Abstract
Overview
Introduction
This report focuses on the onshore liquid wealth of Mass Affluent and High Net
Worth customers. It sizes, segments and forecasts the number of affluent
individuals and the liquid assets they hold. It investigates the competitive
landscape in terms of players and products and services and presents the
results of Datamonitor's large scale survey of the main players.
Scope
- Sizing and forecasting of mass affluent and high net worth individuals
from 2001-2010, generated from Datamonitor's proprietary Global Wealth Model
- Data presented for 10 liquid asset bands, from EUR50K-75K to EUR3M+
- 18 German wealth managers were surveyed during Datamonitor's Wealth
Management Market Leaders Survey 2006
- Survey questions covered business and product/service development, client
trends and attitudes, and general market issues
Report Highlights
There are more than 9,000,000 wealthy individuals in Germany holding more than
EUR1,630bn in onshore liquid assets. Onshore liquid assets will grow to
EUR2trn by 2010
Europeans largest wealth market is characterized by strong competition and
consolidation. Deutsche Bank, UBS and Sal. Oppenheim are perceived by their
peers to be the largest wealth managers in Germany
Inheritance planning and alternative investments have the most business
potential in Germany in the next few years
Reasons to Purchase
- Assess market attractiveness by reviewing size and growth forecasts up to
2010
- Improve client service through a greater awareness of their attitudes and
concerns
- Assess the threats and opportunities for wealth managers in the market
Table of Contents
- EXECUTIVE SUMMARY
- Introduction
- Wealthy clients in Germany
- Competition for wealthy customers
- Products and distribution
- INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
- Note to readers
- CHAPTER 1 WEALTHY CLIENTS IN GERMANY
- Introduction
- Key findings
- The German mass affluent and HNW market has seen steady growth in the
least 4 years
- There are more than 9,000,000 wealthy individuals in Germany
- Wealthy individuals in Germany hold more than EUR1,630bn in onshore
liquid assets
- Onshore liquid assets in Germany will grow to EUR2trn by 2010
- Inheritors represent biggest opportunity in German wealth market
- German investors put up to 30% of their liquid assets offshore
- The main motivation for German investors to put their liquid assets
offshore is tax avoidance
- Switzerland and Luxembourg are preferred offshore centres among
German investors
- Private clients in Germany are demanding a high level of interaction and
protection of their current asset base
- Personal relationship is the key determinant of choice of wealth
manager in Germany
- Referrals from existing clients remains the number one customer
acquisition technique in Germany
- Clients are demanding to know more about their portfolio now than two
years ago
- Protecting their current asset base is most clients' main interest
- Quick problem solving and regular contact are the best ways to retain
clients
- There are several key reasons why private clients in Germany are
leaving a wealth management service
- The majority of clients in Germany have more than two wealth managers
- German wealth managers should try to increase clients' share of wallet
- German wealth managers tend to have relatively long-term relationships
with their private clients
- Supplementary data
- CHAPTER 2 COMPETITION FOR WEALTHY CUSTOMERS
- Introduction
- Key findings
- Europeans largest wealth market is characterized by strong competition
and consolidation
- Deutsche Bank, UBS and Sal. Openheim are perceived by their peers to
be the largest wealth managers in Germany
- The German banking sector and private banking in particular are facing
further consolidation
- Recent trends in the German wealth market indicate retreat of
foreign banks
- The elite of German wealth managers: who comes first and why?
