|
시장보고서
Shifts in the UK Wealth Management Landscape
| 리서치사 |
Datamonitor |
| 발행일 |
2009년 09월 |
상품코드 |
100999 |
| 페이지 정보 |
30 pages |
| 가격 |
|
|
Abstract
Introduction
The UK wealth management market has been turned on its head as events have
changed the nature of Britain' s high net worths (HNWs) and altered the
competitiveness of private banks. This report describes the nature of the
competitive and customer changes that have taken place, and provides
recommendations as to what wealth managers need to do to succeed in this new
environment.
Scope
- Analyzes the data contained in Private Asset Managers 2009
- Draws on the results of Datamonitor' s Wealth Management Market Leaders
Survey
Highlights
In 2008, significant numbers of British HNWs moved their business away from
the larger wealth managers toward the small and medium providers. Damaged
brands, images and reputations and questions over the financial stability of
the larger providers partly account for this shift, but the overloading of
relationship managers also played a part.
The crisis has resulted in important attitudinal shifts in the UK' s HNW
population. HNWs are more demanding in general, and seeking greater contact
with their relationship managers. There are significant numbers looking to
participate in the market recovery and these individuals want their bankers to
be proactive with investment suggestions.
Going forward, the larger players will need to address several areas of
weaknesses, especifically the relative shortage of relationship managers
within their organizations. The smaller and medium-sized players need to focus
on taking clients in the short term, and holding onto them and growing their
share of wallet in the longer term.
Reasons to Purchase
- Understand the changing competitive landscape in the UK, and the reasons
underlying this
- Gain insight into the shifting attitudes of HNWs and what this means for
wealth managers
- Learn what wealth managers need to do in the short, medium and long term
to keep and capture clients
Table of Contents
Overview
Catalyst
Summary
Methodology
Executive Summary
Large players have lost ground to their smaller competitors, and there is
plenty for them to be worried about going forward
In the wake of the crisis, HNWs are wanting more banker contact and less
mistakes
Larger wealth managers need to address the overloading of relationship
managers, while smaller wealth managers need to exploit the window of
opportunity
Table of Contents
Table of figures
Table of tables
COMPETITIVE CHANGES IN THE UK WEALTH MANAGEMENT MARKET
- The largest players in the UK wealth management market have been severely
tested and the rankings are changing
- The total assets under management by the top 25 providers fell in 2008
- For many wealth managers, the changes in AUM and total clients in 2008
went in opposite directions
- The total number of staff has swollen and contracted in line with the
movements of AUM
- The larger players have lost ground to their smaller competitors, and
there is plenty for them to be worried about going forward
- Large wealth managers were soundly beaten in 2008 by the medium and
small-sized players
- Fundamental weaknesses around perceived financial stability, brand and
personal relationships are contributing to the larger wealth managers' problems
- The larger wealth managers appear to be overloading their relationship
managers with clients
- The relative overloading of relationship managers within larger wealth
manager is not likely to ease in the near future
CUSTOMER CHANGES IN THE UK WEALTH MANAGEMENT MARKET
- In the wake of the crisis, HNWs are wanting more banker contact and less
mistakes
- There is a large group of HNWs wanting to profit from recovery
- Not making errors is seen as being key in retaining HNW clients
- Increased face-to-face contact is the key to increasing share of wallet
STRATEGIC RECOMMENDATIONS FOR UK WEALTH MANAGERS
- Larger wealth managers need to address the overloading of relationship
managers and work on quality, while smaller wealth managers need to exploit
this window of opportunity
- Key action one: avoid cutting support staff-do not underestimate their
importance
- Key action two: Recruit good relationship managers and get client loading
ratios to an acceptable level
- Key action three: Assess damage to brands, images and reputations and seek
to rectify problems
APPENDIX
- Methodology
- Private Asset Managers (PAM) 2009
- Wealth Management Market Leaders Survey 2009
- Bibliography
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
List of Tables
- Table 1: AUM within UK wealth managers in 2007 and 2008
- Table 2: Changes in AUM and total clients in 2008
- Table 3: Changes in total staff and relationship manager compared with AUM
growth
- Table 4: Changes in 2008 AUM, client base and discretionary/advisory split
- Table 5: What will determine HNWs' choice of wealth management service
over the next two years?
- Table 6: Relationship managers within large providers do appear to be
stretched compared with those in smaller providersTable 7: In 2008, small and
medium-sized players were strong recruiters
- Table 8: What are HNWs demanding today?
- Table 9: What is the best way to retain clients today?
- Table 10: What is the most effective means of increasing share of wallet
today?
- Table 11: Large wealth managers would have to vastly increase the number
of relationship managers to reach the client loading factors of the smaller
players
- Table 12: Large wealth managers would have to vastly increase their
numbers of relationship managers to reach the loading factors of the smaller
players
List of Figures
- Figure 1: UK HNWs are most influenced by personal relationships in their
choice of wealth manager
- Figure 2: UK HNWs are looking to ways to profit in the current environment
- Figure 3: The best way for wealth managers in the UK to retain HNW
investors is not to make errors
- Figure 4: The best way for wealth managers in the UK to increase share of
wallet is by increasing face-to-face contact
- Figure 5: The relative client loading of the different sized players in
the UK market and its impact on quality of service
- Figure 6: Large wealth managers contact clients on the telephone less
frequently than smaller players
- Figure 7: The larger the wealth manager, the less frequently their
relationship managers meet up with HNW clients
|
