Introduction
- After the failure of online wealth management in 2000-2002 wealth managers
are taking a cautious approach to online provision, but have recognized that
an online offering is important. This insight report assesses the current
and potential role of the online channel for wealth managers, highlighting
the key issues and considerations that need to be made.
Scope of this report
- Strictly focused on the internets for wealth managers and private banks,
both currently and in the future
- Based on an extensive analysis of 20 private banks website offerings for
both prospective and existing customers
- Contains an in-depth review of the key considerations and strategic
options for wealth managers
- European in focus, but containing key issues and analytical frameworks
that are applicable at a global level
Research and analysis highlights
- While the retail banking sector has been quicker to rekindle the Internet,
wealth managers have taken a much more cautious approach. This in part
reflects some disastrous Internet-based wealth management attempts by the
likes of MLHSBC or Lloyds TSBs Create, which made the online concept looked
distinctly flawed rather than just ill-timed.
- Online portfolio-tracking services are becoming must-haves for wealth
managers with clarity and simplicity key watchwords in designing an
effective solution. From a supply perspective there is strong support across
the industry that the internet has the potential to add value though
enhancing the quality and convenience of information flow.
- The argument that the online channel is a poor substitute for the
relationship manager underlines the flawed perspective from which some
providers have approached the internet. Datamonitor believes that if
harnessed effectively the Internet can actually increase access to staff in
terms of both sales leads and channel choice for existing clients.
Key reasons to read this report
- Detail of competitor initiatives and case studies provides insight and
ideas into current and potential future offerings
- Offers a future focused view of industry direction and the strategic
options for players in developing their response to the online trend
- Draws together a series of action points to help wealth managers identify
their strategic priorities
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