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Customer Acquisition and Retention in European Wealth Management 2008
Datamonitor, Feb 2008, Pages: 40
Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
Wealth managers who deliver exceptional service and investment performance will win the battle for Europes mass affluent and high net worth markets 2
Customer acquisition is driving growth in the wealth market 2
Acquisition strategies should encourage clients and intermediaries to spread the word about service, image and client relationship management 2
Regular client contact and solid investment returns will help to demonstrate that a wealth manager understands the clients needs and has the capacity to meet them 2
3
Table of figures 4
Table of tables 5
Market Context 6
Customer acquisition is driving growth in the wealth market 6
Wealth managers are acutely aware of the need to grow their client bases 6
Wealth managers are less concerned about client retention 7
Just below 70% of wealth managers reported client relationships of at least five years duration 9
Despite long-term relationships, wealth managers should pay attention to an increasing tendency to defect 10
Planned strategic initiatives will impact acquisition and retention rates 11
Customer Acquisition 12
Acquisition strategies should encourage clients and intermediaries to spread the word about service, image and client relationship management 12
Clients select wealth managers based on the quality of their service 12
Word-of-mouth gets the word around on service levels 13
Intermediaries are less important to wealth managers in the Nordic and Benelux regions 14
In a climate of economic instability, the value of branding and reputation cannot be discounted 15
Wealth managers plan to focus their acquisition efforts on executives, business owners, inheritors and professionals 15
Customer Retention 17
Regular client contact and solid investment returns will help to demonstrate that a wealth manager understands the clients needs and has the capacity to meet them 17
Exclusivity remains elusive in the wealth market 17
Above all, clients need to feel that their needs are understood 18
Wealth managers should harness client demand for increased contact to strengthen their relationships 19
Clients demand investment returns that satisfy their financial needs and goals 20
Wealth managers may need to re-prioritise their strategies for client retention 21
Clients are reluctant to entrust a significant proportion of their assets to a single manager 22
Client retention increases scope for gaining share of wallet 23
Appendix 24
Data 24
Methodology 40
Further reading 40
Ask the analyst 40
Our consulting 40
Disclaimer 40
List of Tables
Table 1: What will most determine revenue growth in your market in the next two years? 24
Table 2: What are the most pressing concerns for your business at present? 25
Table 3: What are the most pressing concerns for your business at present? 2006 and 2007 results 26
Table 4: How long has your client base, on average, been with you? 27
Table 5: To what extent do you agree with the following? Clients are more likely to change their manager today than 2 years ago. 27
Table 6: What strategic initiatives are you planning or implementing in the next year? 28
Table 7: In your experience, what are the key influences that determine a clients choice of wealth management service? 29
Table 8: In your experience, what are the most effective customer acquisition techniques in your market? 30
Table 9: To what extent do you agree with the following? Financial advisors are / will be an important distribution channel for my wealth management business today / in three years. 31
Table 10: Which client types will offer the greatest potential in your country in the next five years? 32
Table 11: Which statement on client relationships do you most agree with? 33
Table 12: In your experience, what are the most likely reasons for clients to leave a wealth management service? 34
Table 13: To what extent do you agree with the following? Clients are demanding more face to face contact with their wealth manager now than two years ago. 35
Table 14: To what extent do you agree with the following? Clients are demanding more general contact (i.e. phone, email etc) with their wealth manager now than two years ago. 35
Table 15: What are your clients most interested in today? 36
Table 16: What is the best way to retain clients? 37
Table 17: Approximately what share of your clients wallet do you think you have, on average? 38
Table 18: What is the most effective means of increasing share of wallet? 39
List of Figures
Figure 1: What will most determine revenue growth in your market in the next two years? 6
Figure 2: What are the most pressing concerns for your business at present? 7
Figure 3: What are the most pressing concerns for your business at present? 2006 and 2007 results 8
Figure 4: How long has your client base, on average, been with you? 9
Figure 5: To what extent do you agree with the following? Clients are more likely to change their manager today than 2 years ago. 10
Figure 6: What strategic initiatives are you planning or implementing in the next year? 11
Figure 7: In your experience, what are the key influences that determine a clients choice of wealth management service? 12
Figure 8: In your experience, what are the most effective customer acquisition techniques in your market? 13
Figure 9: To what extent do you agree with the following? Financial advisors are / will be an important distribution channel for my wealth management business today / in three years. 14
Figure 10: Which client types will offer the greatest potential in your country in the next five years? 16
Figure 11: Which statement on client relationships do you most agree with? 17
Figure 12: In your experience, what are the most likely reasons for clients to leave a wealth management service? 18
Figure 13: To what extent do you agree with the following statements on client contact? 19
Figure 14: What are your clients most interested in today? 20
Figure 15: What is the best way to retain clients? 21
Figure 16: Approximately what share of your clients wallet do you think you have, on average? 22
Figure 17: What is the most effective means of increasing share of wallet? 23
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