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Choosing a Wealth Manager: the Decision-Making Process in the UK

Choosing a Wealth Manager: the Decision-Making Process in the UK

  • November 2018
  • 52 pages
  • ID: 5644247
  • Format: PDF

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Choosing a Wealth Manager: the Decision-Making Process in the UK

Summary
While triggers for seeking advice differ across segments, the need for advice is centered on events where the consumer is gaining access to substantial funds, such as retirement or inheritance.Individuals in higher income bands are unsurprisingly more willing to pay for advice, but uptake can be boosted through education and the promotion of a trusted brand.

Given HNW investors’ tendency to spread their assets across multiple providers, becoming a one-stop shop is critical as it means investors are less likely to spread their wealth.Given that 70% of the UK HNW population is above the age of 50, wealth managers need to have a strategy in place to appeal to the next generation of investors.

Inheritance and estate planning services that include current HNW clients’ children in the planning process are the most straightforward solution.

This report provides a comprehensive analysis of key factors affecting investors’ choice of financial advice and investment services providers in the UK. The report is primarily based on our proprietary surveys.

Specifically the report -
- Uses insight from our surveying of wealth managers and independent financial advisors to learn how competitors target and acquire clients, while assessing the effectiveness of different methods.
- Analyzes key triggers prompting investors to seek advice and the factors affecting their choice of provider.
- Examines the research process undertaken by individuals before making financial decisions.
- Compares investor attitudes towards different communication and onboarding channels.
- Provides recommendations on how to deal with changing investor preferences and how to stay relevant to the next generation.

Scope
- Almost half of UK HNW investors opt for professional advice due to lack of time.
- More than a fifth of UK HNW investors chose their wealth manager based on the provider’s trusted brand image.
- UK HNW investors allocate almost three quarters of their wealth to discretionary mandates.
- Almost a third of UK HNW investors who self-direct do so to save on management fees.

Reasons to buy
- Identify events prompting investors to seek advice in order to better understand your clients.
- Learn about UK consumers’ willingness to pay for advice.
- Identify how investors research investment services providers to evaluate your client acquisition strategy.
- Understand how UK individuals choose their financial advisors to tailor your targeting approach.
- Review your digital strategy by learning how different channels are used by different demographics.
- Explore differences between key client segments and demographics to evaluate your marketing efforts.

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