Wealth management services for financial intermediaries 2008

Fierce competition, combined with relatively low penetration of private banks and wealth managers among affluent clients, sees these providers exploiting new opportunities to expand their customer bases by working through intermediaries. This brief assesses the wealth management proposition for financial intermediaries.

Report Highlights
European wealth managers intend to step up efforts to address the needs of financial advisors. Just short of 60% of these providers agreed somewhat or strongly agreed that their peers will increasingly develop services to manage advisors as part of their client base. Wealth managers in Switzerland were most inclined to pursue these initiatives.

Merely committing staff to the marketing and servicing of the intermediary segment will be insufficient to building an attractive intermediary proposition. Client advisors must be specialists in their own right, demonstrating strong commercial acumen and business planning skills.

Wealth managers also face the challenge of delivering added-value to a client base that comprises sophisticated investors.
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Table 1: Number of financial intermediaries, Europe, 2007 3
Table 2: In your experience, what are the most effective customer acquisition techniques in the your market? Choose up to 3 responses 3
Table 3: To what extent do you agree with the following statement: ‘Financial advisors are an important distribution channel for my wealth management business today’? 3
Table 4: To what extent do you agree with the following statements: ‘Financial advisors will be an important distribution channel for my wealth management business in three years’? 3
Table 5: To what extent do you agree with the following statement: ‘Wealth managers will increasingly develop services to manage financial advisors as part of their client base’? 3
Table 6: To what extent do you agree with the following statement: ‘Financial advisors in my country tend to use wealth managers mostly for custody and execution services instead of advisory services’? 3
Table 7: Which services are most important to provide for financial intermediaries? Choose up to 2 responses. 3
Figure 1: Intermediaries are a key source of client referrals 3
Figure 2: Intermediaries will continue to be important to wealth managers 3
Figure 3: Wealth managers will step up efforts to target intermediaries 3
Figure 4: Advisors are outsourcing both custody & execution advisory services 3
Figure 5: Marketing support from wealth managers is also highly valued
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