Marketing to New and Growing Wealth Segments

Table of Contents

• CHAPTER 1 INTRODUCTION
  • Overview
  • What is this report about?
  • Who is the target reader?
  • How to use this report
• CHAPTER 2 BEST PRACTICE IN MARKETING TO NEW AND GROWING CLIENT SEGMENTS
  • Introduction
  • Entrepreneurs are best targeted using an information-based approach that demonstrates understanding of their needs
    • Provide networking opportunities for clients and potential clients including educational events and seminars
    • Offer business information and general news for small businesses directly
    • Become locally accessible to small businesses
    • Leverage existing clients in the target group
  • Wealth managers should promote holistic solutions to the retired market
    • Emphasize understanding of the particular needs of retirees
    • Promote services using awareness raising campaigns
    • Link to the retail bank to identify and acquire wealthy retirees
  • Marketing to families often focuses on intangible aspects of the service
    • Aim educational events at the whole family
    • Non-banking services targeting partners and children of clients should be an integral aspect of the overall service
    • Pitch the service to several families at once as part of an organized event
• CHAPTER 3 GROWING CLIENT SEGMENTS IN EUROPE
  • Introduction
  • Entrepreneurs and small business owners will be the most important segment in the next five years
  • Social developments mean that retirees are becoming wealthier and more populous
  • Families are becoming more important to businesses
• CHAPTER 4 TARGETING GROWING SEGMENTS
  • Introduction
  • Wealth managers successfully targeting entrepreneurs recognise the unique needs of this group
    • Combining social and business opportunities draws clients to the service while being attractive to the existing client base
    • Direct contact promotes the bank's brand while showcasing industry knowledge
    • Moving to areas where entrepreneurial activity is high is an effective first step in marketing the brand to this group
    • Leveraging the skills of existing clients in business can generate a new wave of younger clients
    • Educational events are effective in reaching sub-segments and emphasizing the bank's commitment to entrepreneurs
  • It has traditionally been difficult for wealth managers to successfully market to retirees
    • Few European players have a distinct strategy for targeting retired individuals
    • Understanding the new interests and priorities of retired individuals is key to providing a successful service
    • Raising awareness of the need for wealth management among retirees is an important step when marketing a comprehensive service
    • Using the retail arm of the bank is important when targeting wealthy retirees as many have long standing existing relationships with the bank
    • A holistic service is important to this segment and allows wealth managers to expand their remit
  • There are several strategies currently being used to target families across the generations
    • High-profile educational events aimed at the whole family provide a good showcase for family services
    • Developing the lifestyle aspect of the service with family-oriented incentives can represent commitment to serving the family
    • Providing family oriented entertainment events are another facet in developing relationships with the whole family
    • The American 'beauty pageant' model is popular among ultra high net worth families
• CHAPTER 5 APPENDIX
  • Supplementary data
  • SPP writing team
  • Further reading
    • Global Wealth Management SPP
      • Interactive Databases
      • Market Reports
      • Strategic Insight Reports
      • Wealth Management Competitor Tracker
  • Datamonitor Asia Pacific Wealth Management SPP
  • List of Tables
    • Table 1: What client types offer the greatest potential in your market in the next 5 years?