Research and Markets: Understand the Nature of Offshore Clients as Money Leaves Offshore Centers in the Billions with This Essential Offshore Financial Services in Jersey Report.
With money leaving offshore centers in the billions, understanding the nature of offshore clients and what strategies to employ to attract and retain them has become absolutely critical, not just for offshore bankers but also for their onshore competitors.
* This report draws on the findings of the Offshore Banks Survey 2010.
* This survey was conducted in February/March 2010 among banks in Jersey, Guernsey, the Isle of Man, Switzerland, Hong Kong and Singapore.
Highlights of this title
* Out of all offshore clients by assets under management, 69% are from Western Europe, and 57% of these are from the UK.
* The most important reason that British offshore clients choose to bank in the islands is because they get a more personalized service compared with onshore banking.
* The average offshore client has 37% of his holdings in cash and near-cash, and this is expected to fall to 32% in two years' time.
Key reasons to purchase this title
* Understand the nature of offshore clients in Jersey.
* Gain insight into the future needs of offshore clients.
* Access strategies for success in the marketplace.
Key Topics Covered:
* Many of the offshore clients of banks in the islands are British and enjoy the personalized service offered by these banks
* Offshore clients are looking for fundamental offshore services from their banks
* Jersey bankers need to focus on brand, image and reputation as well as advisory services
Offshore Clients of Jersey, Guernsey and the IoM
* A significant number of clients on the islands and Jersey are from Western Europe, especially the UK
* The three island centers service a very Western European offshore clientele
* Jersey focus: Jersey has a high concentration of Western European clients
* Britons are very important to the island banks, but not uniformly important
* Jersey focus: British offshore investors have more assets under management in Jersey than the other centers
* Historic links with Hong Kong make this region particularly important to banks in the islands
* Jersey focus: Indians are well represented among the Asian client segment
* Offshore clients bank on the islands because they get a more personalized service than they would onshore
* UK clients that put their money in the islands are attracted to the islands because they get a more personalized service
* Jersey focus: Jersey clients find offshore banking convenient because they are 'on the move'
* The average portfolio of an offshore client is very conservative in nature, and this is not expected to change much going forward
* Cash and near-cash is the most important asset category in the portfolios of offshore clients of banks in the islands
* Jersey focus: Jersey clients invest more in real estate than elsewhere
* Offshore clients of banks in the islands are expected to make small adjustments to their portfolios going forward
* Jersey focus: the portfolios of Jersey's offshore clients are expected to change very little over the next two years
* Offshore clients are not likely to move center or bank and have little appetite for risk
* Offshore clients of banks on the islands are not prone to switching
* Jersey focus: Jersey clients are value-conscious but loyal to their offshore bankers
* The appetite for risk among offshore clients has dropped and is unlikely to recover much going forward
* Offshore clients on the islands tend to have created their own wealth
* The single most important source of wealth among offshore clients is business/entrepreneurship
* Jersey focus: most Jersey clients have sourced their wealth through business/entrepreneurship
The Competitive Environment in the Islands and Jersey
* Offshore clients of banks in the islands are looking for the basics from their banks
* Offshore clients place a great deal of importance on the brand, image and reputation of providers when deciding who to bank with
* Jersey focus: Jersey clients are focused on the same reasons as others for choosing an offshore bank
* Tax prosecutions and amnesties are not the main reason that offshore clients might leave their bank
* Change in personal circumstances is the number one reason for client defection from their bank
* Jersey focus: a lack of proactive advice is a key reason for offshore investors to leave a bank
* Offshore clients of banks in the islands are relatively light users of online services
* Offshore clients do not make intensive use of online services from their bank
* Jersey focus: the majority of Jersey clients use online services less than one time per week
* Island bankers think that their clients will be looking for low-risk products in two years' time, and that the greatest opportunity lies in discretionary asset management
* The expectation is that offshore clients will still be looking for products and services geared towards wealth preservation in two years' time
* Jersey focus: capital-protected products and tax planning and advice should see strong demand from Jersey clients in two years' time
* Discretionary asset management is seen as the best way for banks to attract new offshore business
* Jersey focus: offshore bankers in Jersey see their advisory role as pivotal to attracting new clients
* For basic accounts, offshore clients are interested in one key feature: high interest rates
* High interest rates are very important both for savings and deposit accounts in the islands
* + many more
For more information visit http://www.researchandmarkets.com/research/30ced8/offshore_financial
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|Date:||Aug 16, 2010|
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