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WEALTHY AND AFFLUENT SELF-DIRECTED INVESTORS
SURVEY DATA - STRATEGIES - COMPETITOR ANALYSIS
DECEMBER 2017
ONAWA LACEWELLSENIOR ANALYST
HOW WEALTH MANAGERS CAN WIN THEM BACK
REPORT EXTRACT
Original report with 50 pages
Plus comprehensive data appendix
SELF-DIRECTED INVESTORS | 2
CONTENT
10 EXECUTIVE SUMMARY 5
20 THE STATE OF THE SELF-DIRECTED MARKET 2017 AND BEYOND 7
21 METHODOLOGY 7
22 ESTIMATING OVERALL MARKET DEVELOPMENT IN SELF-DIRECTED INVESTING 8
23 THE CONSERVATIVE BASELINE SCENARIO 10
24 THE BULL MARKET SCENARIO 11
25 THE MARKET VOLATILITY SCENARIO 12
26 THE BEAR MARKET SCENARIO 13
27 ANTICIPATING THE HNW SDI MARKET FROM 2017 TO 2021 14
30 A CLOSER LOOK AT THE SELF-DIRECTED INVESTOR TRAITS MOTIVATIONS AND INVESTING BEHAVIOR 16
31 WHO IS THE SELF-DIRECTED NVESTOR 16
33 MOTIVATIONAL PROFILING WHY DO HNWIS CHOOSE SELF-DIRECTED INVESTING 22
40 DIGITAL PRODUCTS TOOLS AND MARKETING WHAT ONLINE BROKERS CAN TEACH WEALTH MANAGERS ABOUT SDIS 27
41 PRODUCTS AND SERVICES WHICH DIGITAL TOOLS BEST SERVE SELF-DIRECTED INVESTORS 27
42 BEST PRACTICES SERVICES TOOLS AND PLATFORMS TO RECRUIT AND RETAIN WEALTHY SELF-DIRECTED INVESTORS 29
SELF-DIRECTED INVESTORS | 3
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR 32
51 [REDACTED] AN ESTABLISHED ONLINE BROKER MOVING INTO MANAGED SERVICES 33
52 [REDACTED] A TRADITIONAL DISCOUNT BROKER TAKES AIM AT THE WEALTH MANAGEMENT SPACE 35
53 [REDACTED] CONTINUING TO BUILD ON ONE OF THE BEST BROKERAGE SERVICES IN EUROPE FOR HNWIS 37
55 [REDACTED] OFFERING DIFFERENT LEVELS OF ADVISORY SERVICES TO APPEAL TO HNW SDIS 41
56 [REDACTED] EMBRACING THE SELF-DIRECTED INVESTOR WITH OPEN ARMS 43
57 [REDACTED] UNDERSTANDING THAT HNW SDIS ULTIMATELY WANT TO CONTROL THEIR OWN INVESTMENTS 45
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS 47
AUTHORS 49
DISCLAIMER 50
SELF-DIRECTED INVESTORS | 4
TABLE OF CHARTS
Market growth predictions for conservative baseline scenario 8
Market growth predictions for bull market scenario 8
Market growth predictions for market volatility scenario 9
Market growth predictions for bear market scenario 9
The conservative baseline scenario 10
The bull market scenario 11
The market volatility scenario 12
The bear market scenario 13
Typical SDI assets and allocation 17
Change in mandate type from 2014 to 2017 19
Regional distribution of SDIs 19
Age of SDIs 20
Household income of SDIs 20
Gender distribution of SDIs 20
Percent AuM managed with SDI 21
Total investable assets of SDIs 21
Resources used by SDIs 22
Genderrsquos role in self-directed investing 23
Reasons for choosing SDI in Switzerland Germany the USA UK and France 25
The importance of mobile trading for SDIs 27
Must have functionalities for SDI investors 28
[Redacted]rsquos Young Trader account 29
[Redacted]rsquos Christmas special promotes trading and exclusivity 31
Brokers and banks both target HNW SDIs 32
[Redacted]rsquos managed solutions target wealth clients 33
[Redacted] provides a range of services differentiated by different minimum investment amounts 35
The [redacted] market analysis online platform features price quotes and relevant news 37
[Redacted] provides various VIP offers for HNW SDIs 39
[Redacted] upsells advising services to self-directed investors 41
Some of [redacted] self-directed services target HNWI with significant minimum investment levels 43
[Redacted] offers explicitly differentiated services for all types of HNWIs 45
SELF-DIRECTED INVESTORS | 5
SUMMARY
The growth of the self-directed investor (SDI) segment to a third of the global wealth management market along with the move away from the advisory or discretionary mandate reflects a crucial change in the financial services landscape While wealth management previously focused on the client-advisor relationship wealth managers banks and brokers are now expected to provide investors with the means to participate in or fully control their investments in the form of digital investment platforms advisory ldquoliterdquo services and other tools for the self-directed investor
UNDERSTANDING THE NEW FACE OF SELF-DIRECTED INVESTING
Using data from a recent MyPrivateBanking panel survey conducted in Autumn 2017 this report profiles the current self-directed investor and provides key insights necessary for recruiting and retaining these clients back into a traditional advisory mandate Specifically the report details three different profiles The demographic profile examines the objective traits of SDIs such as age gender household income The motivational profile helps wealth managers target their recruitment efforts by understanding the needs and preferences of the SDIs and the behavioral profile examines investing behaviors common to SDIs
THE NEW SELF-DIRECTED INVESTMENT MARKET
Given the ongoing shift from advisory mandates to self-directed investing no private bank or wealth manager can afford to ignore this segment The report elaborates on why such a ldquowait and seerdquo approach to the self-directed investing trend represents a real threat to traditional firms by identifying key trends intervening variables and key explanatory variables In total the report presents four forecasting scenarios for the growth of self-directed HNW AuM as a percentage of total wealth globally and for North America and Europe
THE NEW PLAYING FIELD OF SELF-DIRECTED INVESTING
In order to combat the threat posed by the self-directed investing trend it is important to understand not only the profiles of the investors themselves but also the providers already catering to this clientele the brokers who are threatening to win HNWI self-directed clients from traditional wealth management firms Therefore this report includes a detailed examination of four brokers who target the HNW SDIs explicitly These are typical cases of discount brokers using aggressive growth strategies to competing head-on with banks and wealth managers Additionally this report includes an examination of three banks who offer private bankingwealth management services and who have developed products and services that explicitly target HNW SDIs
The lesson from these three case studies shows how established institutions who are specifically developing SDI-focused services are trying to keep up with the competition from brokerage firms
THE WAY FORWARD
Wealth managers and private banks have real opportunities and tools to recruit HNW investors into their ranks Doing so however requires a detailed understanding of both the self-directed investor segment and the products and services offered by competitors in the market The report offers a detailed overview of the products services and digital functionalities needed to please self-directed clients and lays-out ten key recommendations for wealth managers to recruit and retain self-directed investors
10 SUMMARY
To order the full report please click here
SELF-DIRECTED INVESTORS | 6
REPORT EXTRACT
As the self-directed investing model continues to gain popularity across client segments it is important to placethis growth in the context of the HNW market more broadly The following analysis is devoted to exploring the current landscape of the HNW self-directed market in general and also to developing clear predictions about how this style of investing will continue to evolve in the mid-term Such a forecasting exercise helps identify key explanatory variables and possible intervening variables that have influenced and will continue to influence the relationship between HNWIs self-directed investors self-directed HNWIs and traditional wealth managers ()
(more in full report)
22 ESTIMATING OVERALL MARKET DEVELOPMENT IN SELF-DIRECTED INVESTING
The folowing four scenarios forecast the predicted HNW self-directed AuM as a percentage of total HNW AuM for North America Europe and globally through 2021
1 The Conservative Baseline Scenario
2 The Continued Bull Market Scenario
3 The Market Volatility Scenario
4 The Bear Market Scenario
These scenarios are intended to provide ldquoideal typerdquo forecasting scenarios rather than to generate accurate predictive models As such they should be used as guidelines to identify key trends intervening variables and key explanatory variables Each of the four scenarios varies in two key ways First the scenario varies in terms of the predicted HNW AuM as a percentage of total AuM based on expected market behavior Secondly the percentage of self-directed HNWIs varies according to our informed predictions about the size of this client segment Each of the four scenarios along with the expected effect on traditional wealth managers is explained below ()
(more in full report)
In this chapter we consider the self-directed investors themselves and explore several key questions about this client segment We use data collected by MyPrivateBanking during October 2017 which polled 1000 respondents across five countries (US UK France Germany and Switzerland) about their investing preferences motivations and behavior This survey included a subsample of around 250 self-identified self-directed investors with AuMs ranging from USD 200k or less to over USD 5m This analysis and a subsequent discussion of the motivational profiles of these SDIs lead us to the following main conclusions ()
(more in full report)
31 WHO IS THE SELF-DIRECTED INVESTOR
Before profiling self-directed investors we need to define clearly what we mean by this term Much of the research on self-directed investing has until now been directed at the retail sector where investors with small AuMs would engage in investing via online platforms through discount brokers These DIY investors generally failed to have the amounts of wealth necessary to meet traditional wealth management minimum investment levels (more in full report)
32 THE SELF-DIRECTED INVESTOR DEMOGRAPHIC PROFILING
In our recently conducted panel survey (October 2017) we asked respondents to tell us the primary investor mandate that they have with their bank This allows us to subset the data in order to examine the demographic and behavioral profiles of investors who see themselves as self-directed (more in full report)
33 MOTIVATIONAL PROFILING WHY DO HNWIS CHOOSE SELF-DIRECTED INVESTING
Thus far we have developed a demographic profile and examined the motivations of self-directed investors This combined with our earlier discussion about the decisionmaking traits of SDIs provides us with a detailed picture of the typical SDI However a key question remains how do the motivations demographics and typical decisionmaking traits translate into behavior (more in full report)
20 THE STATE OF THE SELF- DIRECTED MARKET 2017 AND BEYOND
30 A CLOSER LOOK AT THE SELF- DIRECTED INVESTOR TRAITS MOTIVATIONS AND INVESTING BEHAVIOR
SELF-DIRECTED INVESTORS | 7
REPORT EXTRACT
The rise in self-directed investing is made possible through the advancement of digital technology including the continued improvement of digital financial tools Self-directed investors are almost by definition digital usersmdashand knowledgeable ones at that This section looks at two types of digital tools for self-directed investors the ldquomust-havesrdquo and ldquooptional toolsrdquo ()
