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Wealth Management in the Czech Republic 2009

Published by: Datamonitor

Published: Jun. 26, 2009 - 33 Pages


Table of Contents


Overview
Catalyst
Summary
Methodology
Executive Summary
Conservative attitudes to saving and investing have served Czech investors well recently
HNWs are unsophisticated on investment matters and very conservative
The Czech Republic has become much more competitive for wealth managers
Table of Contents
Table of tables
The CZECH REPUBLIC'S WEALTH
Strong economic performance has provided an excellent nursery for new wealth in the Czech Republic
The Prague stock market has experienced years of strong price appreciation
Higher interest and money market rates have helped Czech investors in the last couple of years
Czech investors have been playing it extra safe during the current crisis
Czechs have been strong buyers of long-term government debt
The conservative habits of Czech investors have served them very well of late
The number of affluents in the country climbed by 2% in 2008 despite the asset price implosions
THE CZECH REPUBLIC's WEALTH MANAGEMENT MARKET
The Czech wealth management market is developing fast and providers need to focus on constantly improving their offering
The Wealth Management Opportunity Index
Wealth management market features
Range of products and services: 2
Level of consolidation: 0
Ease of market entry: 0
Level of international wealth management activity in the country: -5
Wealth management client characteristics
Level of use of onshore services: 3
Level of demand for high quality service: -2
Appendix
Datamonitor's Wealth Management Opportunity Index
There are five key parameters when assessing a market for its wealth management potential
There are 18 components to the five key parameters of the wealth management opportunity index
Institutional factors
Economic variables
Wealth management market size
Wealth management market features
Wealth management client characteristics
Definitions
The drivers of growth in the wealthy population
Income growth (combined with inflation, changes in GDP by sector, household savings rates and debt levels)
Investment returns (market capitalization, interest rates and bond yields)
The following measures are not, in themselves, drivers of wealthy population growth
Market capitalization
GDP
The following measures are not drivers of wealthy population growth except under very restricted circumstances
Primary residence value growth
Inheritance
Methodology
Global Wealth Model
The UK sub model
Global sub model (for all other countries)
Forecasting methodology
Continuous refinement to the understanding of liquid wealth distribution
Datamonitor's wealth numbers compared with other wealth numbers
Bibliography
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Tables
Table 1: Value of onshore liquid assets in the Czech Republic in euro bands (€bn)
Table 2: Forecast value of onshore liquid assets in the Czech Republic in euro bands (€bn)
Table 3: Number of individuals in the Czech Republic in euro bands (000s)
Table 4: Forecast number of individuals in the Czech Republic in euro bands (000s)
Table 5: Wealth Management Opportunity Index - Czech Republic
Table 6: Wealth Management Opportunity Index with values - Czech Republic
Table 7: Banks in the Czech Republic, and their respective ownership
Table 8: Total assets held by different banking segments in the Czech Republic, 2004 - 2008
List of Figures
Figure 1: The labor market benefited strongly from a growing economy
Figure 2: The Prague Stock Exchange has not fallen as hard as others in Eastern Europe
Figure 3: Higher interest rates have helped the country's savers
Figure 4: Households have increasingly been moving into government securities
Figure 5: Currency and deposit dominate onshore liquid assets

Abstract

Introduction

The wealth management market in the Czech Republic is becoming much more competitive, spurred on by the growth of domestic providers. Czech high net worths, however, remain unsophisticated and staunchly conservative when it comes to investments. To succeed in the country, wealth managers need to know what this lucrative customer wants from them, in terms of products, services and interactions.

Scope
  • Sizes, segments and forecasts the number of affluent invididuals across 10 liquid asset bands from EUR50k
  • Primary research among domestic wealth managers provides insight into HNWs and the private banking market
  • Utilizes Datamonitor's proprietary Wealth Management Opportunity Index to score the attractiveness of the market
Highlights

The Czech Republic's economic performance has served as a catalyst for much new wealth creation. Datamonitor's figures show that the number of Czech affluents actually grew in 2008 thanks to prudent savings habits among investors and a preference for more conservative investment products. This growth should continue into 2009.

Czech HNWs are unsophisticated and very conservative when it comes to their wealth, often making decisions based on emotions rather than logic. Wealth managers need to cater for this by offering them: friendly, personal service; low risk, understandable products; and customized education in investment matters.

The competitive landscape of the Czech wealth management market is in flux after the recent damage to the standing of the international wealth managers. Strategically, domestic players need to exploit this window of opportunity, while international players need to reach out to the country's wealthy population and rebuild trust.

Reasons to Purchase
  • Understand the Czech HNWs' attitudes and investment behaviour, and reasons for choosing/leaving their wealth service.
  • Gain insight into the competitive characteristics of the Czech wealth management market, and learn the factors for success.
  • See how the Czech wealth management market scores against Datamonitor's Opportunity Index.


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