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How do UHNW and HNW clients choose wealth management brands to work with? How do wealthy investors choose a private bank? This year's first Futurewealth report explores how wealthy individuals research and select the financial firms they work with.
Citation preview
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©2014 S
FORE One ofservicecomm For bubecominto th Back ivaluabindivid Since tconverlives o In this responhave leimprov Over thFuturethey finwe wilrelation We areWealth We howho ha SebasManagScorpi
Scorpio Partner
EWORD –
f the most poes. Technolounicate their
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n 2009, we lble customerduals were w
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he coming mewealthy withnd a providel explore thenship develo
e deeply grath Manageme
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tian Dovey ging Partner io Partnershi
rship. All rights
SCORPIO
owerful movogical and digr experiences
ross all sectoative. Succesposition.
aunched ther group: the w
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reserved | 1
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©2014 S
FORE At NPGhelp w What mspeak to achdoing tassura It is in part ofwealthjourneyinsight One ofadvisohave son the their vi We homatterinsuran Marc SChief ENPG W
Scorpio Partner
EWORD –
G, we providwealth manag
makes us undirectly to cieve a high lethis is our be
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this spirit thaf this initiativhy. We not ony, but we alsts, we will be
f the main thor selection pstrong corpo ethos of inteision.
ope that as prs to their clience will be d
Stevens Executive OfWealth Mana
rship. All rights
NPG WEA
de wealth magers and priv
nique is that wustomers abevel of custoelief amplifyi
at we became because itnly want to kso want to une better serve
hemes revealprocess. It hirate values aegrity, respe
art of this prents. We gen
decided by th
fficer agement
reserved | 2
ALTH MAN
anagement svate investors
we do not jubout their peromer orientatng the custo
me a partner t is focused oknow what thnderstand wed to enhanc
led in this paghlights that
as well as effect and produ
roject, other nuinely believhe customer.
NAGEMEN
solutions thros to achieve
ust partner wrsonal prefertion at every
omer voice c
in this year’son understanhey think abo
what they trulyce and strea
aper is the imt clients wanfective wealtuct excellenc
organisationve that the fu.
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ough life assulasting succ
ith a numberrences and f
y step of our an create a r
s Futurewealnding the evoout their weay value from
amline their e
mportance ofnt to engage th solutions. ce, we believ
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urance. Our cess.
r of intermedinancial requvalue chain. refreshing ap
lth project. Wolving needsalth managem their adviso
experiences.
f a firm’s repwith wealth Having founve we are we
o learn morealth and the f
principle go
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We are prouds of the worldment customors. Through
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©2014 S
FORE SEI is world. relevanenhanc This isyear’s toucheengag In this wealthmanagsome cjourneyevery s The reand obensure Many oorganitechnoexperie Alfred ChairmSEI
Scorpio Partner
EWORD –
a leading gloWith them, w
nt but also ece the custo
s now our fiftsurvey focus
es on pertineing with thei
first paper, wh managemegers are delivclient segmey. The challesingle client,
port also higbjectives. The that custom
of these themsations who
ology, and paence.
P. West, Jr. man and Chie
rship. All rights
SEI
obal providerwe share a m
efficient and eomer experie
h year sponsses on the th
ent questionsr wealth man
we gain uniqnt advice. It vering a goodents expect aenge for wea in spite of th
ghlights that is demonstra
mer experien
mes resonatare looking
articularly its
ef Executive
reserved | 3
r of solutionsmutual commexciting for cnce.
soring the Fuheme so closs for wealth mnagers and w
que insight inis encouragid experiencea comprehenalth managerhese differen
clients tend ates the neece delivery is
e with the dito improve t
s ability to ha
Officer,
s to wealth mmitment to pclients. We a
uturewealth pse to our heamanagemenwhat makes
nto the psyching to learn te in the areasnsive servicers is to delivences.
to search fod to collect as maintained
scussions wthe overall exandle custom
managers anrovide servic
are committe
project and warts - the cliet firms everythem truly va
he of the Futthat, on the ws that really
e at every siner a consiste
or advice wheand managed as client re
we have with xperiences o
mer insight, is
d private bances and toolsd to develop
we are delighent experiencywhere: how alue their adv
urewealthy awhole, clientmatter. But w
ngle step of tnt customer
en formulatin meaningful quirements e
wealth manaof their clientss the basis fo
nks around ts that are noping new way
hted that thisce. This researe clients visor.
