Introduction
Assesses the extent to which wealth managers currently manage relationships
with wealthy offspring, analyses current innovative initiatives for holding onto
client wealth and identifies the strategies that wealth managers need to employ
in order to ensure that this money remains under their management.
Scope of this report
- Primary interviews with 7 industry executives including Managing Directors
and Marketing Managers
- Geography: Asia, Europe and the USA
Research and analysis highlights
Strategies employed by private banks fall into those that constitute
operating expenses and those that directly earn revenue.
A number of 'enlightened' institutions are increasingly realizing that they
do not have the time nor the resources to organize the whole breadth of
educational initiatives that clients are demanding. This has led to private
banks outsourcing many education and training requests from wealthy families.
Example of sporting and social events: In Spain, Banif organizes golf and
horse-riding tournaments for wealthy families. Example of educational events:
Citigroup Private Bank organizes conferences to encourage debate and thought on
the issue of protection of wealth to engage with the children of wealthy
families.
Key reasons to read this report
- Learn about competitive practices around the world and develop best
practice strategy for your organization
- Identify a range of key strategic considerations and actions needed to
deepen relationships and enhance share of wallet
Introduction
Global strategies in practice
- Sporting and social events
- Education events
- Outsourcing education
- Involvement activites
- Products and services: initiatives to entangle relationships
- Does the Private Banker have a role in suggesting a proper treatment of
the inheritance?
Analysis and recommendations
- Size does not matter: Proactive-ness and focus is key
- Focus on revenue boosting strategies, measure the utility of social events
and rationalize inefficient sponsorship
- Seek to launch or redesign products and services to cement ties with the
future wealthy generation
- Opportunity to participate in educating the next generation is vital:
review the merits of outsourcing
- Regardless of maturity of industry, a focus on building strong
relationships is vital
Further reading
- Datamonitor Global Wealth Service SPP: Reports
- Datamonitor Global Wealth Service SPP: Insight Reports
- Datamonitor Global Wealth Service SPP: Competitor Tracking
- Related Datamonitor Savings & Investments SPP Reports
Datamonitor's Global Wealth Model
SPP writing team
List of Tables
- Table 1: Countries that have been modeled using Datamonitor's Global
Wealth Model
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