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In our last post on customer engagement, we looked at what this means in a virtual world for wealth managers. But that’s just step one. Whilst you might have been persuaded that customer engagement is the way forward, you now need to convince your FD! Getting people on your side The numbers were pretty persuasive. …
With increased competition and commoditisation in the market place, wealth managers are seeing growing levels of churn with challenging implications for profitability. A recent study of high net worth individuals by KPMG highlighted that 45% were more ready to switch providers than 5 years ago and 41% have considered splitting their portfolio. Traditionally, firms …
Last week’s post ended with this potentially worrying image showing how the pool of attractive clients has the potential to shrink in the post-RDR landscape. Whilst research shows that 4/5 High Net Worth (HNW) individuals are willing to pay for financial advice, many of them say that they prefer a ‘pay as you go’ approach, …
No-one with even a passing interest in the wealth management industry will be unaware that the Retail Distribution Review (RDR) is looming and whilst there are many opportunities to be seized, no-one should underestimate the seismic changes that are about to hit financial advice. Certainly, once the new year revelry is over there might be …
Last time, I talked about why financial services is really just as much about information – about communication – as it is about numbers and complex fund predictions. And then I touched on why the growth in the volume of information, which continues to be boosted by web publishing, presents some key challenges for financial …