as they searcts feel their wwe also find the customeexperience
ng personal gclient data tevolve.
agement s. We believor delivering
the ot only ys to
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that r to
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ve that that
©2014 S
INTRO This yecomingduring Our foFutureout traonce trecom So, witwhy thfactors These know twealth Intens The Funumeradviceindepe Time A quarwith a Changrelationprovidor prom The v To reawhich followe But it iprospejust a 2
Scorpio Partner
ODUCTION
ear’s Futurewg months, w their relation
ur papers wiewealthy to aansactions whe honeymomend their a
thout furtherhe world’s ms that are mo
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value of va
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s the wealthective partne20% differen
rship. All rights
N
wealth serieswe will be ask
nship with an
ill map phasea particular wwith a firm. Ouoon period isadvisor to frie
r ado – we wost affluent iost importan
based on thFuturewealthan average w
igators
y are still deris for introduc
or family befoet research.
rsonal
ealthiest Futuncial provider
al circumstanng this globaying a home,
lues
hese global alue and valuct and servic
hiest of the Fers. They wantial between
reserved | 4
s is all about king the worln advisor.
es of this cuswealth managur third pape over. And fiends and fam
welcome you individuals st to them wh
he views of ahy because, worth of US$
ving a finite ction and invore making aThe remaind
urewealthy for.
nces are alsoal group. On
while the sa
go-getters, tues. A firm’sce fees with a
uturewealthynt a providern the firm’s re
the wealth md’s money m
stomer journger. Then, weer will questionally, we examily.
to our first pearch for rel
hen choosing
a group of 3,0as a group,
$2.9 million. T
formula for fvestigation. Aa selection wder use a var
ound their cu
o a significanaverage, 20%
ame proporti
the world’s ms reputation ha score of 64
y who are ser who can imeputation an
managementmakers to ex
ney. Firstly, we ask what con how to keamine wheth
paper. Here wationships wg firms.
025 individuthey are leadThis is what
finding a weaApproximatehile almost ariety of sourc
urrent money
t driver for s% of the Futon looked fo
money manahas an impor4%.
etting the barmpress acrosnd its social m
t client expeplain what th
we consider wcounts when eep the relather the Future
we have uncwith wealth m
als from acroding the spriwe have fou
alth managely 24% of th
a fifth conducces – both on
y manager a
tarting wealturewealthy s
or a firm durin
agers must prtance score
r even higherss the board;media activit
erience. Overhey really va
what attract they are carionship spar
rewealthy wo
covered how managers. An
oss the globint up the glo
und:
r. They purshem seek outct their own n and offline
after heartbre
th managemsought out ang a career c
present a culte of 74%, clo
r for their ; in fact, therty.
r the lue
s the rrying rk alive ould
and nd, the
e. We obal
ue t the
.
eak
ent a change
ture osely
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©2014 S
Thon
In b
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ONE’SECO There and m For thesometknow h The scpath to Of coueasy toneeds With thgreat cevery p In this Futurecatch t
ewealth Repoest for a valued
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he grnes y
rief
ve years agoorld’s wealthdividual achi
his year, we sealth manageok-out for pr
roadly, the Fuend of valueshey are lookin
S FIRST LOND LOVE
is no bluepriutual attract
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cenario may o finding a p
urse, the woro woo. In theare unique a
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first paper, wewealthy go atheir eye.