(more in full report)
For wealth managers online brokers represent a real threat as they have the resources understanding and technological capabilities to target the HNW self-directed investormdashand win The following chapter includes a detailed examination of four brokers who target the HNW SDI explicitly and also includes an examination of three banks who offer private bankingwealth management services and who have developed SDI products The profiles examine the digital tools and services for self-directed investors offered by each of the seven cases and highlight the outstanding features offered for wealthy self-directed investors Also provided are screenshots key facts a service summary and an overview of SDI specific functionality ()
(more in full report)
The following ten recommendations are as MyPrivateBanking sees it crucial to the success of these recruitment and retention efforts ()
(more in full report)
40 DIGITAL PRODUCTS TOOLS AND MARKETING WHAT ONLINE BROKERS CAN TEACH WEALTH MANAGERS ABOUT SDIS
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS
MOBILE APPS FOR WEALTH MANAGEMENT | 49
AUTHORS
AUTHORS
Onawa Promise Lacewell Senior Analyst has a research focus on the impact of disruptive technologies on the financial services sector as well as on consumer behavior and global regulation A particular focus in her work is the rise of automated investments services and breakthrough technologies such as augmented reality Previously she worked as a Senior Researcher for the WZB Berlin Social Science Center She holds a PhD in Political Science with specializations in comparative politics and quantitative research methods and a Bachelorrsquos degree in Political Science with a secondary focus in English
Kay Luiz Alave Junior Analyst has a research focus that includes the digital strategies and online presence of private banks and wealth management Previously she worked as a business and trade journalist in Manila Philippines and then as a research analyst for a SaaS company in Berlin She holds a Master of Science in Global Change Management from Hochschule fuer nachhaltige Entwicklung (University for Sustainable Development) in Eberswalde
Carolina Cabrera John Analyst has a research focus on the topics of Big Data solutions for disruption and optimization in the wealth management and private banking sectors Carolina holds a Lienciatura in ModernLanguages and Translation from the University of the Andes in Venezuela She previously worked as an analyst for a market research SaaS company and her specific areas of interest are the intersections of macroeconomics economic policy and sociocultural issues and theory as well as entrepreneurship in the Berlin startup boom
MOBILE APPS FOR WEALTH MANAGEMENT | 50
DISCLAIMER
DISCLAIMER
IMPORTANT NOTICE AND DISCLAIMERS
NO INVESTMENT ADVICE
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment or undertake any investment strategy It does not constitute a general or personal recommendation or take into account the particular investment objectives financial situations or needs of individual investors The price and value of securities referred to in this report will fluctuate Past performance is not a guide to future performance future returns are not guaranteed and a loss of all of the original capital invested in a security discussed in this report may occur Certain transactions including those involving futures options and other derivatives give rise to substantial risk and are not suitable for all investors
DISCLAIMERS
There are no warranties expressed or implied as to the accuracy completeness or results obtained from any information set forth in this report MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report caused in whole or in part by its negligence in compiling interpreting reporting or delivering the content in this report
COPYRIGHT
MyPrivateBanking GmbHrsquos products are the property of MyPrivateBanking GmbH Switzerland and are protected by Swiss and international copyright law and other intellectual property laws Customers are prohibited to copy forward or store MyPrivateBanking products outside of the legal entity that has made the purchase
MyPrivateBanking GmbH Hafenstrasse 50B CH-8280 Kreuzlingen Switzerland Tel +41 71 566 10 05
For our latest reports please check httpstoremyprivatebankingcom
SELF-DIRECTED INVESTORS | 2
CONTENT
10 EXECUTIVE SUMMARY 5
20 THE STATE OF THE SELF-DIRECTED MARKET 2017 AND BEYOND 7
21 METHODOLOGY 7
22 ESTIMATING OVERALL MARKET DEVELOPMENT IN SELF-DIRECTED INVESTING 8
23 THE CONSERVATIVE BASELINE SCENARIO 10
24 THE BULL MARKET SCENARIO 11
25 THE MARKET VOLATILITY SCENARIO 12
26 THE BEAR MARKET SCENARIO 13
27 ANTICIPATING THE HNW SDI MARKET FROM 2017 TO 2021 14
30 A CLOSER LOOK AT THE SELF-DIRECTED INVESTOR TRAITS MOTIVATIONS AND INVESTING BEHAVIOR 16
31 WHO IS THE SELF-DIRECTED NVESTOR 16
33 MOTIVATIONAL PROFILING WHY DO HNWIS CHOOSE SELF-DIRECTED INVESTING 22
40 DIGITAL PRODUCTS TOOLS AND MARKETING WHAT ONLINE BROKERS CAN TEACH WEALTH MANAGERS ABOUT SDIS 27
41 PRODUCTS AND SERVICES WHICH DIGITAL TOOLS BEST SERVE SELF-DIRECTED INVESTORS 27
42 BEST PRACTICES SERVICES TOOLS AND PLATFORMS TO RECRUIT AND RETAIN WEALTHY SELF-DIRECTED INVESTORS 29
SELF-DIRECTED INVESTORS | 3
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR 32
51 [REDACTED] AN ESTABLISHED ONLINE BROKER MOVING INTO MANAGED SERVICES 33
52 [REDACTED] A TRADITIONAL DISCOUNT BROKER TAKES AIM AT THE WEALTH MANAGEMENT SPACE 35
53 [REDACTED] CONTINUING TO BUILD ON ONE OF THE BEST BROKERAGE SERVICES IN EUROPE FOR HNWIS 37
55 [REDACTED] OFFERING DIFFERENT LEVELS OF ADVISORY SERVICES TO APPEAL TO HNW SDIS 41
56 [REDACTED] EMBRACING THE SELF-DIRECTED INVESTOR WITH OPEN ARMS 43
57 [REDACTED] UNDERSTANDING THAT HNW SDIS ULTIMATELY WANT TO CONTROL THEIR OWN INVESTMENTS 45
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS 47
AUTHORS 49
DISCLAIMER 50
SELF-DIRECTED INVESTORS | 4
TABLE OF CHARTS
Market growth predictions for conservative baseline scenario 8
Market growth predictions for bull market scenario 8
Market growth predictions for market volatility scenario 9
Market growth predictions for bear market scenario 9
The conservative baseline scenario 10
The bull market scenario 11
The market volatility scenario 12
The bear market scenario 13
Typical SDI assets and allocation 17
Change in mandate type from 2014 to 2017 19
Regional distribution of SDIs 19
Age of SDIs 20
Household income of SDIs 20
Gender distribution of SDIs 20
Percent AuM managed with SDI 21
Total investable assets of SDIs 21
Resources used by SDIs 22
Genderrsquos role in self-directed investing 23
Reasons for choosing SDI in Switzerland Germany the USA UK and France 25
The importance of mobile trading for SDIs 27
Must have functionalities for SDI investors 28
[Redacted]rsquos Young Trader account 29
[Redacted]rsquos Christmas special promotes trading and exclusivity 31
Brokers and banks both target HNW SDIs 32
[Redacted]rsquos managed solutions target wealth clients 33
[Redacted] provides a range of services differentiated by different minimum investment amounts 35
The [redacted] market analysis online platform features price quotes and relevant news 37
[Redacted] provides various VIP offers for HNW SDIs 39
[Redacted] upsells advising services to self-directed investors 41
Some of [redacted] self-directed services target HNWI with significant minimum investment levels 43
[Redacted] offers explicitly differentiated services for all types of HNWIs 45
SELF-DIRECTED INVESTORS | 5
SUMMARY
The growth of the self-directed investor (SDI) segment to a third of the global wealth management market along with the move away from the advisory or discretionary mandate reflects a crucial change in the financial services landscape While wealth management previously focused on the client-advisor relationship wealth managers banks and brokers are now expected to provide investors with the means to participate in or fully control their investments in the form of digital investment platforms advisory ldquoliterdquo services and other tools for the self-directed investor
UNDERSTANDING THE NEW FACE OF SELF-DIRECTED INVESTING
Using data from a recent MyPrivateBanking panel survey conducted in Autumn 2017 this report profiles the current self-directed investor and provides key insights necessary for recruiting and retaining these clients back into a traditional advisory mandate Specifically the report details three different profiles The demographic profile examines the objective traits of SDIs such as age gender household income The motivational profile helps wealth managers target their recruitment efforts by understanding the needs and preferences of the SDIs and the behavioral profile examines investing behaviors common to SDIs
THE NEW SELF-DIRECTED INVESTMENT MARKET
Given the ongoing shift from advisory mandates to self-directed investing no private bank or wealth manager can afford to ignore this segment The report elaborates on why such a ldquowait and seerdquo approach to the self-directed investing trend represents a real threat to traditional firms by identifying key trends intervening variables and key explanatory variables In total the report presents four forecasting scenarios for the growth of self-directed HNW AuM as a percentage of total wealth globally and for North America and Europe
THE NEW PLAYING FIELD OF SELF-DIRECTED INVESTING
In order to combat the threat posed by the self-directed investing trend it is important to understand not only the profiles of the investors themselves but also the providers already catering to this clientele the brokers who are threatening to win HNWI self-directed clients from traditional wealth management firms Therefore this report includes a detailed examination of four brokers who target the HNW SDIs explicitly These are typical cases of discount brokers using aggressive growth strategies to competing head-on with banks and wealth managers Additionally this report includes an examination of three banks who offer private bankingwealth management services and who have developed products and services that explicitly target HNW SDIs
The lesson from these three case studies shows how established institutions who are specifically developing SDI-focused services are trying to keep up with the competition from brokerage firms
THE WAY FORWARD
Wealth managers and private banks have real opportunities and tools to recruit HNW investors into their ranks Doing so however requires a detailed understanding of both the self-directed investor segment and the products and services offered by competitors in the market The report offers a detailed overview of the products services and digital functionalities needed to please self-directed clients and lays-out ten key recommendations for wealth managers to recruit and retain self-directed investors
10 SUMMARY
To order the full report please click here
SELF-DIRECTED INVESTORS | 6
REPORT EXTRACT
