Abstract
The wealth management and private banking industry has enjoyed several years of strong growth buoyed by healthy equity and property markets and a rapidly growing population of high net wealth individuals. This report looks at the industry and its sub-sectors with new consumer research providing insight into the thoughts and motivations of the HNW demographic.
Considering the current economic climate, Mintel' s research revealed a remarkably assured group of HNW households. Attitudes towards remaining invested in all asset classes are very good, giving us an insight to the knowledgeable and disciplined approach the many HNW individuals take to their long-term investing. Knowledgeable advisers with a good track record remain important to consumers in an industry that remains very relationship-driven.
Market share details reveal an industry dominated at the top by big international names but still possessing a roster of many tens of players. Industry growth appears poised to remain strong, barring the current situation growing into a large economic collapse, although participants will need to reinforce relationships as investors get jittery.
- The wealth management and private banking industry has grown impressively in the past few years, both in the amount of assets under management and in the number of clients' accounts.
- The population of the wealthy, households earning £100K+, has been increasing strongly for the past six years. Barring profound economic difficulties in 2008, the trend should continue.
- Despite capital markets being in turmoil since September, the intention to continue investing, in all asset classes, is very strong on the part of the wealthy.
- The personal nature of the wealth management and private banking industry remains important. Advice remains very relationship-driven, although subtle changes are creeping in.
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