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The Case for Online Wealth Management
Datamonitor, Nov 2006, Pages: 46
Chapter 1.
Executive summary
Market Context 4
Wealth Manager Internet Offerings 4
Strategic Options And Actions 5
Chapter 2.
Market context
Market overview 11
Key findings 11
The internet has grown significantly as a distribution channel over the years 12
Some wealth managers still fail to recognize the importance of the internet in attracting new clients 13
Technological developments are ongoing and are moving towards an 'all-in-one' style service 14
Chapter 3.
Wealth manager internet offerings
The internet as a marketing tool 15
Case studies of wealth managers 15
ABN Amro Private Banking 16
Barclays Private Banking 16
BNP Paribas Private Bank 17
Citigroup Private Bank 18
Coutts Private Bank 19
Credit Suisse 19
Deutsche Bank Private Wealth Management 20
HSBC Private Bank 21
JP Morgan Private Bank 21
UBS Wealth Management 22
Coutts & Deutsche Bank are providing the most useful information in a clear and aesthetically comfortable way 23
The internet as a client service channel 27
Interactivity & range of tools varied with some banks requiring authorisation 27
Coutts provides details about its private online banking service features 27
Depth of detail provided on the main internet site varied substantially but RBC was one of the few to buck the trend 28
The balance between adequate information and clarity was rarely met 29
Very few banks disclose any fee or charging information for their services 30
Ease of contact with staff was mixed among the top private banks 30
Chapter 4.
Strategic options and actions
Introduction 32
Key Findings 32
The internet is being espoused as integral to a new high technology wealth model 33
Even elderly high net worths are turning to the internet as a source for their financial advice 34
Art-based investments are increasingly being given more and more online space 35
The internet is an important means of distribution and advisors must be aware of and act upon its superiority over other channels 36
Wealth managers are failing to adequately attract new clients through the online channel and furthermore, existing clients are also being somewhat neglected 37
An online chat advisory service will increase the means by which clients can interact with wealth managers 37
Online communication is well-liked by independent financial advisors who deal with high net worth individuals 38
Wrap services will gradually incorporate more sophisticated online technology 39
Wealth institutions should have their online offerings scrutinized by an external specialist internet consultant 39
APPENDIX
Research methodology 41
Data tables for website assessment 41
Definitions 42
Advisory portfolio management 42
Discretionary portfolio management 43
HNW 43
Mass affluent 43
Further published research 43
Global Wealth Management SPP 43
Interactive Databases 43
Market Reports 43
Strategic Insight Reports 44
Wealth Management Competitor Tracker 44
Asia Pacific Wealth Management SPP 45
SPP writing team
List of Tables
Table 1: Overall scores of private banking websites as a marketing tool for prospective customers 41
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 13
Figure 2: Coutts & UBS are using their online propositions most effectively 25
Figure 3: RBC and Banif are presenting prospective clients with the most broad and best quality information 26
Figure 4: Screenshot: Coutts Online Banking demonstration 28
Figure 5: Use of the internet platform among wealth managers will gradually start to become more widespread and sophisticated 34
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