As the self-directed investing model continues to gain popularity across client segments it is important to placethis growth in the context of the HNW market more broadly The following analysis is devoted to exploring the current landscape of the HNW self-directed market in general and also to developing clear predictions about how this style of investing will continue to evolve in the mid-term Such a forecasting exercise helps identify key explanatory variables and possible intervening variables that have influenced and will continue to influence the relationship between HNWIs self-directed investors self-directed HNWIs and traditional wealth managers ()
(more in full report)
22 ESTIMATING OVERALL MARKET DEVELOPMENT IN SELF-DIRECTED INVESTING
The folowing four scenarios forecast the predicted HNW self-directed AuM as a percentage of total HNW AuM for North America Europe and globally through 2021
1 The Conservative Baseline Scenario
2 The Continued Bull Market Scenario
3 The Market Volatility Scenario
4 The Bear Market Scenario
These scenarios are intended to provide ldquoideal typerdquo forecasting scenarios rather than to generate accurate predictive models As such they should be used as guidelines to identify key trends intervening variables and key explanatory variables Each of the four scenarios varies in two key ways First the scenario varies in terms of the predicted HNW AuM as a percentage of total AuM based on expected market behavior Secondly the percentage of self-directed HNWIs varies according to our informed predictions about the size of this client segment Each of the four scenarios along with the expected effect on traditional wealth managers is explained below ()
(more in full report)
In this chapter we consider the self-directed investors themselves and explore several key questions about this client segment We use data collected by MyPrivateBanking during October 2017 which polled 1000 respondents across five countries (US UK France Germany and Switzerland) about their investing preferences motivations and behavior This survey included a subsample of around 250 self-identified self-directed investors with AuMs ranging from USD 200k or less to over USD 5m This analysis and a subsequent discussion of the motivational profiles of these SDIs lead us to the following main conclusions ()
(more in full report)
31 WHO IS THE SELF-DIRECTED INVESTOR
Before profiling self-directed investors we need to define clearly what we mean by this term Much of the research on self-directed investing has until now been directed at the retail sector where investors with small AuMs would engage in investing via online platforms through discount brokers These DIY investors generally failed to have the amounts of wealth necessary to meet traditional wealth management minimum investment levels (more in full report)
32 THE SELF-DIRECTED INVESTOR DEMOGRAPHIC PROFILING
In our recently conducted panel survey (October 2017) we asked respondents to tell us the primary investor mandate that they have with their bank This allows us to subset the data in order to examine the demographic and behavioral profiles of investors who see themselves as self-directed (more in full report)
33 MOTIVATIONAL PROFILING WHY DO HNWIS CHOOSE SELF-DIRECTED INVESTING
Thus far we have developed a demographic profile and examined the motivations of self-directed investors This combined with our earlier discussion about the decisionmaking traits of SDIs provides us with a detailed picture of the typical SDI However a key question remains how do the motivations demographics and typical decisionmaking traits translate into behavior (more in full report)
20 THE STATE OF THE SELF- DIRECTED MARKET 2017 AND BEYOND
30 A CLOSER LOOK AT THE SELF- DIRECTED INVESTOR TRAITS MOTIVATIONS AND INVESTING BEHAVIOR
SELF-DIRECTED INVESTORS | 7
REPORT EXTRACT
The rise in self-directed investing is made possible through the advancement of digital technology including the continued improvement of digital financial tools Self-directed investors are almost by definition digital usersmdashand knowledgeable ones at that This section looks at two types of digital tools for self-directed investors the ldquomust-havesrdquo and ldquooptional toolsrdquo ()
(more in full report)
For wealth managers online brokers represent a real threat as they have the resources understanding and technological capabilities to target the HNW self-directed investormdashand win The following chapter includes a detailed examination of four brokers who target the HNW SDI explicitly and also includes an examination of three banks who offer private bankingwealth management services and who have developed SDI products The profiles examine the digital tools and services for self-directed investors offered by each of the seven cases and highlight the outstanding features offered for wealthy self-directed investors Also provided are screenshots key facts a service summary and an overview of SDI specific functionality ()
(more in full report)
The following ten recommendations are as MyPrivateBanking sees it crucial to the success of these recruitment and retention efforts ()
(more in full report)
40 DIGITAL PRODUCTS TOOLS AND MARKETING WHAT ONLINE BROKERS CAN TEACH WEALTH MANAGERS ABOUT SDIS
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS
MOBILE APPS FOR WEALTH MANAGEMENT | 49
AUTHORS
AUTHORS
Onawa Promise Lacewell Senior Analyst has a research focus on the impact of disruptive technologies on the financial services sector as well as on consumer behavior and global regulation A particular focus in her work is the rise of automated investments services and breakthrough technologies such as augmented reality Previously she worked as a Senior Researcher for the WZB Berlin Social Science Center She holds a PhD in Political Science with specializations in comparative politics and quantitative research methods and a Bachelorrsquos degree in Political Science with a secondary focus in English
Kay Luiz Alave Junior Analyst has a research focus that includes the digital strategies and online presence of private banks and wealth management Previously she worked as a business and trade journalist in Manila Philippines and then as a research analyst for a SaaS company in Berlin She holds a Master of Science in Global Change Management from Hochschule fuer nachhaltige Entwicklung (University for Sustainable Development) in Eberswalde
Carolina Cabrera John Analyst has a research focus on the topics of Big Data solutions for disruption and optimization in the wealth management and private banking sectors Carolina holds a Lienciatura in ModernLanguages and Translation from the University of the Andes in Venezuela She previously worked as an analyst for a market research SaaS company and her specific areas of interest are the intersections of macroeconomics economic policy and sociocultural issues and theory as well as entrepreneurship in the Berlin startup boom
MOBILE APPS FOR WEALTH MANAGEMENT | 50
DISCLAIMER
DISCLAIMER
IMPORTANT NOTICE AND DISCLAIMERS
NO INVESTMENT ADVICE
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment or undertake any investment strategy It does not constitute a general or personal recommendation or take into account the particular investment objectives financial situations or needs of individual investors The price and value of securities referred to in this report will fluctuate Past performance is not a guide to future performance future returns are not guaranteed and a loss of all of the original capital invested in a security discussed in this report may occur Certain transactions including those involving futures options and other derivatives give rise to substantial risk and are not suitable for all investors
DISCLAIMERS
There are no warranties expressed or implied as to the accuracy completeness or results obtained from any information set forth in this report MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report caused in whole or in part by its negligence in compiling interpreting reporting or delivering the content in this report
COPYRIGHT
MyPrivateBanking GmbHrsquos products are the property of MyPrivateBanking GmbH Switzerland and are protected by Swiss and international copyright law and other intellectual property laws Customers are prohibited to copy forward or store MyPrivateBanking products outside of the legal entity that has made the purchase
MyPrivateBanking GmbH Hafenstrasse 50B CH-8280 Kreuzlingen Switzerland Tel +41 71 566 10 05
For our latest reports please check httpstoremyprivatebankingcom
SELF-DIRECTED INVESTORS | 3
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR 32
51 [REDACTED] AN ESTABLISHED ONLINE BROKER MOVING INTO MANAGED SERVICES 33
52 [REDACTED] A TRADITIONAL DISCOUNT BROKER TAKES AIM AT THE WEALTH MANAGEMENT SPACE 35
53 [REDACTED] CONTINUING TO BUILD ON ONE OF THE BEST BROKERAGE SERVICES IN EUROPE FOR HNWIS 37
55 [REDACTED] OFFERING DIFFERENT LEVELS OF ADVISORY SERVICES TO APPEAL TO HNW SDIS 41
56 [REDACTED] EMBRACING THE SELF-DIRECTED INVESTOR WITH OPEN ARMS 43
57 [REDACTED] UNDERSTANDING THAT HNW SDIS ULTIMATELY WANT TO CONTROL THEIR OWN INVESTMENTS 45
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS 47
AUTHORS 49
DISCLAIMER 50
SELF-DIRECTED INVESTORS | 4
TABLE OF CHARTS
Market growth predictions for conservative baseline scenario 8
Market growth predictions for bull market scenario 8
Market growth predictions for market volatility scenario 9
Market growth predictions for bear market scenario 9
The conservative baseline scenario 10
The bull market scenario 11
The market volatility scenario 12
The bear market scenario 13
Typical SDI assets and allocation 17
Change in mandate type from 2014 to 2017 19
Regional distribution of SDIs 19
Age of SDIs 20
Household income of SDIs 20
Gender distribution of SDIs 20
Percent AuM managed with SDI 21
Total investable assets of SDIs 21
Resources used by SDIs 22
Genderrsquos role in self-directed investing 23
Reasons for choosing SDI in Switzerland Germany the USA UK and France 25
The importance of mobile trading for SDIs 27
Must have functionalities for SDI investors 28
[Redacted]rsquos Young Trader account 29
[Redacted]rsquos Christmas special promotes trading and exclusivity 31
Brokers and banks both target HNW SDIs 32
[Redacted]rsquos managed solutions target wealth clients 33
[Redacted] provides a range of services differentiated by different minimum investment amounts 35
The [redacted] market analysis online platform features price quotes and relevant news 37
[Redacted] provides various VIP offers for HNW SDIs 39
[Redacted] upsells advising services to self-directed investors 41
Some of [redacted] self-directed services target HNWI with significant minimum investment levels 43
[Redacted] offers explicitly differentiated services for all types of HNWIs 45
SELF-DIRECTED INVESTORS | 5
SUMMARY
The growth of the self-directed investor (SDI) segment to a third of the global wealth management market along with the move away from the advisory or discretionary mandate reflects a crucial change in the financial services landscape While wealth management previously focused on the client-advisor relationship wealth managers banks and brokers are now expected to provide investors with the means to participate in or fully control their investments in the form of digital investment platforms advisory ldquoliterdquo services and other tools for the self-directed investor
