The Case for Online Wealth Management

Table of Contents

• CHAPTER 1 EXECUTIVE SUMMARY
  • Market Context
  • Wealth Manager Internet Offerings
  • Strategic Options And Actions
• CHAPTER 2 MARKET CONTEXT
  • Market overview
  • Key findings
    • The internet has grown significantly as a distribution channel over the years
    • Some wealth managers still fail to recognize the importance of the internet in attracting new clients
    • Technological developments are ongoing and are moving towards an "all-in-one" style service
• CHAPTER 3 WEALTH MANAGER INTERNET OFFERINGS
  • The internet as a marketing tool
  • Case studies of wealth managers
    • ABN Amro Private Banking
    • Barclays Private Banking
    • BNP Paribas Private Bank
    • Citigroup Private Bank
    • Coutts Private Bank
    • Credit Suisse
    • Deutsche Bank Private Wealth Management
    • HSBC Private Bank
    • JP Morgan Private Bank
    • UBS Wealth Management
    • Coutts & Deutsche Bank are providing the most useful information in a clear and aesthetically comfortable way
  • The internet as a client service channel
    • Interactivity & range of tools varied with some banks requiring authorisation
    • Coutts provides details about its private online banking service features
    • Depth of detail provided on the main internet site varied substantially but RBC was one of the few to buck the trend
    • The balance between adequate information and clarity was rarely met
    • Very few banks disclose any fee or charging information for their services
    • Ease of contact with staff was mixed among the top private banks
• CHAPTER 4 STRATEGIC OPTIONS AND ACTIONS
  • Introduction
  • Key Findings
    • The internet is being espoused as integral to a new high technology wealth model
    • Even elderly high net worths are turning to the internet as a source for their financial advice
    • Art-based investments are increasingly being given more and more online space
    • The internet is an important means of distribution and advisors must be aware of and act upon its superiority over other channels
    • Wealth managers are failing to adequately attract new clients through the online channel and furthermore, existing clients are also being somewhat neglected
    • An online chat advisory service will increase the means by which clients can interact with wealth managers
    • Online communication is well-liked by independent financial advisors who deal with high net worth individuals
    • Wrap services will gradually incorporate more sophisticated online technology
    • Wealth institutions should have their online offerings scrutinized by an external specialist internet consultant
• APPENDIX
  • Research methodology
  • Data tables for website assessment
  • Definitions
    • Advisory portfolio management
    • Discretionary portfolio management
    • HNW
    • Mass affluent
  • Further published research
    • Global Wealth Management SPP
      • Interactive Databases
      • Market Reports
      • Strategic Insight Reports
      • Wealth Management Competitor Tracker
    • Datamonitor Asia Pacific Wealth Management SPP
  • SPP writing team
  • List of Tables
    • Table 1: Overall scores of private banking websites as a marketing tool for prospective customers
    • Table 2: Overall scores of private banking websites in terms of usefulness of information and how it is presented
  • List of Figures
    • Figure 1: Factors influencing the increasing importance of a strong online platform in wealth management
    • Figure 2: Coutts & UBS are using their online propositions most effectively
    • Figure 3: RBC and Banif are presenting prospective clients with the most broad and best quality information
    • Figure 4: Screenshot: Coutts Online Banking demonstration
    • Figure 5: Use of the internet platform among wealth managers will gradually start to become more widespread and sophisticated