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
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
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.
Reasons to Purchase
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