UNDERSTANDING THE NEW FACE OF SELF-DIRECTED INVESTING
Using data from a recent MyPrivateBanking panel survey conducted in Autumn 2017 this report profiles the current self-directed investor and provides key insights necessary for recruiting and retaining these clients back into a traditional advisory mandate Specifically the report details three different profiles The demographic profile examines the objective traits of SDIs such as age gender household income The motivational profile helps wealth managers target their recruitment efforts by understanding the needs and preferences of the SDIs and the behavioral profile examines investing behaviors common to SDIs
THE NEW SELF-DIRECTED INVESTMENT MARKET
Given the ongoing shift from advisory mandates to self-directed investing no private bank or wealth manager can afford to ignore this segment The report elaborates on why such a ldquowait and seerdquo approach to the self-directed investing trend represents a real threat to traditional firms by identifying key trends intervening variables and key explanatory variables In total the report presents four forecasting scenarios for the growth of self-directed HNW AuM as a percentage of total wealth globally and for North America and Europe
THE NEW PLAYING FIELD OF SELF-DIRECTED INVESTING
In order to combat the threat posed by the self-directed investing trend it is important to understand not only the profiles of the investors themselves but also the providers already catering to this clientele the brokers who are threatening to win HNWI self-directed clients from traditional wealth management firms Therefore this report includes a detailed examination of four brokers who target the HNW SDIs explicitly These are typical cases of discount brokers using aggressive growth strategies to competing head-on with banks and wealth managers Additionally this report includes an examination of three banks who offer private bankingwealth management services and who have developed products and services that explicitly target HNW SDIs
The lesson from these three case studies shows how established institutions who are specifically developing SDI-focused services are trying to keep up with the competition from brokerage firms
THE WAY FORWARD
Wealth managers and private banks have real opportunities and tools to recruit HNW investors into their ranks Doing so however requires a detailed understanding of both the self-directed investor segment and the products and services offered by competitors in the market The report offers a detailed overview of the products services and digital functionalities needed to please self-directed clients and lays-out ten key recommendations for wealth managers to recruit and retain self-directed investors
10 SUMMARY
To order the full report please click here
SELF-DIRECTED INVESTORS | 6
REPORT EXTRACT
As the self-directed investing model continues to gain popularity across client segments it is important to placethis growth in the context of the HNW market more broadly The following analysis is devoted to exploring the current landscape of the HNW self-directed market in general and also to developing clear predictions about how this style of investing will continue to evolve in the mid-term Such a forecasting exercise helps identify key explanatory variables and possible intervening variables that have influenced and will continue to influence the relationship between HNWIs self-directed investors self-directed HNWIs and traditional wealth managers ()
(more in full report)
22 ESTIMATING OVERALL MARKET DEVELOPMENT IN SELF-DIRECTED INVESTING
The folowing four scenarios forecast the predicted HNW self-directed AuM as a percentage of total HNW AuM for North America Europe and globally through 2021
1 The Conservative Baseline Scenario
2 The Continued Bull Market Scenario
3 The Market Volatility Scenario
4 The Bear Market Scenario
These scenarios are intended to provide ldquoideal typerdquo forecasting scenarios rather than to generate accurate predictive models As such they should be used as guidelines to identify key trends intervening variables and key explanatory variables Each of the four scenarios varies in two key ways First the scenario varies in terms of the predicted HNW AuM as a percentage of total AuM based on expected market behavior Secondly the percentage of self-directed HNWIs varies according to our informed predictions about the size of this client segment Each of the four scenarios along with the expected effect on traditional wealth managers is explained below ()
(more in full report)
In this chapter we consider the self-directed investors themselves and explore several key questions about this client segment We use data collected by MyPrivateBanking during October 2017 which polled 1000 respondents across five countries (US UK France Germany and Switzerland) about their investing preferences motivations and behavior This survey included a subsample of around 250 self-identified self-directed investors with AuMs ranging from USD 200k or less to over USD 5m This analysis and a subsequent discussion of the motivational profiles of these SDIs lead us to the following main conclusions ()
(more in full report)
31 WHO IS THE SELF-DIRECTED INVESTOR
Before profiling self-directed investors we need to define clearly what we mean by this term Much of the research on self-directed investing has until now been directed at the retail sector where investors with small AuMs would engage in investing via online platforms through discount brokers These DIY investors generally failed to have the amounts of wealth necessary to meet traditional wealth management minimum investment levels (more in full report)
32 THE SELF-DIRECTED INVESTOR DEMOGRAPHIC PROFILING
In our recently conducted panel survey (October 2017) we asked respondents to tell us the primary investor mandate that they have with their bank This allows us to subset the data in order to examine the demographic and behavioral profiles of investors who see themselves as self-directed (more in full report)
33 MOTIVATIONAL PROFILING WHY DO HNWIS CHOOSE SELF-DIRECTED INVESTING
Thus far we have developed a demographic profile and examined the motivations of self-directed investors This combined with our earlier discussion about the decisionmaking traits of SDIs provides us with a detailed picture of the typical SDI However a key question remains how do the motivations demographics and typical decisionmaking traits translate into behavior (more in full report)
20 THE STATE OF THE SELF- DIRECTED MARKET 2017 AND BEYOND
30 A CLOSER LOOK AT THE SELF- DIRECTED INVESTOR TRAITS MOTIVATIONS AND INVESTING BEHAVIOR
SELF-DIRECTED INVESTORS | 7
REPORT EXTRACT
The rise in self-directed investing is made possible through the advancement of digital technology including the continued improvement of digital financial tools Self-directed investors are almost by definition digital usersmdashand knowledgeable ones at that This section looks at two types of digital tools for self-directed investors the ldquomust-havesrdquo and ldquooptional toolsrdquo ()
(more in full report)
For wealth managers online brokers represent a real threat as they have the resources understanding and technological capabilities to target the HNW self-directed investormdashand win The following chapter includes a detailed examination of four brokers who target the HNW SDI explicitly and also includes an examination of three banks who offer private bankingwealth management services and who have developed SDI products The profiles examine the digital tools and services for self-directed investors offered by each of the seven cases and highlight the outstanding features offered for wealthy self-directed investors Also provided are screenshots key facts a service summary and an overview of SDI specific functionality ()
(more in full report)
The following ten recommendations are as MyPrivateBanking sees it crucial to the success of these recruitment and retention efforts ()
(more in full report)
40 DIGITAL PRODUCTS TOOLS AND MARKETING WHAT ONLINE BROKERS CAN TEACH WEALTH MANAGERS ABOUT SDIS
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS
MOBILE APPS FOR WEALTH MANAGEMENT | 49
AUTHORS
AUTHORS
Onawa Promise Lacewell Senior Analyst has a research focus on the impact of disruptive technologies on the financial services sector as well as on consumer behavior and global regulation A particular focus in her work is the rise of automated investments services and breakthrough technologies such as augmented reality Previously she worked as a Senior Researcher for the WZB Berlin Social Science Center She holds a PhD in Political Science with specializations in comparative politics and quantitative research methods and a Bachelorrsquos degree in Political Science with a secondary focus in English
Kay Luiz Alave Junior Analyst has a research focus that includes the digital strategies and online presence of private banks and wealth management Previously she worked as a business and trade journalist in Manila Philippines and then as a research analyst for a SaaS company in Berlin She holds a Master of Science in Global Change Management from Hochschule fuer nachhaltige Entwicklung (University for Sustainable Development) in Eberswalde
Carolina Cabrera John Analyst has a research focus on the topics of Big Data solutions for disruption and optimization in the wealth management and private banking sectors Carolina holds a Lienciatura in ModernLanguages and Translation from the University of the Andes in Venezuela She previously worked as an analyst for a market research SaaS company and her specific areas of interest are the intersections of macroeconomics economic policy and sociocultural issues and theory as well as entrepreneurship in the Berlin startup boom
MOBILE APPS FOR WEALTH MANAGEMENT | 50
DISCLAIMER
DISCLAIMER
IMPORTANT NOTICE AND DISCLAIMERS
NO INVESTMENT ADVICE
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment or undertake any investment strategy It does not constitute a general or personal recommendation or take into account the particular investment objectives financial situations or needs of individual investors The price and value of securities referred to in this report will fluctuate Past performance is not a guide to future performance future returns are not guaranteed and a loss of all of the original capital invested in a security discussed in this report may occur Certain transactions including those involving futures options and other derivatives give rise to substantial risk and are not suitable for all investors
DISCLAIMERS
There are no warranties expressed or implied as to the accuracy completeness or results obtained from any information set forth in this report MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report caused in whole or in part by its negligence in compiling interpreting reporting or delivering the content in this report
COPYRIGHT
