The world’s wealthiest women are being poorly served by wealth managers, according to global business consulting and technology firm Orbium.

This was a key finding in the Orbium Wealth Management C-level Survey 2018. It showed that 78% of executives said the needs of HNW and billionaire women are not being addressed.

The survey involved polling 50 leading private banks and wealth management C-level executives across UK, Europe and Asia who manage assets of more than $2.5trn.

Ian Woodhouse, head of strategy and change at Orbium, said: “While many wealth management firms acknowledge that next generation clients, including women investors comprise a growing portion of their market, few seem to have adequately changed their advisory model to meet women’s needs.”

Other key highlights of the survey include:

  • Only 25% of private banks and wealth managers have sustainable business models with good revenue margins and cost controls.
  • Executives plan to significantly rebalance their business models to serve the next generation and traditional clients
  • Only 17% of wealth managers offer their clients digital interaction.
  • Wealth managers said expect to outsource business processes to improve the agility and cost efficiency of their operations.

The survey also showed that a majority of wealth managers in UK favour Brexit, with 61 percent of executives agreeing that Brexit would bring benefits across Europe and Asia.

After the UK, Asian wealth managers were the second highest segment to favour Brexit.

Executives in other parts of the EU and Switzerland were not in favour.