Wealth management services for financial intermediaries 2008

STANDARD DESCRIPTION:

Introduction

Fierce competition, combined with relatively low penetration of private banks and wealth managers among affluent clients, sees these providers exploiting new opportunities to expand their customer bases by working through intermediaries. This brief assesses the wealth management proposition for financial intermediaries.

Scope

• Assesses the strategic importance of intermediaries to wealth managers' client acquisition strategies;
• Identifies critical services and support to provide for intermediaries;
• Examines approaches to the structuring and delivery of wealth services for financial intermediaries.

Highlights

European wealth managers intend to step up efforts to address the needs of financial advisors. Just short of 60% of these providers agreed somewhat or strongly agreed that their peers will increasingly develop services to manage advisors as part of their client base. Wealth managers in Switzerland were most inclined to pursue these initiatives.

Merely committing staff to the marketing and servicing of the intermediary segment will be insufficient to building an attractive intermediary proposition. Client advisors must be specialists in their own right, demonstrating strong commercial acumen and business planning skills.

Wealth managers also face the challenge of delivering added-value to a client base that comprises sophisticated investors.

Reasons to Purchase

• Understand how your competitors are targeting intermediaries and positioning their services;
• Identify the key components that should be included in your intermediary offering;
• Compare strategies for managing the intermediary relationship..

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