MyPrivateBanking GmbHrsquos products are the property of MyPrivateBanking GmbH Switzerland and are protected by Swiss and international copyright law and other intellectual property laws Customers are prohibited to copy forward or store MyPrivateBanking products outside of the legal entity that has made the purchase
MyPrivateBanking GmbH Hafenstrasse 50B CH-8280 Kreuzlingen Switzerland Tel +41 71 566 10 05
For our latest reports please check httpstoremyprivatebankingcom
SELF-DIRECTED INVESTORS | 4
TABLE OF CHARTS
Market growth predictions for conservative baseline scenario 8
Market growth predictions for bull market scenario 8
Market growth predictions for market volatility scenario 9
Market growth predictions for bear market scenario 9
The conservative baseline scenario 10
The bull market scenario 11
The market volatility scenario 12
The bear market scenario 13
Typical SDI assets and allocation 17
Change in mandate type from 2014 to 2017 19
Regional distribution of SDIs 19
Age of SDIs 20
Household income of SDIs 20
Gender distribution of SDIs 20
Percent AuM managed with SDI 21
Total investable assets of SDIs 21
Resources used by SDIs 22
Genderrsquos role in self-directed investing 23
Reasons for choosing SDI in Switzerland Germany the USA UK and France 25
The importance of mobile trading for SDIs 27
Must have functionalities for SDI investors 28
[Redacted]rsquos Young Trader account 29
[Redacted]rsquos Christmas special promotes trading and exclusivity 31
Brokers and banks both target HNW SDIs 32
[Redacted]rsquos managed solutions target wealth clients 33
[Redacted] provides a range of services differentiated by different minimum investment amounts 35
The [redacted] market analysis online platform features price quotes and relevant news 37
[Redacted] provides various VIP offers for HNW SDIs 39
[Redacted] upsells advising services to self-directed investors 41
Some of [redacted] self-directed services target HNWI with significant minimum investment levels 43
[Redacted] offers explicitly differentiated services for all types of HNWIs 45
SELF-DIRECTED INVESTORS | 5
SUMMARY
The growth of the self-directed investor (SDI) segment to a third of the global wealth management market along with the move away from the advisory or discretionary mandate reflects a crucial change in the financial services landscape While wealth management previously focused on the client-advisor relationship wealth managers banks and brokers are now expected to provide investors with the means to participate in or fully control their investments in the form of digital investment platforms advisory ldquoliterdquo services and other tools for the self-directed investor
UNDERSTANDING THE NEW FACE OF SELF-DIRECTED INVESTING
Using data from a recent MyPrivateBanking panel survey conducted in Autumn 2017 this report profiles the current self-directed investor and provides key insights necessary for recruiting and retaining these clients back into a traditional advisory mandate Specifically the report details three different profiles The demographic profile examines the objective traits of SDIs such as age gender household income The motivational profile helps wealth managers target their recruitment efforts by understanding the needs and preferences of the SDIs and the behavioral profile examines investing behaviors common to SDIs
THE NEW SELF-DIRECTED INVESTMENT MARKET
Given the ongoing shift from advisory mandates to self-directed investing no private bank or wealth manager can afford to ignore this segment The report elaborates on why such a ldquowait and seerdquo approach to the self-directed investing trend represents a real threat to traditional firms by identifying key trends intervening variables and key explanatory variables In total the report presents four forecasting scenarios for the growth of self-directed HNW AuM as a percentage of total wealth globally and for North America and Europe
THE NEW PLAYING FIELD OF SELF-DIRECTED INVESTING
In order to combat the threat posed by the self-directed investing trend it is important to understand not only the profiles of the investors themselves but also the providers already catering to this clientele the brokers who are threatening to win HNWI self-directed clients from traditional wealth management firms Therefore this report includes a detailed examination of four brokers who target the HNW SDIs explicitly These are typical cases of discount brokers using aggressive growth strategies to competing head-on with banks and wealth managers Additionally this report includes an examination of three banks who offer private bankingwealth management services and who have developed products and services that explicitly target HNW SDIs
The lesson from these three case studies shows how established institutions who are specifically developing SDI-focused services are trying to keep up with the competition from brokerage firms
THE WAY FORWARD
Wealth managers and private banks have real opportunities and tools to recruit HNW investors into their ranks Doing so however requires a detailed understanding of both the self-directed investor segment and the products and services offered by competitors in the market The report offers a detailed overview of the products services and digital functionalities needed to please self-directed clients and lays-out ten key recommendations for wealth managers to recruit and retain self-directed investors
10 SUMMARY
To order the full report please click here
SELF-DIRECTED INVESTORS | 6
REPORT EXTRACT
As the self-directed investing model continues to gain popularity across client segments it is important to placethis growth in the context of the HNW market more broadly The following analysis is devoted to exploring the current landscape of the HNW self-directed market in general and also to developing clear predictions about how this style of investing will continue to evolve in the mid-term Such a forecasting exercise helps identify key explanatory variables and possible intervening variables that have influenced and will continue to influence the relationship between HNWIs self-directed investors self-directed HNWIs and traditional wealth managers ()
(more in full report)
22 ESTIMATING OVERALL MARKET DEVELOPMENT IN SELF-DIRECTED INVESTING
The folowing four scenarios forecast the predicted HNW self-directed AuM as a percentage of total HNW AuM for North America Europe and globally through 2021
1 The Conservative Baseline Scenario
2 The Continued Bull Market Scenario
3 The Market Volatility Scenario
4 The Bear Market Scenario
These scenarios are intended to provide ldquoideal typerdquo forecasting scenarios rather than to generate accurate predictive models As such they should be used as guidelines to identify key trends intervening variables and key explanatory variables Each of the four scenarios varies in two key ways First the scenario varies in terms of the predicted HNW AuM as a percentage of total AuM based on expected market behavior Secondly the percentage of self-directed HNWIs varies according to our informed predictions about the size of this client segment Each of the four scenarios along with the expected effect on traditional wealth managers is explained below ()
(more in full report)
In this chapter we consider the self-directed investors themselves and explore several key questions about this client segment We use data collected by MyPrivateBanking during October 2017 which polled 1000 respondents across five countries (US UK France Germany and Switzerland) about their investing preferences motivations and behavior This survey included a subsample of around 250 self-identified self-directed investors with AuMs ranging from USD 200k or less to over USD 5m This analysis and a subsequent discussion of the motivational profiles of these SDIs lead us to the following main conclusions ()
(more in full report)
31 WHO IS THE SELF-DIRECTED INVESTOR
Before profiling self-directed investors we need to define clearly what we mean by this term Much of the research on self-directed investing has until now been directed at the retail sector where investors with small AuMs would engage in investing via online platforms through discount brokers These DIY investors generally failed to have the amounts of wealth necessary to meet traditional wealth management minimum investment levels (more in full report)
32 THE SELF-DIRECTED INVESTOR DEMOGRAPHIC PROFILING
In our recently conducted panel survey (October 2017) we asked respondents to tell us the primary investor mandate that they have with their bank This allows us to subset the data in order to examine the demographic and behavioral profiles of investors who see themselves as self-directed (more in full report)
33 MOTIVATIONAL PROFILING WHY DO HNWIS CHOOSE SELF-DIRECTED INVESTING
Thus far we have developed a demographic profile and examined the motivations of self-directed investors This combined with our earlier discussion about the decisionmaking traits of SDIs provides us with a detailed picture of the typical SDI However a key question remains how do the motivations demographics and typical decisionmaking traits translate into behavior (more in full report)
20 THE STATE OF THE SELF- DIRECTED MARKET 2017 AND BEYOND
30 A CLOSER LOOK AT THE SELF- DIRECTED INVESTOR TRAITS MOTIVATIONS AND INVESTING BEHAVIOR
SELF-DIRECTED INVESTORS | 7
REPORT EXTRACT
The rise in self-directed investing is made possible through the advancement of digital technology including the continued improvement of digital financial tools Self-directed investors are almost by definition digital usersmdashand knowledgeable ones at that This section looks at two types of digital tools for self-directed investors the ldquomust-havesrdquo and ldquooptional toolsrdquo ()
(more in full report)
For wealth managers online brokers represent a real threat as they have the resources understanding and technological capabilities to target the HNW self-directed investormdashand win The following chapter includes a detailed examination of four brokers who target the HNW SDI explicitly and also includes an examination of three banks who offer private bankingwealth management services and who have developed SDI products The profiles examine the digital tools and services for self-directed investors offered by each of the seven cases and highlight the outstanding features offered for wealthy self-directed investors Also provided are screenshots key facts a service summary and an overview of SDI specific functionality ()
(more in full report)
The following ten recommendations are as MyPrivateBanking sees it crucial to the success of these recruitment and retention efforts ()
(more in full report)
40 DIGITAL PRODUCTS TOOLS AND MARKETING WHAT ONLINE BROKERS CAN TEACH WEALTH MANAGERS ABOUT SDIS
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS
MOBILE APPS FOR WEALTH MANAGEMENT | 49
AUTHORS
AUTHORS
