Celent's Report on the Global Wealth Management Services Market.Business/Technology Editors BOSTON--(BUSINESS WIRE)--Nov. 13, 2001 Celent predicts that financial institutions can expect to earn over US$300 billion in management fees alone in 2005 by attracting the mass affluent Mass affluent and emerging affluent are marketing terms used to refer to the growing high end of the mass market. It is most commonly used by the financial services industry to refer to individuals with US$100,000 to US$1,000,000 of liquid financial assets,[1] customer segment, who are defined as those individuals with investable assets of between US$100,000 and US$1 million. In a new report entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Wealth Management Market: Capturing the Hearts and Wallets of the Mass Affluent," Celent Communications closely examines the emerging mass affluent segment and provides strategies for financial institutions to attract and retain the financial assets Financial assets Claims on real assets. of these mass affluent investors. Over the past year, the hype surrounding self-directed online financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against tools has decline dramatically. Instead, a new wave of wealth management tools have focused on providing a robust suite of online tools for the advisors so that they can effectively manage and advise large number of clients. In essence, the focus on online wealth management services has changed from disintermediating the human advisors to arming those human advisors to play a central role in their clients' day-to-day money management. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Sang Lee, co-author co·au·thor or co-au·thor n. A collaborating or joint author. tr.v. co·au·thored, co·au·thor·ing, co·au·thors To be a collaborating or joint author of: "He and a colleague . . . of the report, "The sudden downturn in the US financial markets over the past year has really dampened the spirit of self-directed investing. Instead, the focus has turned to the concept of wealth management services. Over reliance on transactions alone has burned those firms focused on no-frills self-directed investing. We expect to see a significant number of financial institutions implementing Web-based wealth management services in the hope of diversifying their revenue stream." Isabella Fonseca, co-author of the report, adds that, "The mass affluent segment exhibits rapid rate of asset growth and represents large number of individuals. As a result, those firms interested in establishing formidable wealth management services in the future cannot afford to ignore the mass affluent customer segment" The report is available from Celent Communications, www.celent.com, 617.573.9450. NOTE: FULL COLOR CHART color chart n. An assembly of chromatic samples used in checking color vision. AVAILABLE AT: http://www.celent.com/PressReleases/20011108/WealthMgmt.htm |
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