Insight Report: Product Innovation in Wealth Management

Product innovation is increasingly becoming the key to gain market share, as web-based wealth management platforms disrupt the business structures of the traditional wealth management market. Key innovative offerings in wealth management include DIY platforms, social media platforms, lifestyle, innovation platforms and targeted innovative platforms. Web-based companies have increasingly penetrated the core HNWI market.

Scope

The report covers the following areas:

• A global snapshot of the HNWI Market

• Market trends in the online wealth management market

• Drivers of, and barriers to, innovation in wealth management

• Attitudes of wealth managers and private bankers to online investment platforms

• Web-based wealth management innovations and case studies

Key Highlights

• The global HNWI landscape is currently dominated by older HNWIs over the age of 45 years, which account for around 85% of the population. Younger HNWIs aged below 45 form a minority, with around just 14% of the population.

• Technological advancements and high internet penetration among young HNWIs are driving innovation in wealth management.

• Fast DIY service is a key strength of online investment platforms, with a lack of personal service being their key weakness. Lower technical know-how among HNWIs aged over 45 is the largest barrier for online investment platforms.

• Web-based companies have been able to penetrate into the market of core HNWIs, which comprises lower- and mid-tier millionaires.

Reasons to buy

• Make robust business decisions and build better business strategies, using the latest information on product innovation in wealth management.

• Understand the drivers of, and barriers to, innovation in wealth management, and their implications on the wealth management sector.

• Be informed about key market trends in the online wealth management market, and address each trend accordingly.

• Understand the attitudes of wealth managers and private bankers to online investment platforms, and develop the best strategies to meet clients’ needs.

Companies mentioned

Finnvera Plc

Facebook

Twitter

Citi Group

Sun Trust

ING Direct

HSBC

Barclays Bank,

Lloyds Banking Group

JP Morgan Asset Management

PWC

Deloitte

EY

Oracle Capital UK

Bestinvest

Charles Stanley Direct

TD Direct Investing

Alliance Trust

Credit Suisse

Alibaba

SigFig

StockTwits

Brave New World

TEB Bank

Nutmeg

Table of Contents

1 Introduction

1.1 What is this report about?

1.2 Definitions and Scope

2 Executive Summary

3 Global Snapshot of the HNWI Market

4 Market Trends of the Online Wealth Management Market

5 Drivers and Barriers of Innovation in Wealth Management

5.1 Key Drivers

5.1.1 Changing demographic landscape

5.1.2 Shift in consumer behavior

5.1.3 Technological advancements

5.1.4 Rising operating costs

5.2 Key Barriers

6 Attitudes of Wealth Managers and Private bankers to Online Investment Platforms

6.1 Overview of Current Online Investment Platforms

6.2 The Future Outlook for Online Investment Platforms

7 Web-Based Wealth Management Innovations and Case Studies

7.1 Innovative Consumer-Centric Online Platforms

7.1.1 DIY platforms

7.1.2 Customer engagement through social media platforms

7.1.3 Online lifestyle web portals

7.1.4 Targeted innovative platforms

8 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions

Table 2: Global HNWI Volumes and Wealth Accumulation by Wealth Band, 2014

Table 3: Selected Types of Online Wealth Management Tools

Table 4: Proportions of Immigrant HNWIs in Major Markets, 2013

Table 5: Key Challenges for Online Wealth Management by Wealth Band

Table 6: Key Challenges for Online Wealth Management by Age Group

Table 7: Nutmeg Performance – 12 Months, September 2013

List of Figures

Figure 1: Global HNWI Population, 2008–2018

Figure 2: Global HNWI Population by Region, 2008–2018

Figure 3: Global HNWI Wealth, 2008–2018

Figure 4: Global HNWI Wealth Accumulation by Region, 2008–2018

Figure 5: Regional HNWI Populations by Age Group, 2013

Figure 6: Regional HNWI Populations by Gender, 2013

Figure 7: Global HNWI Asset Allocation, 2008–2018

Figure 8: Adoption of Online Platforms and Tools by Wealth Band

Figure 9: Global HNWI Wealth by Age Group (US$ Trillion), 2013

Figure 10: Growth in Female HNWI Population Shares, 2008–2013

Figure 11: Wealth Platform Trends, 2014

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