Abstract
Overview
Introduction
As private banks seek to differentiate themselves from competitors many are
turning to more customer-centric business models. This report looks at the
reasons behind the client-centric approach and analyses some examples such as
the franchised private bank and the family office.
Scope
- This report introduces the concept of customer centricity, looking at the
argument behind it and answering the question "why?"
- This report looks at the various options for customer-centricity,
analyzing each and discussing their merits.
- This report sizes the affluent population across Asia-Pacific and
discusses the need for client-centricity as a means to retention of clients.
Report Highlights
In the current global environment, the number of wealthy individuals is
growing very quickly. The fact is that there is plenty of wealth being created
for most of the wealth managers to find new clients. However the question is,
having attracted clients to a service, how can these clients then be retained?
The fact is that relationship managers are always going to be interested in
making money and will pursue whichever means they need to in order to gain the
best remuneration - they do not work for the love of work. What wealth
managers and private banks need to do is to find a remuneration model that
ultimately leads to better client service.
Wealth managers cannot just droptheir own products, but there are some aspects
of the family office model that can be taken on board and replicated. The
biggest factor is in the way the family office offers value to the family by
taking over the research function of investing and also by knowing the
inherent requirements that the family has.
Reasons to Purchase
- Find out what factors you should look for in better-servicing your client
base.
- Find out what factors irritate wealthy individuals vis-a-vis their wealth
managers.
- Find out how to structure your service to offer value to clients and
ensure retention.
Table of Contents
- CHAPTER 1 INTRODUCTION
- Who is the target reader?
- How to use this report
- Report Methodology
- CHAPTER 2 WHY IS CLIENT-CENTRICITY IMPORTANT?
- In order to be successful going forward wealth managemers will need to
be client-centric
- Changing socio-economic factors mean the wealth management business in
Asia-Pacific is seeing new segments with differentiated needs
- In developed markets the 2ndgeneration of wealthy are beginning to
emerge
- Affluent individuals in emerging markets are different from those in
developed markets
- Expatriate groups are rising in number
- Remittance services
- Offshore investment
- Other expatriate needs
- In order to attract these new wealthy segments wealth managers will
need to differentiate through service and understanding
- It is actual service and not the promise of product and service
features that differentiate a wealth manager from its competitors
- As part of its marketing any private bank or wealth manager will
detail exactly what it is that differentiates them from their
competitors. Each type of competitor will highlight what they believe
are the attractive aspects of their products and services for clients
and potential clients.
- The large global players will highlight the merits of their global
presence or their long history or both (it should be noted that these
examples are taken from different private banks):
- As well as highlighting the tailored relationship that will be
enjoyed by clients:
- Wealthy individuals need to feel their service providers understand
their situation
- When the market is not so favorable, those wealth managers that are
client-centric are more likely to achieve retention
- Poor investment reporting is a major bone of contention
- Poor communication and a lack of transparency are key frustrations
- Lack of individual treatment and responsive service
- CHAPTER 3 CLIENT-CENTRIC BUSINESS MODELS
- There are a three factors that wealth managers should consider when
seeking to be client-centric
- Client-centricity begins with segmentation
- How can you service a client if you don't know what they need?
- What are the major 'need' factors to consider?
- The family office is the definition of client-centric
- Ultimately a client manager must be perceived to be working for the
client
- Satisfaction comes with added value, which in turn comes through
client-centricity
- Empowering staff can also be a means to better client service
- Incentivizing staff based on product quotas does not benefit the
client
- Ownership is more likely to instill an ethic of client service
- CHAPTER 4 APPENDIX
- Supplementary data
- Definitions
- AAGR
- CAGR
- Gini index
- Liquid assets
- Liquid asset bands
- Research methodology
- The Global Wealth Model
- The UK sub model
- Asia-Pacific sub model
- Forecasting methodology
- Datamonitor's wealth numbers compared with others' numbers
- Bespoke Wealth Market Sizing
- Further reading
- Datamonitor Asia-Pacific Wealth Reports
- Datamonitor Asia-Pacific Insight Reports
- Datamonitor Global Wealth Service: Competitor Tracking
- Datamonitor Financial Services Consulting
- Asia-Pacific contacts
- List of Tables
- Table 1: Affluent individuals with more than USD1m in investible
assets USD and the value of their liquid assets
- Table 2: Wealth markets that have been modeled using the Global Wealth
Model
- List of Figures
- Figure 1: Methodology diagram and report structure
- Figure 2: As the 1st generation ages and passes away,
intergenerational transfer increases in occurrence
- Figure 3: Japanese individuals own by far the largest share of
affluent wealth in the Asia-Pacific region
- Figure 4: Country of origin of survey respondents
- Figure 5: Money transmission is clearly an important service offering
for expatriates around the world
- Figure 6: Investment advisory services offered by an offshore bank are
considered important by expatriates
- Figure 7: Understanding of income tax position is a large concern for
expatriates
- Figure 8: The tax or legal implications of buying property abroad are
of concern to expatriates
- Figure 9: The forces behind financial complexity for HNW individuals
- Figure 10: The HNW population can be segmented across a range of
different dimensions
- Figure 11: Essentially client-retention can be improved through
client-centricity
- Figure 12: There are several different ways in which wealth managers
are choosing to manage their clients, but increasingly they are turning to
the team-based relationship model
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