Leveraging Group Resources for the Private Banking Division

Leveraging Group Resources for the Private Banking Division

Introduction
 
Analyzes the ways that universal banks can best harness the capabilities of other group divisions to the benefit of their wealth management units. Assesses linkages and opportunities in areas such as retail banking, asset management, stock broking, investment banking and insurance.
 

 
Scope
 
The report begins by examining a number of ways in which private banks can leverage wider group resources, including practical examples
 
The report concludes by summarising the issues private banks need to consider before implementing cross-division initiative
 
There is a special a focus on providing insight into how to incentivize staff to ensure the private bank generates maximum benefit from its plans
 
Highlights
 
Group resources can be leveraged at three key stages of customer contact. Branch employees have a key role to play in converting speculative enquiries into qualified leads.
 

 
Other group divisions have an important role to play in helping to serve existing private clients by improving customer satisfaction and increasing share of wallet. Opportunities range from outright product development through to simply leveraging existing capabilities through closer intra-group relationships.
 

 
Wherever possible, departmental reporting lines and profit and loss accounts need to be structured such that internal referrals and cross-sales are not seen as counter-productive to divisional staff.
 

 
Reasons to Purchase
 
Learn about the best ways to leverage internal resources to boost private banking business through real-life examples
 
Find out how best to structure your operation to avoid internal conflicts that will hamper your business
 
Learn how best to incentivize staff to pass on referrals

TABLE OF CONTENTS
 
LEVERAGING GROUP RESOURCES 7
 
Introduction 7
 
Leveraging the group offers tangible benefits 7
 
The overall latent potential of the group can be realised 8
 
Group operations can be leveraged at several stages 9
 
Branch networks can help capture new clients 10
 
Existing clients of sister divisions are just a referral away 11
 
Smart leveraging of the group helps retain existing private clients 16
 
Well-considered incentive structures are key for success 18
 
Thorough processes are vital to define how 19
 
Clear incentives are vital to define why 20
 
Conclusions 23
 
APPENDIX 24
 
Supplementary data 24
 
Research methodology 24
 
Definitions 25
 
Further reading 28
 
Datamonitor Global Wealth Service SPP: Reports 28
 
Datamonitor Global Wealth Service SPP: Insight Reports 28
 
Datamonitor Global Wealth Service SPP: Competitor Tracking 28
 
Datamonitor Asia Pacific Wealth Management SPP: Reports 29
 
Datamonitor Savings & Investments SPP: Reports & Briefs 29
 
Datamonitor’s Global Wealth Model 31
 
SPP writing team 32
 

 
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LIST OF TABLES
 
Table 1: Number of mass affluent individuals in major wealth management markets, 1998 versus 2003 24
 
Table 2: Countries that can be modeled using Datamonitor’s Global Wealth Model 31
 

 
LIST OF FIGURES
 
Figure 1: There are three key stages of customer contact at which group resources may be leveraged to benefit the private bank 10
 
Figure 2: The number of mass affluent individuals has been increasing in all the major wealth management markets 13