FUTUREWEALTH 2014 – THE QUEST FOR A VALUED RELATIONSHIP

Report: How & why HNWs choose wealth advisors - Futurewealth 2014

Report summary

Our 2014 Futurewealth research is all about the wealth management client experience. We asked the world’s moneymakers to explain what they really value during a wealth management relationship with a financial advisor. Over four research reports we’ll share the results, mapping each phase of the HNW customer journey. In this first paper, we consider what attracts HNWs to a particular wealth manager? How and why do wealthy individuals search for a wealth advisor and what are the most important factors when choosing a wealth management firm to work with?

What you need to know in brief:

  • Around 1 in 4 HNWs seek out the advice of friends or family before selecting a wealth manager, but many others conduct their own independent market research.
  • HNWs use a variety of on and offline sources to carry out this wealth management market research.
  • A quarter of the wealthiest Futurewealthy found their current money manager after a relationship with a former financial provider broke down.
  • Changing personal circumstances are a significant driver for starting a wealth management relationship.

HNWs look for a culture, which combines value and values. A wealth manager’s reputation is crucially important, closely followed by product and service fees.

Futurewealth 2014

During 2014, our ongoing Futurewealth wealth management research will explore the Futurewealthy as customers. What do they expect from their wealth management relationships, what prompts them to seek advice from wealth managers or private banks and how do they rate the service they receive? The results will be issued in four separate research reports, all available for download.

Audience

Wealth management firms, private banks, independent wealth advisors, family offices.

Research process

This is the fifth year of our Futurewealth research series. The report findings are based on the views of 3,025 HNW individuals from around the world with an average worth of USD2.9 million. We refer to them as the Futurewealthy because they are at the front of a global charge up the wealth curve.

Futurewealth is a global customer insight programme that examines wealth management trends and the thoughts, needs and aspirations of HNW investors. In 2009, when many in the industry didn’t believe that it was possible to survey wealthy clients in statistically valid numbers, Scorpio Partnership began this attitudinal research programme. Today, over 15,000 HNWs have taken part and their input has created a database of over 5 million segmentable data points.

Genre

HNW research, customer experience benchmarking

Publisher

Scorpio Partnership, SEI (NASDAQ: SEIC), NPG Wealth Management