Customer Acquisition and Retention in European Wealth Management 2006

[Amy Cole]

I enclose details of our latest report on Customer Acquisition and Retention in European Wealth Management.   
   
Customer acquisition and retention in European wealth management 2006 is a key report providing an overview of best practice across Europe, while providing data relating to the five major European markets.   
   
Scope of this title:   
-Presents the results of a proprietary Wealth Management Market Leaders Survey ,providing the opinions of a wide range of wealth managers   
-Includes examples of best practice from major wealth managers from interviews with industry leaders   
   
Highlights of this title:   
Client entertainment can be a powerful tool for client acquisition and retention. Arranging "buddy" events that encourage non-clients to be introduced to the private bank through existing clients can work to strengthen existing relationships while laying the groundwork for future relationships.   
   
Client bases can be significantly expanded through the development of niche products and services to appeal to a segment of the market with specific needs. Currently, successful wealth managers are targeting expatriates and property investors with products and services that meet their specialist needs.   
   
Reasons to order your copy:   
-Keep in touch with the strategies of major competitors and assess their success   
-Use our survey results and evaluation of the needs and views of leading wealth managers in strategic planning   
   
For a complete copy of this report click on:   
http://www.researchandmarkets.com/product/d415c9/customer_acquisition_and_retention_in   
   
Report Index:   
   
Introduction  12   
What is this report about? 13   
Who is the target reader? 13   
How to use this report 13   
   
Chapter 1   
Best practice in client acquisition and retention  14   
Introduction 14   
Internal referrals - Maximising new business opportunities from the existing group client base 14   
Apply shadow revenues to the referring division 14   
Organize potential referral units under a single profit and loss and senior management structure 15   
Client entertainment as both customer acquisition and retention tool 16   
Arrange client events with a purpose - with opportunities to cross sell 16   
Provide a unique experience for clients 16   
"Buddy" events serve as both client retention and acquisition tool 17   
Succession planning - maintaining client relationships beyond the loss of relationship managers 18   
Get in front of clients as soon as possible 18   
Using existing clients to get new clients 18   
Arrange educational events for the children 19   
Attracting through niche products and services 19   
Expatriate services capture wealthy clients 19   
Give guidance on property investment 20   
Unlock illiquid wealth 21   
   
Chapter 2   
Client acquisition and retention across europe 22   
Introduction 22   
Across Europe, revenue growth will be primarily driven by new client acqusition 22   
Existing client referral is the most effective way for European wealth managers to acquire new clients 24   
Brand, relationship and service quality are the most important influences on a client's choice of wealth manager 26   
Business owners and managers is the client segment with the greatest potential in Europe  27   
Poor investment performance and a poor personal relationship jeopardize client retention 29   
   
Chapter 3   
Client relationships 31   
Introduction 31   
Clients are generally demanding significantly more contact with their wealth manager 31   
Moving between wealth managers has become more common in Europe 33   
Client loyalty to their wealth manager varies greatly between European markets 35   
Many wealth managers control only a portion of their clients' portfolio 36   
Generally clients are not more likely to seek to manage their own investments compared with two years ago 38   
   
Chapter 4   
Product and service trends 40   
Introduction 40   
Clients in Europe are generally seeking to protect their assets while optimizing returns  40   
Across Europe, tax planning and investments are the main areas of potential 41   
Wealth managers are planning to focus their business on alternative and traditional investments 43   
   
Chapter 5   
Appendix 46   
Supplementary data 46   
Research methodology 59   
Survey methodology 59   
Product rating methodology 59   
Further Reading 59   
   
List of Tables   
Table 1: What nationality is the respondent? 46   
Table 2: What will most determine revenue growth in your market in the next two years? 47   
Table 3: In your experience, what are the most effective customer acquisition techniques in your market? 47   
Table 4: In your experience, what are the key influences that determine a client's choice of wealth management service? 48   
Table 5: What client types offer the greatest potential in the next five years? 48   
Table 6: In your experience, what are the most likely reasons for clients to leave a wealth manager? 49   
Table 7: Europe: How far do you agree with the following statements? 50   
Table 8: France: How far do you agree with the following statements? 51   
Table 9: Germany: How far do you agree with the following statements? 52   
Table 10: Italy: How far do you agree with the following statements? 53   
Table 11: Spain: How far do you agree with the following statements? 54   
Table 12: UK: How far do you agree with the following statements? 55   
Table 13: How long has your client base, on average, been with you? 55   
Table 14: Approximately what share of your clients' wallet do you think you have on average? 56   
Table 15: What are your clients most interested in today? 56   
Table 16: Please rate the following product areas in terms of their business potential among wealthy clients in your market during the next two years 57   
Table 17: Please rate the following product areas in terms of their business potential among wealthy clients in your market during the next two years 58   
Table 18: Of the following product areas, which three will your company be focusing most resources on in the next two years?    
List of Figures   
Figure 1: Wealth managers from ten European markets participated in the Wealth Management Market Leaders Survey 2005 12   
Figure 2: In most of Europe, client acquisition is expected to be the main driver of revenue growth in the next two years 23   
Figure 3: Referral from existing clients is by far the most effective customer acquisition technique in Europe 24   
Figure 4: Qualitative factors are considered to be most important in a client's choice of wealth management service 27   
Figure 5: The majority of European wealth managers surveyed said that business owners or managers offered great potential as clients 28   
Figure 6: Across Europe wealth managers felt that issues related to poor relationship management led to loss of clients 30   
Figure 7: Client contact demands have increased over the past two years 32   
Figure 8: Clients in many European countries are demanding greater knowledge of their portfolio 33   
Figure 9: Changing wealth managers is an ongoing trend in Europe 34   
Figure 10: Spanish wealth managers believe that clients are not increasingly likely to change their wealth manager 35   
Figure 11: Spanish clients are considered to be far more loyal than those in the rest of Europe 36   
Figure 12: The share of wallet controlled by wealth managers varied widely across Europe 37   
Figure 13: In Europe clients are slightly less likely to manage their own investments now compared with two years ago, however opinion varies dramatically between Germany and the UK 39   
Figure 14: Protection of the asset base is a top three client priority according to all five major European markets surveyed 41   
Figure 15: Tax planning and advice was the highest rated product area in terms of potential 42   
Figure 16: Investments will be the main focus of many wealth managers in the near future 44   
   
   
Pricing:   
Electronic : EUR 1814   
Site Licence : EUR 1995   
Enterprisewide : EUR 3627   
   
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1] Order online at http://www.researchandmarkets.com/product/d415c9/customer_acquisition_and_retention_in   
   
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3] Order by mail: Print an Order form from http://www.researchandmarkets.com/product/d415c9/customer_acquisition_and_retention_in and post to Research and Markets Ltd. Guinness Center, Taylors Lane, Dublin 8. Ireland.   
   
Thank you for your consideration.   
Best Regards,   
   
Amy Cole   
Senior Manager   
Research and Markets Ltd   
amy.cole na researchandmarkets.com   
   
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