The report reveals a lack of confidence in the existing business model, with over 39% of advisers feeling the primary value delivered by the firm to clients was through the personal relationship they offer, while only 17% felt their knowledge and qualifications was of greatest value.
Despite recognition of the importance of providing tailored value to clients, two thirds of respondents did not feel that wealth management was currently a premium service.
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More than 80% of respondents consider segmenting clients and better understanding their needs as ‘most important’ or ‘important’ to future business, while clearly defining their offering and how it is different from competitors follows with 77%.
Respondents cited segmentation, improving client communications and improving customer relationship management systems as the keys to managing existing clients.
While increasing attention is being paid to the value proposition, firms are also recognising the need to manage costs, the report adds.
Managing compliance costs and headcount in support functions are also listed as premium priorities, with 36% and 32% respectively considering these the most important costs to manage.
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By GlobalDataPershing CEO, Kevin Bonar, said: "The UK wealth management industry is working through some of the most dramatic regulatory challenges in a generation and is addressing its need to adapt."
"Right now, for many firms just surviving is key, longer term it’s understandable that firms are concerned with developing the most effective value proposition they can offer clients," Bonar said.