- Minimum investment thresholds for new clients in Germany vary between
EUR250K and EUR500K
- German wealth managers are most concerned about finding and attracting
quality staff
- German wealth managers face competition from different parts of the
financial industry
- The main competitors will remain the same in the next few years
- German wealth managers are concentrating on obtaining new clients and
improving CRM and support systems
- Obtaining new clients will drive revenue in Germany in the next two
years
- Increasing share of wallet will come through more face to face
contact, offering financial planning and better leveraging CRM
- Improving CRM and support systems is the key strategic initiative
- IT and CRM system costs is the main concern in controlling cost bases
- German wealth managers tend to organize their business around a key
relationship manager, but not all specialize in key client segments
- German wealth managers avoid giving their clients a single point of
contact
- Almost 40% of German wealth managers do not have dedicated teams
organized around specific customer groups
- Most relationship managers in Germany are assessed based on revenue,
profit and number of clients
- New relationship managers will come mostly by hiring them from other
wealth managers
- Supplementary data
- CHAPTER 3 PRODUCTS AND DISTRIBUTION
- Introduction
- Key findings
- Inheritance planning has most potential in Germany while foreign
exchange is least attractive
- Inheritance planning and alternative investments have the most
business potential in Germany
- There is only moderate interest in life insurance, deposits and
savings products, payment mechanisms and foreign exchange
- German wealth managers will focus on alternative investments,
financial planning and traditional investments in coming years
- Developing new distribution channels/approaches is not on top of the
strategic agenda of German wealth managers
- German wealth managers seek to improve CRM and support systems
- Accountants and lawyers are important distribution channels in German
wealth management
- Financial advisors remain important distribution channels for wealth
managers
- More German wealth managers should be focusing on developing new
distribution approaches/channels
- Supplementary data
- APPENDIX
- Definitions
- Aggregate
- CAGR
- High net worth (HNW)
- Liquid assets
- Liquid asset bands
- Mass affluent
- Research methodology
- Wealth Management Market Leaders Survey 2006
- Global Wealth Model Methodology
- The UK sub model
- European sub model
- Forecasting methodology
- Continuous refinement to the understanding of liquid wealth
distribution
- Datamonitor's wealth numbers compared with other wealth numbers
- Further reading
- Global Wealth Management SPP
- Interactive Databases
- Market Reports
- Strategic Insight Reports
- Wealth Management Competitor Tracker
- Datamonitor Asia Pacific Wealth Management SPP
- List of Tables
- Table 1: Number of German MA and HNW individuals by liquid asset band,
000s, 2001-2005
- Table 2: German MA and HNW aggregate onshore liquid assets by liquid
asset band, EURbn, 2001-2005
- Table 3: Forecasted number of German MA and HNW individuals by liquid
asset band, 000s, 2006-2010
- Table 4: Forecasted German MA and HNW aggregate onshore liquid assets
by liquid asset band, EURbn, 2006-2010
- Table 5: What client types offer the greatest potential in your
country in the next five years?
- Table 6: In your opinion, what proportion of liquid assets do
investors in your country put offshore?
- Table 7: What is the main motivation for investors in your country to
put money offshore?
- Table 8: In your opinion, where do investors from your country prefer
to put their offshore money?
- Table 9: In your experience, what are the key influences that
determine a client's choice of wealth management service?
- Table 10: In your experience, what are the most effective customer
acquisition techniques in your market?
- Table 11: To what extent do you agree with the following?
- Table 12: What are your clients most interested today?
- Table 13: What is the best way to retain clients?
- Table 14: In your experience, what are the most likely reasons for
clients to leave a wealth management service?
- Table 15: Which statement do you most agree with?
- Table 16: Approximately what share of your clients' wallet do you
think you have on average?
- Table 17: How long has your client base, on average, been with you?
- Table 18: Number of German banks and branch offices, 1995-2004
- Table 19: German wealth managers: recent changes of ownership
- Table 20: In your opinion, who are the biggest wealth managers in
Germany? (open-end)
- Table 21: What is your minimum asset threshold for new clients?
- Table 22: What are the most pressing concerns for your business at
present?
- Table 23: How much of a threat to your wealth business are the
following competitors today?
- Table 24: How much of a threat to your wealth business will the
following competitors be in three years?
- Table 25: What will most determine revenue growth in the German market
in the next two years?
- Table 26: What is the most effective means of increasing share of
wallet?
- Table 27: What strategic initiatives are you planning or implementing
in the next year?
- Table 28: What are your main areas of concern in controlling your cost
base?
