The world’s wealthiest individuals are not easy to impress, mainly due to their notoriously high standards and unique needs. On average, these individuals have not one, but three or four wealth managers each, William Wesnofske reports.
A new report by Scorpio Partnership titled "The Futurewealth Report 2014: The quest for a valued relationship," examined 3,025 of the global elite, who have given their insight of how they truly feel about their wealth management experience.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
With examining the hearts and minds of the world’s wealthiest individuals, the quest for a valued relationship breaks the wealth management – client relationship into four main phases: What attracts the future wealthy to a particular wealth manager, what counts when they are carrying out transactions with a firm, what helps maintain this relationship, and would these individuals recommend their advisor to others. This Futurewealth Report digs into what really is valued during this sector of client’s relationships with a particular advisor.
According to the report, the search for a wealth manager consists of someone who can understand their lives, and can create the scaffolding for their success. Wealthy individuals want someone who understands their personal life, which ultimately will help these wealth managers be able to adapt to the constantly changing objectives of these wealthy clients. A wealth manager who understands a client’s personal life is believed to be one who can assist in driving their client forward.
During the initial exposure phase, approximately 41% of clients found themselves being exposed to a wealth manager due to a referral from a family member or friend, or by their own market research. On average, 68% of clients believe their wealth managers are delivering a good performance in the pre-purchase phase. While this shows that the majority of clients are happy, it also represents a significant number of those who are not pleased.
Reputation plays a big role in the wealth manager search as well. 87% of respondents said their wealth managers have a good reputation for quality of products and services. Cost also plays a significant role, but of course is more of a factor for the less wealthy. Those making under US$500,000 a year listed cost at a 70% importance rate!
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLaws of Attraction
Of course, likes attract likes, and positive energy draws positive energy. This can represent a wealthy individual’s wealth manager hunt in a nutshell. Reputation of key, as well are costs, but what really high-valued clients are really pinning for is a partner that can demonstrate value across a variety of service areas. Understanding their client’s personal life is key, because the one who can understand their clients changing personal circumstances, will be the wealth manager with the stabilized client-agent relationship.
