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Insight Report: Business Strategies for Targeting UHNWIs

Insight Report: Business Strategies for Targeting UHNWIs

  • January 2015
  • 83 pages
  • ID: 2621925
In this report:
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According to research by Roland Berger, wealth managers who exploit offering services to entrepreneurs would provide an opportunity of US$## billion.

Summary

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Abstract

This industry report offers business insights into the complex needs of UHNWIs and provides detailed analysis of the attitudes of wealth managers and private bankers towards strategic management to target UHNWIs. It contains top developed markets as well as main emerging markets as mentioned below. The reports also analyses market size of the UHNWIs and highlights particular business strategies to target serious clients by looking at development, client, marketing and competitor strategies. It uses WealthInsight's proprietary HNWI database comprising over 120,000 individuals.

Developed markets contain the U.S., UK, Germany (DE), Switzerland, Canada (CA) and Australia (AU).

Emerging markets contain Brazil (BR), Russian Federation, India (IN), China (CN) and South Africa (ZA).

Brief

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 particular client segments that yield them the biggest profits. Ultra-high net worth individuals represent less than 1.0 percent of the overall HNWI population, but account for around 33.0 percent of overall HNWI wealth. UHNWIs offer wealth managers large-scale profitability due to the plausible size of their investments. By acquiring UHNWI clients, wealth managers are able to provide a meaningful 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 decisive for wealth managers and private bankers to build trust and brand loyalty with UHNWI clients, and to understand their needs.

Overview

The market research includes the following areas:

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

- A overall snapshot of the UHNWI market, including market sizing and estimations.

- Key trends and strategies in developed markets (the U.S., the United Kingdom (UK), Germany (DE), Switzerland, Canada (CA) and Australia (AU)), 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 (BR), Russian Federation, India (IN), China (CN) and South Africa (ZA)), financial product and service offerings, the role of family offices in managing UHNWI wealth, and competitor strategy focus.

Great reasons to purchase

- Comprehend the complex needs of UHNWIs and know how best to target them.

- Make strong business decisions and build superior business strategies in most crucial business areas including expansion client and marketing strategies to target UHNWIs effectively.

- Be informed about top 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 Findings

- Smaller client segments including UHNWIs yield bigger 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 (48.10 percent) 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 growing opting for single-family offices.

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

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