- Table 29: Which best applies to your company's relationship management?
- Table 30: Do you have dedicated teams set up in Germany to attract and
manage any of the following customer groups?
- Table 31: What quantitative measures are used to assess your
relationship managers?
- Table 32: Where will you get your staff from in the next three years?
- Table 33: Please rate the following product areas in terms of their
business potential among wealthy clients in your market during the next
two years
- Table 34: From the product areas just mentioned, which three will your
company focus most resources on in the next two years?
- Table 35: What strategic initiatives are you planning or implementing
in the next year?
- Table 36: How important are the following distribution channels for
your wealth business today?
- Table 37: To what extent do you agree with the following?
- List of Figures
- Figure 1: The number of German mass affluent and HNW individuals has
grown
- Figure 2: Liquid wealth of German mass affluent and HNW individuals
amounted to more than EUR1.6trn in 2005
- Figure 3: The German mass affluent and HNW market will reach EUR2trn
by 2010, held by more than 10.5m people
- Figure 4: Datamonitor forecasts steady growth in all asset bands for
the German market in the next 5 years
- Figure 5: Inheritors offer the greatest potential in the German market
in the next five years
- Figure 6: German investors put up to 30% of their liquid assets
offshore
- Figure 7: Tax avoidance is the main motivation for German investors to
put their money offshore
- Figure 8: Switzerland is the number one offshore destination for
German investors
- Figure 9: Personal relationship is the most important determinant of a
client's choice of wealth management service
- Figure 10: Word of mouth remains most effective for client acquisition
- Figure 11: Clients are demanding to know more about the management of
their portfolio now than two years ago
- Figure 12: Clients are most interested in protecting their asset base
- Figure 13: The best ways to retain clients are talking to them
regularly and quick problem solving
- Figure 14: German wealth managers identify several reasons why clients
are leaving a wealth management service
- Figure 15: The majority of wealthy individuals in Germany has more
than two wealth managers
- Figure 16: German wealth managers should concentrate on gaining a
bigger share of clients' wallets
- Figure 17: German wealth managers tend to have relatively long-term
relationships with their clients
- Figure 18: Deutsche Bank, UBS and Sal. Oppenheim are perceived to be
the biggest wealth managers in Germany
- Figure 19: The German wealth management market is characterized by a
diverse mix of domestic providers
- Figure 20: The elite of German wealth managers according to German
newspaper Welt am Sonntag, 2006
- Figure 21: Many German wealth managers target clients with EUR250K+
- Figure 22: German wealth managers are most concerned about finding and
attracting quality staff
- Figure 23: Large wealth managers are perceived as strongest competitors
- Figure 24: The main competitors will remain the same in the next 3
years
- Figure 25: Obtaining new clients and increasing share of wallet will
most determine revenue growth in Germany in the next tow years
- Figure 26: Increasing face to face contact is the most effective way
of increasing share of wallet
- Figure 27: Improving CRM and support systems is the key initiative
ahead
- Figure 28: IT and CRM system costs are the main concern in controlling
cost bases
- Figure 29: German wealth managers tend to provide their clients more
than one contact
- Figure 30: 40% of surveyed wealth managers stated that they do not
have dedicated teams set up to target and attract specific customers
- Figure 31: Most relationship managers in Germany are assessed on
revenue, profit and number of clients
- Figure 32: New relationship managers will come mostly by hiring them
from competitors
- Figure 33: The biggest business potential lies in inheritance planning
and alternative investments
- Figure 34: Deposits and savings products, payment mechanisms and
foreign exchange are perceived to have less business potential
- Figure 35: German wealth managers will focus on alternative investments
- Figure 36: German wealth managers seek to improve CRM and support
systems in the next year
- Figure 37: Accountants and lawyers are seen as important distribution
channels for German wealth managers
- Figure 38: German wealth managers will increasingly develop services
to manage financial advisors as part of their client base
金融/保険
その他のカテゴリ
FAQ