Private Banks Turn towards the Client-Centric Approach to Create Differentiation.DUBLIN, Ireland -- Research and Markets (http://www.researchandmarkets.com/reports/c43196) has announced the addition of "Client-centric Models in Wealth Management - Asia-Pacific" to their offering. As private banks seek to differentiate themselves from competitors many are turning to more customer-centric business models. This report looks at the reasons behind the client-centric approach and analyses some examples such as the franchised private bank and the family office. Scope of this title: * This report introduces the concept of customer centricity Customer centricity refers to the orientation of a company to the needs and behaviours of its customers, rather than internal drivers (such as the quest for short term profit). , looking at the argument behind it and answering the question "why?" * This report looks at the various options for customer-centricity, analyzing each and discussing their merits. * This report sizes the affluent population across Asia-Pacific and discusses the need for client-centricity as a means to retention of clients. Highlights of this title: * In the current global environment, the number of wealthy individuals is growing very quickly. The fact is that there is plenty of wealth being created for most of the wealth managers to find new clients. However the question is, having attracted clients to a service, how can these clients then be retained? * The fact is that relationship managers are always going to be interested in making money and will pursue whichever means they need to in order to gain the best remuneration REMUNERATION. Reward; recompense; salary. Dig. 17, 1, 7. they do not work for the love of work. What wealth managers and private banks need to do is to find a remuneration model that ultimately leads to better client service. Wealth managers cannot just drop their own products, but there are some aspects of the family office model that can be taken on board and replicated. The biggest factor is in the way the family office offers value to the family by taking over the research function of investing and also by knowing the inherent requirements that the family has. Reasons to order your copy: * Find out what factors you should look for in better-servicing your client base. * Find out what factors irritate wealthy individuals vis-Ea-vis their wealth managers. * Find out how to structure your service to offer value to clients and ensure retention. Topics Covered Chapter 1 Introduction Who is the target reader? How to use this report Report Methodology Chapter 2 Why is client-centricity important? In order to be successful going forward wealth managers will need to be client-centric Changing socio-economic factors mean the wealth management business in Asia-Pacific is seeing new segments with differentiated needs In developed markets the 2ndgeneration of wealthy are beginning to emerge Affluent individuals in emerging markets are different from those in developed markets Expatriate Expatriate An employee who is a U.S. citizen living and working in a foreign country. groups are rising in number Remittance Money sent from one individual to another in the form of cash, check, or some other manner. Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance. REMITTANCE, comm. law. services Offshore investment Other expatriate needs In order to attract these new wealthy segments wealth managers will need to differentiate through service and understanding It is actual service and not the promise of product and service features that differentiate a wealth manager from its competitors As part of its marketing any private bank or wealth manager will detail exactly what it is that differentiates them from their competitors. Each type of competitor will highlight what they believe are the attractive aspects of their products and services for clients and potential clients. The large global players will highlight the merits of their global presence or their long history or both (it should be noted that these examples are taken from different private banks): As well as highlighting the tailored relationship that will be enjoyed by clients: Wealthy individuals need to feel their service providers understand their situation When the market is not so favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. , those wealth managers that are client-centric are more likely to achieve retention Poor investment reporting is a major bone of contention Poor communication and a lack of transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. are key frustrations Lack of individual treatment and responsive service Chapter 3 Client-centric business models There are three factors that wealth managers should consider when seeking to be client-centric Client-centricity begins with segmentation How can you service a client if you dont know what they need? What are the major need factors to consider? The family office is the definition of client-centric Ultimately a client manager must be perceived to be working for the client Satisfaction comes with added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Empowering staff can also be a means to better client service Incentivizing staff based on product quotas does not benefit the client Ownership is more likely to instill in·still v. To pour in drop by drop. in  stil·la tion n. an ethic eth·ic n. 1. a. A set of principles of right conduct. b. A theory or a system of moral values: "An ethic of service is at war with a craving for gain" of client service Chapter 4 Appendix Supplementary data Definitions AAGR AAGR Average Annual Growth Rate AAGR Air-to-Air Gunnery Range CAGR CAGR See: Compound Annual Growth Rate Gini index Liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. Liquid asset bands Research methodology The Global Wealth Model The UK sub model Asia-Pacific sub model Forecasting methodology Wealth numbers compared with others numbers Bespoke be·spoke v. Past tense and a past participle of bespeak. adj. 1. Custom-made. Said especially of clothes. 2. Making or selling custom-made clothes: a bespoke tailor. Wealth Market Sizing Further reading Asia-Pacific Wealth Reports Asia-Pacific Insight Reports Global Wealth Service: Competitor Tracking Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Consulting Asia-Pacific contacts List of Tables For more information visit http://www.researchandmarkets.com/reports/c43196 Source: Datamonitor |
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