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Insight Report: Business Strategies for Targeting UHNWIs

  • January 2015
  • -
  • WealthInsight
  • -
  • 83 pages

Synopsis
This report provides insights into the complex needs of UHNWIs and provides in-depth analysis of the attitudes of wealth managers and private bankers towards business strategies to target UHNWIs. It covers key developed markets as well as key emerging markets as mentioned below. The reports also analyses market size of the UHNWIs and highlights specific business strategies to target important clients by looking at expansion, client, marketing and competitor strategies. It uses WealthInsight’s proprietary HNWI database comprising over 120,000 individuals.

Developed markets include the US, UK, Germany, Switzerland, Canada and Australia.
Emerging markets include Brazil, Russia, India, China and South Africa.

Summary
Private banks and wealth management firms changed their business model following the 2008 financial crisis. Rather than focusing on the size of their business, private banks and wealth management firms have become more focused on specific client segments that yield them the largest profits. Ultra-high net worth individuals (UHNWIs) represent less than 1% of the global HNWI population, but account for around 33% of global HNWI wealth. UHNWIs offer wealth managers large-scale profitability due to the potential size of their investments. By acquiring UHNWI clients, wealth managers are able to provide a significant boost to assets under management, and build long-term profitable relationships. When using wealth management services, UHNWIs often require a more sophisticated service than mass affluent or core millionaires. Therefore, it is becoming increasingly important for wealth managers and private bankers to build trust and brand loyalty with UHNWI clients, and to understand their needs.

Scope
The report covers the following areas:

- Attitudes of wealth mangers and private bankers to the future outlook of business strategies to target UHNWIs.

- A global snapshot of the UHNWI market, including market sizing and forecasts.

- Key trends and strategies in developed markets (the US, the UK, Germany, Switzerland, Canada and Australia), financial product and service offerings, the role of family offices in managing UHNWI wealth, and competitor strategy focus.

- Key trends and strategies in emerging markets (Brazil, Russia, India, China and South Africa), financial product and service offerings, the role of family offices in managing UHNWI wealth, and competitor strategy focus.

Reasons To Buy
- Understand the complex needs of UHNWIs and know how best to target them.

- Make robust business decisions and build better business strategies in most important business areas such as expansion client and marketing strategies to target UHNWIs effectively.

- Be informed about key market trends in financial product and service offerings in developed and emerging markets, and address each trend accordingly.

- Be aware of attitudes of wealth managers and private bankers to the future outlook of business strategies in order to target UHNWIs.

Key Highlights
- Smaller client segments such as UHNWIs yield higher returns than mass affluent or core millionaires.

- The needs of UHNWIs in using wealth management and private banking services are complex.

- The majority of UHNWIs (48.1%) are entrepreneurs, followed by those who earned their wealth or who run a family business.

- Traditional face-to-face services are likely to stay in the long term.

- UHNWI family business owners in emerging markets are increasing opting for single-family offices.

- Targeting children became a key strategy for wealth managers and private bankers.

Table Of Contents

Insight Report: Business Strategies for Targeting UHNWIs
Table of Contents
1 Introduction
1.1 What is This Report About?
1.2 Definitions and Scope
2 Executive Summary
3 Attitudes of Wealth Managers and Private Bankers towards the Future Outlook of Business Strategies to target UHNWIs
4 Global Snapshot of the UHNWI Market
4.1 A Comparison of Business Strategies for Targeting UHNWIs in Developed and Emerging Markets
4.2 Market Size of UHNWI and Key Market Trends
4.3 UHNWI Demographic Trends
4.4 Drivers and Barriers of the UHNWI Market
4.4.1 Drivers
4.4.2 Barriers
5 Developed Markets
5.1 Financial Products and Services Offerings
5.1.1 The US
5.1.2 The UK
5.1.3 Germany
5.1.4 Switzerland
5.1.5 Canada
5.1.6 Australia
5.2 The Role of Family Offices: Managing Wealth of UHNWIs
5.3 Business Strategies for Targeting UHNWIs
5.3.1 Expansion strategy
5.3.2 Client strategy
5.3.3 Marketing strategy
5.4 Competitor Strategy Focus
5.4.1 Deep dive strategies of key market participants
6 Emerging Markets
6.1 Financial Products and Services Offerings
6.1.1 Brazil
6.1.2 Russia
6.1.3 India
6.1.4 China
6.1.5 South Africa
6.2 The Role of Family Offices: Managing Wealth of UHNWIs
6.3 Business Strategies for Targeting UHNWIs
6.3.1 Expansion strategy
6.3.2 Client strategy
6.3.3 Marketing strategy
6.4 Competitor Strategy Focus
6.4.1 Strategies adopted by key market participants
7 About WealthInsight

