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Shifts in the UK Wealth Management Landscape
Datamonitor, Sep 2009, Pages: 30
The UK wealth management market has been turned on its head as events have changed the nature of Britains 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 Datamonitors Wealth Management Market Leaders Survey
Highlights of this title
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 UKs 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.
Key reasons to purchase this title
- 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
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