Onawa Promise Lacewell Senior Analyst has a research focus on the impact of disruptive technologies on the financial services sector as well as on consumer behavior and global regulation A particular focus in her work is the rise of automated investments services and breakthrough technologies such as augmented reality Previously she worked as a Senior Researcher for the WZB Berlin Social Science Center She holds a PhD in Political Science with specializations in comparative politics and quantitative research methods and a Bachelorrsquos degree in Political Science with a secondary focus in English
Kay Luiz Alave Junior Analyst has a research focus that includes the digital strategies and online presence of private banks and wealth management Previously she worked as a business and trade journalist in Manila Philippines and then as a research analyst for a SaaS company in Berlin She holds a Master of Science in Global Change Management from Hochschule fuer nachhaltige Entwicklung (University for Sustainable Development) in Eberswalde
Carolina Cabrera John Analyst has a research focus on the topics of Big Data solutions for disruption and optimization in the wealth management and private banking sectors Carolina holds a Lienciatura in ModernLanguages and Translation from the University of the Andes in Venezuela She previously worked as an analyst for a market research SaaS company and her specific areas of interest are the intersections of macroeconomics economic policy and sociocultural issues and theory as well as entrepreneurship in the Berlin startup boom
MOBILE APPS FOR WEALTH MANAGEMENT | 50
DISCLAIMER
DISCLAIMER
IMPORTANT NOTICE AND DISCLAIMERS
NO INVESTMENT ADVICE
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment or undertake any investment strategy It does not constitute a general or personal recommendation or take into account the particular investment objectives financial situations or needs of individual investors The price and value of securities referred to in this report will fluctuate Past performance is not a guide to future performance future returns are not guaranteed and a loss of all of the original capital invested in a security discussed in this report may occur Certain transactions including those involving futures options and other derivatives give rise to substantial risk and are not suitable for all investors
DISCLAIMERS
There are no warranties expressed or implied as to the accuracy completeness or results obtained from any information set forth in this report MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report caused in whole or in part by its negligence in compiling interpreting reporting or delivering the content in this report
COPYRIGHT
MyPrivateBanking GmbHrsquos products are the property of MyPrivateBanking GmbH Switzerland and are protected by Swiss and international copyright law and other intellectual property laws Customers are prohibited to copy forward or store MyPrivateBanking products outside of the legal entity that has made the purchase
MyPrivateBanking GmbH Hafenstrasse 50B CH-8280 Kreuzlingen Switzerland Tel +41 71 566 10 05
For our latest reports please check httpstoremyprivatebankingcom
SELF-DIRECTED INVESTORS | 5
SUMMARY
The growth of the self-directed investor (SDI) segment to a third of the global wealth management market along with the move away from the advisory or discretionary mandate reflects a crucial change in the financial services landscape While wealth management previously focused on the client-advisor relationship wealth managers banks and brokers are now expected to provide investors with the means to participate in or fully control their investments in the form of digital investment platforms advisory ldquoliterdquo services and other tools for the self-directed investor
UNDERSTANDING THE NEW FACE OF SELF-DIRECTED INVESTING
Using data from a recent MyPrivateBanking panel survey conducted in Autumn 2017 this report profiles the current self-directed investor and provides key insights necessary for recruiting and retaining these clients back into a traditional advisory mandate Specifically the report details three different profiles The demographic profile examines the objective traits of SDIs such as age gender household income The motivational profile helps wealth managers target their recruitment efforts by understanding the needs and preferences of the SDIs and the behavioral profile examines investing behaviors common to SDIs
THE NEW SELF-DIRECTED INVESTMENT MARKET
Given the ongoing shift from advisory mandates to self-directed investing no private bank or wealth manager can afford to ignore this segment The report elaborates on why such a ldquowait and seerdquo approach to the self-directed investing trend represents a real threat to traditional firms by identifying key trends intervening variables and key explanatory variables In total the report presents four forecasting scenarios for the growth of self-directed HNW AuM as a percentage of total wealth globally and for North America and Europe
THE NEW PLAYING FIELD OF SELF-DIRECTED INVESTING
In order to combat the threat posed by the self-directed investing trend it is important to understand not only the profiles of the investors themselves but also the providers already catering to this clientele the brokers who are threatening to win HNWI self-directed clients from traditional wealth management firms Therefore this report includes a detailed examination of four brokers who target the HNW SDIs explicitly These are typical cases of discount brokers using aggressive growth strategies to competing head-on with banks and wealth managers Additionally this report includes an examination of three banks who offer private bankingwealth management services and who have developed products and services that explicitly target HNW SDIs
The lesson from these three case studies shows how established institutions who are specifically developing SDI-focused services are trying to keep up with the competition from brokerage firms
THE WAY FORWARD
Wealth managers and private banks have real opportunities and tools to recruit HNW investors into their ranks Doing so however requires a detailed understanding of both the self-directed investor segment and the products and services offered by competitors in the market The report offers a detailed overview of the products services and digital functionalities needed to please self-directed clients and lays-out ten key recommendations for wealth managers to recruit and retain self-directed investors
10 SUMMARY
To order the full report please click here
SELF-DIRECTED INVESTORS | 6
REPORT EXTRACT
As the self-directed investing model continues to gain popularity across client segments it is important to placethis growth in the context of the HNW market more broadly The following analysis is devoted to exploring the current landscape of the HNW self-directed market in general and also to developing clear predictions about how this style of investing will continue to evolve in the mid-term Such a forecasting exercise helps identify key explanatory variables and possible intervening variables that have influenced and will continue to influence the relationship between HNWIs self-directed investors self-directed HNWIs and traditional wealth managers ()
(more in full report)
22 ESTIMATING OVERALL MARKET DEVELOPMENT IN SELF-DIRECTED INVESTING
The folowing four scenarios forecast the predicted HNW self-directed AuM as a percentage of total HNW AuM for North America Europe and globally through 2021
1 The Conservative Baseline Scenario
2 The Continued Bull Market Scenario
3 The Market Volatility Scenario
4 The Bear Market Scenario
These scenarios are intended to provide ldquoideal typerdquo forecasting scenarios rather than to generate accurate predictive models As such they should be used as guidelines to identify key trends intervening variables and key explanatory variables Each of the four scenarios varies in two key ways First the scenario varies in terms of the predicted HNW AuM as a percentage of total AuM based on expected market behavior Secondly the percentage of self-directed HNWIs varies according to our informed predictions about the size of this client segment Each of the four scenarios along with the expected effect on traditional wealth managers is explained below ()
(more in full report)
In this chapter we consider the self-directed investors themselves and explore several key questions about this client segment We use data collected by MyPrivateBanking during October 2017 which polled 1000 respondents across five countries (US UK France Germany and Switzerland) about their investing preferences motivations and behavior This survey included a subsample of around 250 self-identified self-directed investors with AuMs ranging from USD 200k or less to over USD 5m This analysis and a subsequent discussion of the motivational profiles of these SDIs lead us to the following main conclusions ()
(more in full report)
31 WHO IS THE SELF-DIRECTED INVESTOR
Before profiling self-directed investors we need to define clearly what we mean by this term Much of the research on self-directed investing has until now been directed at the retail sector where investors with small AuMs would engage in investing via online platforms through discount brokers These DIY investors generally failed to have the amounts of wealth necessary to meet traditional wealth management minimum investment levels (more in full report)
32 THE SELF-DIRECTED INVESTOR DEMOGRAPHIC PROFILING
In our recently conducted panel survey (October 2017) we asked respondents to tell us the primary investor mandate that they have with their bank This allows us to subset the data in order to examine the demographic and behavioral profiles of investors who see themselves as self-directed (more in full report)
33 MOTIVATIONAL PROFILING WHY DO HNWIS CHOOSE SELF-DIRECTED INVESTING
Thus far we have developed a demographic profile and examined the motivations of self-directed investors This combined with our earlier discussion about the decisionmaking traits of SDIs provides us with a detailed picture of the typical SDI However a key question remains how do the motivations demographics and typical decisionmaking traits translate into behavior (more in full report)
20 THE STATE OF THE SELF- DIRECTED MARKET 2017 AND BEYOND
30 A CLOSER LOOK AT THE SELF- DIRECTED INVESTOR TRAITS MOTIVATIONS AND INVESTING BEHAVIOR
SELF-DIRECTED INVESTORS | 7
REPORT EXTRACT
The rise in self-directed investing is made possible through the advancement of digital technology including the continued improvement of digital financial tools Self-directed investors are almost by definition digital usersmdashand knowledgeable ones at that This section looks at two types of digital tools for self-directed investors the ldquomust-havesrdquo and ldquooptional toolsrdquo ()
(more in full report)
For wealth managers online brokers represent a real threat as they have the resources understanding and technological capabilities to target the HNW self-directed investormdashand win The following chapter includes a detailed examination of four brokers who target the HNW SDI explicitly and also includes an examination of three banks who offer private bankingwealth management services and who have developed SDI products The profiles examine the digital tools and services for self-directed investors offered by each of the seven cases and highlight the outstanding features offered for wealthy self-directed investors Also provided are screenshots key facts a service summary and an overview of SDI specific functionality ()
