Tag Archives: Wealth Transfers

What if a wealth manager is not offering digital services at all?

In the article “Advisor Characteristics Vs Digital Delivery: Which Is Most Important To The Future-Wealthy?”, published by FamilyWealthReport on the 27th of March, the importance of the role of the advisor versus digital is measured. All questions asked are relevant, but the way the discussion is raised might be not completely the right angle.

In short; The research describes the fact that good personal financial advice is preferred over digital interactions with customers. They are surprised by the fact that in the younger age group the digital experience score is lower than for ‘older HNWI’s’. To me this is not surprising at all due to the higher demand this group has towards digital. So the same experience scores lower within the younger age group.

Capgemini’s World Wealth Report 2013, based on research over 4400 HNWI’s globally, clearly shows the growing importance of these digital interactions. One of the key messages: The younger the group of HNWI’s researched, the higher the importance of digital contact is to them.

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What is the issue in retaining client relationships after wealth transfers?

High Net Worth Individuals (HNWI’s), or millionaires, see their Wealth Manager (or bank, in this blog I continuously refer to Wealth Managers as such) as their most important service provider. Not surprising, clients need a sense of security with the Wealth Manager where they have entrusted their money. They expect Wealth Managers to act in their best interests. Many clients expect their banking products and services to be a commodity. The promise to protect and the ability to grow clients wealth is only part of what a bank should offer to promote customer loyalty.

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