Abstract
Introduction
The UK wealth management market has been turned on its head as events have
changed the nature of Britain' s high net worths (HNWs) and altered the
competitiveness of private banks. This report describes the nature of the
competitive and customer changes that have taken place, and provides
recommendations as to what wealth managers need to do to succeed in this new
environment.
Scope
- Analyzes the data contained in Private Asset Managers 2009
- Draws on the results of Datamonitor' s Wealth Management Market Leaders
Survey
Highlights
In 2008, significant numbers of British HNWs moved their business away from
the larger wealth managers toward the small and medium providers. Damaged
brands, images and reputations and questions over the financial stability of
the larger providers partly account for this shift, but the overloading of
relationship managers also played a part.
The crisis has resulted in important attitudinal shifts in the UK' s HNW
population. HNWs are more demanding in general, and seeking greater contact
with their relationship managers. There are significant numbers looking to
participate in the market recovery and these individuals want their bankers to
be proactive with investment suggestions.
Going forward, the larger players will need to address several areas of
weaknesses, especifically the relative shortage of relationship managers
within their organizations. The smaller and medium-sized players need to focus
on taking clients in the short term, and holding onto them and growing their
share of wallet in the longer term.
Reasons to Purchase
- Understand the changing competitive landscape in the UK, and the reasons
underlying this
- Gain insight into the shifting attitudes of HNWs and what this means for
wealth managers
- Learn what wealth managers need to do in the short, medium and long term
to keep and capture clients
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