CHAPTER 1 BEST PRACTICE IN TARGETING AND ACQUIRING ENTREPRENEURS
Introduction
The first step for wealth managers is understanding how to approach and reach entrepreneurs
Look to existing clients to provide referrals and generate confidence in the service
Streamline referrals across the banking network
Establish a regional presence
Reinforce brand and commitment with networking opportunities and publications
Understanding the service needs of entrepreneurs is key to convert them into clients
Integrate banking areas and raise convenience levels to maximise efficiency
Leverage the global reach and scope of the banking network as a whole
Clearly demonstrate knowledge and understanding of the world of SMEs and the mindset of entrepreneurs
Target clients at the right time in the life of their business
Develop a flexible system allowing clients to take as much control over their finances as they require
Match clients with staff that have an understanding of the particular needs of this segment
CHAPTER 2 PROFILES: STRATEGIES FOR TARGETING ENTREPRENEURS
Introduction
A specific service is offered by some wealth managers seeking to differentiate their service for entrepreneurs
Clear client segmentation and the maintenance of a high profile sets Coutts apart
BNP Paribas Private Bank offers a degree of self-direction within a specific information-based service
Fortis Banque aims to maximise convenience within a single comprehensive dedicated service
""Client-type"" segmentation is not universally embraced by wealth managers
Morgan Stanley Private Wealth Management makes use of a range of client acquisition channels
HSBC Private Bank access entrepreneurs through regional positioning
Lloyds TSB's focus on female entrepreneurs promises an even more tailored approach
Citigroup leverages its global reach and investment banking strength
SG Private Banking brings corporate banking closer to private banking while streamlining the referrals process
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
SPP writing team
Abstract
Introduction
In recent years entrepreneurs have come to be seen as a key client segment for wealth managers to target and acquire, and an important growth area in the future. This report shows how entrepreneurs can be most effectively targeted, and how major wealth managers are currently attracting this client group.
Scope
Includes insight from executives within major wealth management firms
Covers in detail the strategies employed by leading wealth managers
Highlights
Private banks situated within an existing banking network are clearly best positioned to bring functions closer together, and should look to focus on those aspects of the network that are of particular interest to this group. The investment bank in particular should be as integrated as possible.
For many entrepreneurs, particularly those with international business interests, the global reach of their private bank is an important consideration. Where possible, wealth managers should develop global capabilities (often in partnership with the investment bank), and demonstrate that the bank has knowledge and access to global opportunities.
Private banks therefore need to be aware of M&A activity in business, for example, as well as understanding the life-cycle of a business, and take the opportunity to emphasize this aspect of their businesses when approaching entrepreneurs who are both current and prospective clients.
Reasons to Purchase
Gain insight into how competitors effectively target one of the most attractive client segments
Understand how to alter strategy to maximize opportunities in attracting this client group
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