List of Tables
Table 1: HNWI Wealth Band and Group Definitions
Table 2: The Needs of UHNWIs in Private Banking and Wealth Management Services
Table 3: Competitive Benchmarking for Wealth Management Sector in Developed and Emerging Markets
Table 4: Ease of Doing Business Rankings for Developed and Emerging Markets, 2014
Table 5: Comparison of Key Parameters for the Wealth Management Sector in Developed and Emerging Markets
Table 6: Comparison of Business Strategies for Targeting UHNWIs in Developed and Emerging Markets
Table 7: Developed Markets - UHNWIs Market Size, 2009-2018
Table 8: Emerging Markets - UHNWIs Market Size, 2009-2018
Table 9: Top 10 Cities for Wealth Management, 2013
Table 10: Alternative Online Wealth Managers
Table 11: Developed Markets - Key Parameters for the Wealth Management Sector
Table 12: Developed Markets - Private Banks' Private Equity Product Offering
Table 13: Alternative Online Wealth Managers
Table 14: Developed Markets - Major Deals in the Wealth Management Sector
Table 15: Developed Markets - Snapshot of Gender and Age Group Based Segmentation and Targeting Strategies
Table 16: Developed Markets - Use of Analytics by Wealth Management Companies
Table 17: Developed Markets - Family Office Product Offerings of Wealth Management firms
Table 18: Developed Markets - Wealth Management Workshops and Conferences by Companies
Table 19: Developed Markets - Wealth Management Services for UHNWI Entrepreneurs
Table 20: Developed Markets - Marketing Initiatives by Wealth Management Companies via Traditional Channels
Table 21: Developed Markets - Social Networking Platforms and Their Usage
Table 22: Developed Markets - Bank Hurdles For Customer Service
Table 23: Developed Markets - Wealth Management Competitive Landscape
Table 24: Developed Markets - List of Key Firms Operating in the Wealth Management Sector
Table 25: Developed Markets - Major Wealth Management Services to Target Family Business UHNWIs
Table 26: Emerging Markets - Key Parameters for the Wealth Management Sector
Table 27: Emerging Markets - Private Banks' Real Estate and Private Equity Product Offering
Table 28: Russian UHNWIs - Alternative Asset Composition (%), 2009-2018
Table 29: Emerging Markets - Domestic Wealth Management Firms Offering Family Office Services
Table 30: Emerging Markets - Wealth Management Services for Family Businesses
Table 31: Emerging Markets - Key Deals in the Wealth Management Sector
Table 32: Emerging Markets - Smartphone and Tablet Applications
Table 33: Emerging Markets - Wealth Management Services for UHNWI Entrepreneurs
Table 34: Emerging Markets - Online Population Using Social Networking, 2012
Table 35: Emerging Markets - Social Media Marketing Initiatives by Banks
Table 36: Emerging Markets - Major Companies in the Wealth management Sector

List of Figures
Figure 1: UHNWI Population by Age Band in Key Developed and Emerging Markets, 2013
Figure 2: UHNWI Population by Gender in Key Developed and Emerging Markets, 2013
Figure 3: Developed Markets - UHNWI Asset Allocation
Figure 4: Alternate Asset Investment in Germany, 2009-2018
Figure 5: Emerging Markets - UHNWI Asset Allocation

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