(more in full report)
The following ten recommendations are as MyPrivateBanking sees it crucial to the success of these recruitment and retention efforts ()
(more in full report)
40 DIGITAL PRODUCTS TOOLS AND MARKETING WHAT ONLINE BROKERS CAN TEACH WEALTH MANAGERS ABOUT SDIS
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS
MOBILE APPS FOR WEALTH MANAGEMENT | 49
AUTHORS
AUTHORS
Onawa Promise Lacewell Senior Analyst has a research focus on the impact of disruptive technologies on the financial services sector as well as on consumer behavior and global regulation A particular focus in her work is the rise of automated investments services and breakthrough technologies such as augmented reality Previously she worked as a Senior Researcher for the WZB Berlin Social Science Center She holds a PhD in Political Science with specializations in comparative politics and quantitative research methods and a Bachelorrsquos degree in Political Science with a secondary focus in English
Kay Luiz Alave Junior Analyst has a research focus that includes the digital strategies and online presence of private banks and wealth management Previously she worked as a business and trade journalist in Manila Philippines and then as a research analyst for a SaaS company in Berlin She holds a Master of Science in Global Change Management from Hochschule fuer nachhaltige Entwicklung (University for Sustainable Development) in Eberswalde
Carolina Cabrera John Analyst has a research focus on the topics of Big Data solutions for disruption and optimization in the wealth management and private banking sectors Carolina holds a Lienciatura in ModernLanguages and Translation from the University of the Andes in Venezuela She previously worked as an analyst for a market research SaaS company and her specific areas of interest are the intersections of macroeconomics economic policy and sociocultural issues and theory as well as entrepreneurship in the Berlin startup boom
MOBILE APPS FOR WEALTH MANAGEMENT | 50
DISCLAIMER
DISCLAIMER
IMPORTANT NOTICE AND DISCLAIMERS
NO INVESTMENT ADVICE
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment or undertake any investment strategy It does not constitute a general or personal recommendation or take into account the particular investment objectives financial situations or needs of individual investors The price and value of securities referred to in this report will fluctuate Past performance is not a guide to future performance future returns are not guaranteed and a loss of all of the original capital invested in a security discussed in this report may occur Certain transactions including those involving futures options and other derivatives give rise to substantial risk and are not suitable for all investors
DISCLAIMERS
There are no warranties expressed or implied as to the accuracy completeness or results obtained from any information set forth in this report MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report caused in whole or in part by its negligence in compiling interpreting reporting or delivering the content in this report
COPYRIGHT
MyPrivateBanking GmbHrsquos products are the property of MyPrivateBanking GmbH Switzerland and are protected by Swiss and international copyright law and other intellectual property laws Customers are prohibited to copy forward or store MyPrivateBanking products outside of the legal entity that has made the purchase
MyPrivateBanking GmbH Hafenstrasse 50B CH-8280 Kreuzlingen Switzerland Tel +41 71 566 10 05
For our latest reports please check httpstoremyprivatebankingcom
SELF-DIRECTED INVESTORS | 6
REPORT EXTRACT
As the self-directed investing model continues to gain popularity across client segments it is important to placethis growth in the context of the HNW market more broadly The following analysis is devoted to exploring the current landscape of the HNW self-directed market in general and also to developing clear predictions about how this style of investing will continue to evolve in the mid-term Such a forecasting exercise helps identify key explanatory variables and possible intervening variables that have influenced and will continue to influence the relationship between HNWIs self-directed investors self-directed HNWIs and traditional wealth managers ()
(more in full report)
22 ESTIMATING OVERALL MARKET DEVELOPMENT IN SELF-DIRECTED INVESTING
The folowing four scenarios forecast the predicted HNW self-directed AuM as a percentage of total HNW AuM for North America Europe and globally through 2021
1 The Conservative Baseline Scenario
2 The Continued Bull Market Scenario
3 The Market Volatility Scenario
4 The Bear Market Scenario
These scenarios are intended to provide ldquoideal typerdquo forecasting scenarios rather than to generate accurate predictive models As such they should be used as guidelines to identify key trends intervening variables and key explanatory variables Each of the four scenarios varies in two key ways First the scenario varies in terms of the predicted HNW AuM as a percentage of total AuM based on expected market behavior Secondly the percentage of self-directed HNWIs varies according to our informed predictions about the size of this client segment Each of the four scenarios along with the expected effect on traditional wealth managers is explained below ()
(more in full report)
In this chapter we consider the self-directed investors themselves and explore several key questions about this client segment We use data collected by MyPrivateBanking during October 2017 which polled 1000 respondents across five countries (US UK France Germany and Switzerland) about their investing preferences motivations and behavior This survey included a subsample of around 250 self-identified self-directed investors with AuMs ranging from USD 200k or less to over USD 5m This analysis and a subsequent discussion of the motivational profiles of these SDIs lead us to the following main conclusions ()
(more in full report)
31 WHO IS THE SELF-DIRECTED INVESTOR
Before profiling self-directed investors we need to define clearly what we mean by this term Much of the research on self-directed investing has until now been directed at the retail sector where investors with small AuMs would engage in investing via online platforms through discount brokers These DIY investors generally failed to have the amounts of wealth necessary to meet traditional wealth management minimum investment levels (more in full report)
32 THE SELF-DIRECTED INVESTOR DEMOGRAPHIC PROFILING
In our recently conducted panel survey (October 2017) we asked respondents to tell us the primary investor mandate that they have with their bank This allows us to subset the data in order to examine the demographic and behavioral profiles of investors who see themselves as self-directed (more in full report)
33 MOTIVATIONAL PROFILING WHY DO HNWIS CHOOSE SELF-DIRECTED INVESTING
Thus far we have developed a demographic profile and examined the motivations of self-directed investors This combined with our earlier discussion about the decisionmaking traits of SDIs provides us with a detailed picture of the typical SDI However a key question remains how do the motivations demographics and typical decisionmaking traits translate into behavior (more in full report)
20 THE STATE OF THE SELF- DIRECTED MARKET 2017 AND BEYOND
30 A CLOSER LOOK AT THE SELF- DIRECTED INVESTOR TRAITS MOTIVATIONS AND INVESTING BEHAVIOR
SELF-DIRECTED INVESTORS | 7
REPORT EXTRACT
The rise in self-directed investing is made possible through the advancement of digital technology including the continued improvement of digital financial tools Self-directed investors are almost by definition digital usersmdashand knowledgeable ones at that This section looks at two types of digital tools for self-directed investors the ldquomust-havesrdquo and ldquooptional toolsrdquo ()
(more in full report)
For wealth managers online brokers represent a real threat as they have the resources understanding and technological capabilities to target the HNW self-directed investormdashand win The following chapter includes a detailed examination of four brokers who target the HNW SDI explicitly and also includes an examination of three banks who offer private bankingwealth management services and who have developed SDI products The profiles examine the digital tools and services for self-directed investors offered by each of the seven cases and highlight the outstanding features offered for wealthy self-directed investors Also provided are screenshots key facts a service summary and an overview of SDI specific functionality ()
(more in full report)
The following ten recommendations are as MyPrivateBanking sees it crucial to the success of these recruitment and retention efforts ()
(more in full report)
40 DIGITAL PRODUCTS TOOLS AND MARKETING WHAT ONLINE BROKERS CAN TEACH WEALTH MANAGERS ABOUT SDIS
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS
MOBILE APPS FOR WEALTH MANAGEMENT | 49
AUTHORS
AUTHORS
Onawa Promise Lacewell Senior Analyst has a research focus on the impact of disruptive technologies on the financial services sector as well as on consumer behavior and global regulation A particular focus in her work is the rise of automated investments services and breakthrough technologies such as augmented reality Previously she worked as a Senior Researcher for the WZB Berlin Social Science Center She holds a PhD in Political Science with specializations in comparative politics and quantitative research methods and a Bachelorrsquos degree in Political Science with a secondary focus in English
Kay Luiz Alave Junior Analyst has a research focus that includes the digital strategies and online presence of private banks and wealth management Previously she worked as a business and trade journalist in Manila Philippines and then as a research analyst for a SaaS company in Berlin She holds a Master of Science in Global Change Management from Hochschule fuer nachhaltige Entwicklung (University for Sustainable Development) in Eberswalde
Carolina Cabrera John Analyst has a research focus on the topics of Big Data solutions for disruption and optimization in the wealth management and private banking sectors Carolina holds a Lienciatura in ModernLanguages and Translation from the University of the Andes in Venezuela She previously worked as an analyst for a market research SaaS company and her specific areas of interest are the intersections of macroeconomics economic policy and sociocultural issues and theory as well as entrepreneurship in the Berlin startup boom
MOBILE APPS FOR WEALTH MANAGEMENT | 50
DISCLAIMER
DISCLAIMER
IMPORTANT NOTICE AND DISCLAIMERS
NO INVESTMENT ADVICE
