Abstract
Introduction
The country' s serious economic issues are having a major effect on the UK' s
onshore wealthy population, potentially causing them to lose faith in their
wealth managers. To keep clients, wealth managers need to know what this
lucrative customer wants from them, in terms of products, services and
interaction.
Scope of this research
- HNW demographic and attitudinal attributes based on our Wealth Management
Market Leaders Survey 2009
- Extensive primary research from 20 wealth management companies highlights
their strategies for revenue growth, acquiring and keeping clients
- Indepth assessment of how RBS' s UK wealth management operations are
currently perceived, following the spate of bad news from the RBS group
Research and analysis highlights
UK HNWs are displaying typically defensive behavior in the face of the
economic instability, and have lifted their proportion of assets held in cash
and near cash from 15% in 2008 to 28% in 2009. Within the ranks of the HNWs
there are, however, a significant number looking to position for the recovery.
British wealth managers see increased face to face contact as key to
increasing share of wallet; ironically they are currently among the worst in
Europe at keeping in touch with clients, and this is something that they must
address.
The dramatic fall of the RBS group has damaged its collection of prized
private banking operations in the UK. RBS needs to focus on strengthening the
client-banker relationship at the current time. Meanwhile, RBS' s competitors
should be using this opportunity to plunder RBS' s treasures: its clients and
relationship managers.
Key reasons to purchase this research
- Understand the HNW population' s investments by sector and geography,
appetite for risk, and reasons for choosing/leaving their wealth service
- Assess the threats and opportunities for wealth managers by understanding
how peers are planning to grow revenues, acquire and keep clients
- Gain an understanding of the strengths and weaknesses of RBS' s UK wealth
management operations, as well as the associated opportunities and threats
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