writing team


List of Tables
Table 1: Overall scores of private banking websites as a marketing tool for prospective customers
Table 2: Overall scores of private banking websites in terms of usefulness of information and how it is presented


List of Figures
Figure 1: Factors influencing the increasing importance of a strong online platform in wealth management
Figure 2: Coutts & UBS are using their online propositions most effectively
Figure 3: RBC and Banif are presenting prospective clients with the most broad and best quality information
Figure 4: Screenshot: Coutts Online Banking demonstration
Figure 5: Use of the internet platform among wealth managers will gradually start to become more widespread and sophisticated

Abstract

Introduction

Online wealth management as a business model failed at the turn of the century because wealthy clients did not want their fortunes managed remotely without the support of a face to face relationship. However the need for an excellent online wealth management distribution channel is as important as ever. This report explores the best way to design this distribution channel.

Scope
  • Strictly focused on the internet as a tool for wealth managers and private banks, both currently and in the future.
  • Based on an extensive analysis of some of the world's top private banks' website offerings for both prospective and existing customers.
  • Companies researched include Barclays Private Banking, Coutts, BNP Paribas Private Bank & UBS Wealth Management.
Highlights

Wealth managers are becoming increasingly aware of the potential of the online platform within the overall structure of their advisory offering. However, there are as yet few wealth management firms who are fully harnessing the inherent potential of the internet as a medium for meeting client demands.

The use of technology is slowly gaining in relevance and the pace of technological development is reflecting the demands of a customer base that is increasingly turning to the internet to communicate with their relationship manager, co-ordinate investment plans and manage the holdings and overall structure of their portfolio.

Art-based investments are an area of significant potential in the wealth management market and various wealth managers have recognized this demand and reacted accordingly either by devoting a significant portion of their online offering to art investment, or in some cases offering separate websites altogether.

Reasons to Purchase
  • Detail of competitor initiatives and case studies provides insight and ideas into current and potential future offerings.
  • Offers a future focused view of industry direction and the strategic options for players in developing their response to the online trend.
  • Draws together a series of action points to help wealth managers identify their strategic priorities.


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