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment or undertake any investment strategy It does not constitute a general or personal recommendation or take into account the particular investment objectives financial situations or needs of individual investors The price and value of securities referred to in this report will fluctuate Past performance is not a guide to future performance future returns are not guaranteed and a loss of all of the original capital invested in a security discussed in this report may occur Certain transactions including those involving futures options and other derivatives give rise to substantial risk and are not suitable for all investors
DISCLAIMERS
There are no warranties expressed or implied as to the accuracy completeness or results obtained from any information set forth in this report MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report caused in whole or in part by its negligence in compiling interpreting reporting or delivering the content in this report
COPYRIGHT
MyPrivateBanking GmbHrsquos products are the property of MyPrivateBanking GmbH Switzerland and are protected by Swiss and international copyright law and other intellectual property laws Customers are prohibited to copy forward or store MyPrivateBanking products outside of the legal entity that has made the purchase
MyPrivateBanking GmbH Hafenstrasse 50B CH-8280 Kreuzlingen Switzerland Tel +41 71 566 10 05
For our latest reports please check httpstoremyprivatebankingcom
SELF-DIRECTED INVESTORS | 7
REPORT EXTRACT
The rise in self-directed investing is made possible through the advancement of digital technology including the continued improvement of digital financial tools Self-directed investors are almost by definition digital usersmdashand knowledgeable ones at that This section looks at two types of digital tools for self-directed investors the ldquomust-havesrdquo and ldquooptional toolsrdquo ()
(more in full report)
For wealth managers online brokers represent a real threat as they have the resources understanding and technological capabilities to target the HNW self-directed investormdashand win The following chapter includes a detailed examination of four brokers who target the HNW SDI explicitly and also includes an examination of three banks who offer private bankingwealth management services and who have developed SDI products The profiles examine the digital tools and services for self-directed investors offered by each of the seven cases and highlight the outstanding features offered for wealthy self-directed investors Also provided are screenshots key facts a service summary and an overview of SDI specific functionality ()
(more in full report)
The following ten recommendations are as MyPrivateBanking sees it crucial to the success of these recruitment and retention efforts ()
(more in full report)
40 DIGITAL PRODUCTS TOOLS AND MARKETING WHAT ONLINE BROKERS CAN TEACH WEALTH MANAGERS ABOUT SDIS
50 CASE STUDIES SEVEN BROKERS AND BANKS THAT HAVE MOVED TO CAPTURE THE HNW SELF-DIRECTED INVESTOR
60 TEN RECOMMENDATIONS FOR CAPTURING SDI CLIENTS
MOBILE APPS FOR WEALTH MANAGEMENT | 49
AUTHORS
AUTHORS
Onawa Promise Lacewell Senior Analyst has a research focus on the impact of disruptive technologies on the financial services sector as well as on consumer behavior and global regulation A particular focus in her work is the rise of automated investments services and breakthrough technologies such as augmented reality Previously she worked as a Senior Researcher for the WZB Berlin Social Science Center She holds a PhD in Political Science with specializations in comparative politics and quantitative research methods and a Bachelorrsquos degree in Political Science with a secondary focus in English
Kay Luiz Alave Junior Analyst has a research focus that includes the digital strategies and online presence of private banks and wealth management Previously she worked as a business and trade journalist in Manila Philippines and then as a research analyst for a SaaS company in Berlin She holds a Master of Science in Global Change Management from Hochschule fuer nachhaltige Entwicklung (University for Sustainable Development) in Eberswalde
Carolina Cabrera John Analyst has a research focus on the topics of Big Data solutions for disruption and optimization in the wealth management and private banking sectors Carolina holds a Lienciatura in ModernLanguages and Translation from the University of the Andes in Venezuela She previously worked as an analyst for a market research SaaS company and her specific areas of interest are the intersections of macroeconomics economic policy and sociocultural issues and theory as well as entrepreneurship in the Berlin startup boom
MOBILE APPS FOR WEALTH MANAGEMENT | 50
DISCLAIMER
DISCLAIMER
IMPORTANT NOTICE AND DISCLAIMERS
NO INVESTMENT ADVICE
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment or undertake any investment strategy It does not constitute a general or personal recommendation or take into account the particular investment objectives financial situations or needs of individual investors The price and value of securities referred to in this report will fluctuate Past performance is not a guide to future performance future returns are not guaranteed and a loss of all of the original capital invested in a security discussed in this report may occur Certain transactions including those involving futures options and other derivatives give rise to substantial risk and are not suitable for all investors
DISCLAIMERS
There are no warranties expressed or implied as to the accuracy completeness or results obtained from any information set forth in this report MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report caused in whole or in part by its negligence in compiling interpreting reporting or delivering the content in this report
COPYRIGHT
MyPrivateBanking GmbHrsquos products are the property of MyPrivateBanking GmbH Switzerland and are protected by Swiss and international copyright law and other intellectual property laws Customers are prohibited to copy forward or store MyPrivateBanking products outside of the legal entity that has made the purchase
MyPrivateBanking GmbH Hafenstrasse 50B CH-8280 Kreuzlingen Switzerland Tel +41 71 566 10 05
For our latest reports please check httpstoremyprivatebankingcom
MOBILE APPS FOR WEALTH MANAGEMENT | 49
AUTHORS
AUTHORS
Onawa Promise Lacewell Senior Analyst has a research focus on the impact of disruptive technologies on the financial services sector as well as on consumer behavior and global regulation A particular focus in her work is the rise of automated investments services and breakthrough technologies such as augmented reality Previously she worked as a Senior Researcher for the WZB Berlin Social Science Center She holds a PhD in Political Science with specializations in comparative politics and quantitative research methods and a Bachelorrsquos degree in Political Science with a secondary focus in English
Kay Luiz Alave Junior Analyst has a research focus that includes the digital strategies and online presence of private banks and wealth management Previously she worked as a business and trade journalist in Manila Philippines and then as a research analyst for a SaaS company in Berlin She holds a Master of Science in Global Change Management from Hochschule fuer nachhaltige Entwicklung (University for Sustainable Development) in Eberswalde
Carolina Cabrera John Analyst has a research focus on the topics of Big Data solutions for disruption and optimization in the wealth management and private banking sectors Carolina holds a Lienciatura in ModernLanguages and Translation from the University of the Andes in Venezuela She previously worked as an analyst for a market research SaaS company and her specific areas of interest are the intersections of macroeconomics economic policy and sociocultural issues and theory as well as entrepreneurship in the Berlin startup boom
MOBILE APPS FOR WEALTH MANAGEMENT | 50
DISCLAIMER
DISCLAIMER
IMPORTANT NOTICE AND DISCLAIMERS
NO INVESTMENT ADVICE
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment or undertake any investment strategy It does not constitute a general or personal recommendation or take into account the particular investment objectives financial situations or needs of individual investors The price and value of securities referred to in this report will fluctuate Past performance is not a guide to future performance future returns are not guaranteed and a loss of all of the original capital invested in a security discussed in this report may occur Certain transactions including those involving futures options and other derivatives give rise to substantial risk and are not suitable for all investors
DISCLAIMERS
There are no warranties expressed or implied as to the accuracy completeness or results obtained from any information set forth in this report MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report caused in whole or in part by its negligence in compiling interpreting reporting or delivering the content in this report
COPYRIGHT
MyPrivateBanking GmbHrsquos products are the property of MyPrivateBanking GmbH Switzerland and are protected by Swiss and international copyright law and other intellectual property laws Customers are prohibited to copy forward or store MyPrivateBanking products outside of the legal entity that has made the purchase
MyPrivateBanking GmbH Hafenstrasse 50B CH-8280 Kreuzlingen Switzerland Tel +41 71 566 10 05
For our latest reports please check httpstoremyprivatebankingcom
MOBILE APPS FOR WEALTH MANAGEMENT | 50
DISCLAIMER
DISCLAIMER
IMPORTANT NOTICE AND DISCLAIMERS
NO INVESTMENT ADVICE
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment or undertake any investment strategy It does not constitute a general or personal recommendation or take into account the particular investment objectives financial situations or needs of individual investors The price and value of securities referred to in this report will fluctuate Past performance is not a guide to future performance future returns are not guaranteed and a loss of all of the original capital invested in a security discussed in this report may occur Certain transactions including those involving futures options and other derivatives give rise to substantial risk and are not suitable for all investors
DISCLAIMERS
There are no warranties expressed or implied as to the accuracy completeness or results obtained from any information set forth in this report MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report caused in whole or in part by its negligence in compiling interpreting reporting or delivering the content in this report
COPYRIGHT
MyPrivateBanking GmbHrsquos products are the property of MyPrivateBanking GmbH Switzerland and are protected by Swiss and international copyright law and other intellectual property laws Customers are prohibited to copy forward or store MyPrivateBanking products outside of the legal entity that has made the purchase
MyPrivateBanking GmbH Hafenstrasse 50B CH-8280 Kreuzlingen Switzerland Tel +41 71 566 10 05
For our latest reports please check httpstoremyprivatebankingcom
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