Boston, July 30, 2013 - Private banks and HNW-focused wealth management groups have proved themselves beacons of post-financial-crisis stability, and they have a significant opportunity to deepen HNW client relationships in their search for the next frontier. Wealthy individuals often scatter their investments across four or more firms, suggesting a strong opportunity to deepen client relationships by providing a superior client experience. But what do the HNW seek, and how can wealth management firms evolve to better meet their needs at a time when regulatory and cost-cutting initiatives are consuming a large portion of their technology budgets?
Based on in-depth Aite Group interviews across 15 of the top 30 North American wealth management firms and a Q1 2013 survey of 400 U.S. financial advisors, this Impact Report by senior analyst Sophie Schmitt details how wealth management firms are evolving to better meet the needs--and capture the market share--of HNW individuals. It also suggests service-model and technology changes for a differentiated client experience.
This 34-page Impact Report contains 17 figures and one table. Clients of Aite Group's Wealth Management service can download the report.