ort: relationship
rship. All rights
reateyou n
o, we began ohiest individuevements to
spoke to 3,02ement experroviders who
uturewealthys and value. ng for more o
LOVE IS ALE
int for the peion. Courtsh
s these feelinrong. The reened. What t
sound like therfect wealth
rld’s wealthiee five years tand their sta
over the comwith these gloeir relationshi
we will consabout finding
reserved | 5
est reneve
our Futureweals. In this tim
o investment
25 of the gloriences. Theio can enhanc
y are attracteAmongst theof an all-roun
LWAYS PE
erfect relationip ensues, fo
gs last for yesult: disappothey do know
he tribulationh manager. T
est individuahat we havendards are h
ming monthsobal go-gettip with a wea
ider the explg a wealth m
elatioer exp
ealth projectme, we haveapproaches
obal elite to uir responses ce their lives,
ed to wealth em, it is the nder, who ca
ERFECT U
nship. Often,ollowed by in
ears – perhaointment, huw, is that the
n of romanticThe feelings
ls – the Futue been trackinhigh. This ma
we will be thers. In this yalth manage
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nshippecte
t to examine e asked thems; their deepe
understand hindicate tha
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managers wwealthiest than excite the
NTIL ONE
, it starts witnfatuation, ex
ps entire liveurt – even betey will think a
c love, but itinvolved are
urewealthy, ang their livesakes them ve
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ps ared to
the hearts am about everyest desires to
how they reat they are stiheir wealth.
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MEETS O
h just a lookxcitement an
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as we know ts, we have leery hard to im
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and minds ofrything from o digital dea
ally feel abouill very much
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emainder, nger. They marefully in the
bes the emotsimilar.
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exactly how takes for a f
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t their h on the
rate a press.
trigue ment.
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©2014 S
STRA When monogminds On avelifestylpertine But maamass This islargestwith an Movingwith ov
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ave three or ter all, the olthose at the t
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hat the Futucourt these
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It woulgiven tdiffereexpect We counanim For inssluggisthe yea
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at surprising assessmentn the proportoney over th
d that their pamong the w
rica’s elite ha2013. In Euroe expectatio
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reserved | 7
if the Future. Each year wtion of them e next 12 mo
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HAPPWHO For moamongpossib Many oon an This isFutureprovid Aroundslighteexperiestart th
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HAVING ANEVER AS
e deepest dewealthy, dreaeir disposal t
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reserved | 8
A DREAM YSK YOU TO
esires of our ams are as tato build them
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leading the sthey have ex
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reserved | 9
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A MEIF TH So, likethe hu“perfec When love abinquisi Often, seek osystemcredenor fam The reresearc The we11% o The Fudeepemany p Most ielite tyless th ClearlyInstead
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EETING OFERE IS A R
e highly charnt for fresh pct collision”
we asked thbove all othetive, investig
these worldopinion from m as a guide.nce for their
mily [Figure 5]
mainder usech to referra
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rged particlepartners for cthat can enh
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e a variety of als and from a
he lot are theth over US$4
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reserved | 10
NALITIES ISN, BOTH A
es careeningcollaborationhance their liv
he mechanicsthe process
xhaustive in t
lth creators own solar
of them seek alking to frien
sources to ma relationshi
e most intrep4 million foun
ploratory in tpossibilities on average, t
discovery arelth managersigh up two fi
e not yet derht relationshi
S LIKE THAARE TRANS
through then. Their behaves and driv
s of finding ts is not a castheir mission
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make their ap manager o
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2014: On aveder managesth. This risesfalls to 45.5%
EMICAL SUD
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decision making
u consider working
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g universe of th
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made your selectio
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er at the firm: 12%
, accountant): 11%
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thy
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average, their main This rise
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wealth provider maes to 60.4% in the A
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anages half of their Americas and falls to
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total investable weo 45.5% in Asia Pac
ealth. cific.
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IN TH The stomanag Back iFuturehighlig The glocustommanag Considactuallvalue. Reputafolloweprized So mua firm Traditinot berounderelevan It all shthey pconsis
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HE END, TH
ory so far is ger. How the
n 2011 we dewealthy to teghted both st
obal contextmer experiengement journ
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ation – the fued by producrelationship
uch so, that ran average i
onal marketie disregardeder. They givent to them th
hows that thart with their
stently across
ort: relationship
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HE LOVE Y
that the woren, can firms
devised a repell us about ttrengths and
t has changence. This timeney to gain g
he pre-purchwe find that th
undamental cct and servic.
respondents mportance s
ing tools – bod entirely. In e social medihan reputatio
e Futurewear hard-earneds the board.
reserved | 12
YOU TAKE
rld’s Futurewimpress the
plica of the wtheir experie
d weaknesse
ed dramaticae, we have trreater insigh
hase phase ohe world’s m
character of ce fees. To th
with an averscore of 83%
oth on and ofact, our moia an importa
on.
althy are startd cash, they
E IS EQUA
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TION
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