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How do different firms differentiate their service level and business…
How do different firms differentiate their service level and business model for HNW/UHNWI
Why is it necessary?
Globalisation has lead to homogenisation of business models in WM industry and products/services
Lack of trust after the financial crisis - change perception
Value added services in a low return environment such as education to justify costs
To create a sustainable business model to ensure wealth management longevity
To attract and retain clients build loyalty and long term relationships - continually update business model
To distinguish from competitors - develop a brand and USP
Fees as differentiator
North American - commission based model
European - fee based model
Important to justify fees - HNW want to grow their wealth therefore concerned with fees
Greater fee transparency expect to see more clients starting to question pricing levels
Wealth Managers will need to prove “value for money”
or face further fee pressures.
Less regulatory pressure in APAC, clients are particularly price sensitive, translating into continued margin pressure
Additional services determine fee structure - gold and platinum accounts
Trust and Company providers annual fee
Lawyers hourly fee
Products
Services
Access
Additional benefits
Education
Time
Geographic region - culture
Technology
Hybrid advice model
Level of service
Concierge services