Insight Report: Innovative Client Segmentation in Wealth Management

Increased competition, together with the rise of DIY investment platforms, have encouraged wealth management firms to adopt new segmentation strategies to target customers.

The new segmentation strategies emerged to accommodate the complex needs of private individual clients by targeting them according to their interests, needs, behaviour and attitudes to investments, instead of by demographic trends. This method allows wealth management firms to focus on customers’ specific needs and provide customized products and services. It also allows firms to increase their profit margins by providing the right products and services.

Wealth management firms are also increasingly adopting technological advances to cater to the needs of modern customers and young HNWIs.

Scope

GlobalData's 'Insight Report: Innovative Client Segmentation in Wealth Management' covers the following areas:

• An overview of the global wealth management market

• Innovation in wealth management practice

• Analysis of brand loyalty

• The future of innovation in wealth management

The report is based on a unique analysis of WealthInsight’s proprietary HNWI database comprising more than 100,000 individuals, and focuses on four regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa.

Key Highlights

• New Segmentation strategies are being adopted by wealth management firms to provide niche products and services to customers.

Reasons to buy

Make informed business decisions and build better business strategies using the latest information on the development of new segmentation strategies in wealth management.

Companies mentioned

Wells Fargo

Barclays Wealth Management

HSBC

ICICI Bank

Bank of America

Merrill Lynch

UBS

BNP Paribas

HoyleCohen

Zinn-Ray

Svatora Group

Morgan Stanley Wealth Management

Smith Barney

Citi Private Bank

BNY Mellon

Fidelity Investments

Charles Schwab

TD Ameritrade

Hargreaves Lansdown

Charles Schwab

Berenberg Bank

Credit Suisse Wealth Management

Deutsche Bank Private Wealth Management

Qatar Islamic Bank

Standard Chartered Saadiq

Bank Sarasin-Slpen

Malayan Banking Bhd (Maybank)

Dubai Islamic Bank

ManuLife

Franklin Templeton

Schroders

Royal Bank of Scotland

Altamount Capital Management

Itaú Private Bank

The Oracle Capital Group

Thomson Reuters Wealth Management

McGladrey Wealth Management

BestInvest

Rizal Commercial Banking Corporation (RCBC, Philippines)

State Street

ANZ Bank

Ameriprise

SigFig

Wagener-Lee Wealth Advisors

Sun Group Wealth Partners

Table of Contents

1 Introduction

1.1 What is this Report About?

1.2 Definitions and Scope

2 Executive Summary

3 An Overview of the Global Wealth Management Market

3.1 A Snapshot of the Wealth Management Sector

4 Innovation in Wealth Management Practice

4.1 Segmentation Strategies by Demographic Trends

4.1.1 Key Trends and Market Developments

4.1.2 Key strategies to capture HNWIS by age, gender, and occupation

4.2 Source of Wealth and Cumulative Wealth Affect on Portfolio Decision Making

4.2.1 Key trends and market developments

4.2.2 Key strategies to capture HNWIS by source of wealth and wealth band

4.3 Nationality, Religion and Ethnic Attitude towards Innovation and Investments

4.3.1 Key Trends and Market Developments

4.3.2 Key Strategies to Capture HNWIs by Nationality, Religion and Ethnic Attitude

4.4 Consumer Attitude towards Non-financial and Financial Products and Services

4.4.1 Attitude towards non-financial interests

4.4.2 Attitude towards investments in capital markets and equities

4.4.3 Attitude towards alternative investments

5 Brand Loyalty

5.1 Pricing Strategy

5.1.1 Transparency and Pricing Strategy

5.2 Technological Advancement and Customer Experience

6 The Future of Innovation in Wealth Management

7 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions

Table 2: Wealth Management – Current Dynamics and Future Outlook, 2014

Table 3: Key Trends and Outlook

Table 4: Wealth Management Needs of Female HNWIs

Table 5: Snapshot of Segmentation and Targeting Strategies

Table 6: HNWI Analysis by Wealth Band (%), 2013

Table 7: Product Offerings – Family Offices, 2014

Table 8: Wealth Management Workshops and Conferences by Companies, 2014

Table 9: Wealth Management DIY Investment Facilities, 2014

Table 10: Wealth Management Services for Entrepreneurs, 2014

Table 11: Top 10 Markets for Immigrant Entrepreneurs (%), 2014

Table 12: Select list of Islamic Bank

Table 13: Top 10 Cities for Wealth Management (Thousand), 2013

Table 14: Philanthropic Wealth Management Services in Developed Economies, 2014

Table 15: Philanthropic Wealth Management Services in Emerging Economies, 2014

Table 16: Wealth Management Companies’ Philanthropic Initiatives

Table 17: Investment Footprint in Asset Classes Among the Young and the Old HNWIs in the US (%), 2014

Table 18: Problems Associated with Complex Investment Products, 2014

Table 19: Global Collectibles Market Representation (Volume), 2008–2012

Table 20: Wealth Management Services on Art-related Investments, 2014

Table 21: Classic Cars Funds Offered By Wealth Management Companies, 2014

Table 22: Wine Funds from Wealth Management Companies, 2014

Table 23: Emerging Pricing Strategies in Wealth Management

Table 24: Cloud Computing in Wealth Management

Table 25: Wealth Management Companies’ Usage of Cloud Technology

Table 26: Wealth Management Companies Signing Up With Technology Vendors

Table 27: Use of Analytics by Wealth Management Companies

Table 28: Wealth Management Companies Providing Online Services

Table 29: Wealth Management Companies’ Social Media Activities

Table 30: Wealth Management Companies’ Usage of Security Solution

Table 31: Wealth Managers Future Strategies

Table 32: Wealth Management Sector Transformation

List of Figures

Figure 1: Global HNWI Population (Millions), 2008 and 2013

Figure 2: Global HNWI Wealth (US$ Trillion), 2008 and 2013

Figure 3: HNWI Population in Key Markets (Millions), 2013

Figure 4: HNWI Asset Allocation (%), 2008 and 2013

Figure 5: Global Wealth Management Industry Behavioral Mapping, 2013

Figure 6: Regional Representation of HNWI Population by Age Group (%), 2013

Figure 7: Global Wealth of HNWIs by Age Group (US$ Trillion), 2013

Figure 8: Female HNWI Population Share (%), 2008 and 2013

Figure 9: HNWIs by Industry (%), 2014

Figure 10: HNWI Representation by Source of Wealth (%), 2013

Figure 11: Global HNWI Investment in Equity (%), 2008–2018

Figure 12: Comparison between Asset Allocation of LGBT HNWIs and Other HNWIs, 2013

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