High net worth
individuals (HNWIs) are less confident about making money in 2012
and private banks and wealth managers will have to work harder for
their business, research suggests.
The study by Scorpio
Partnership, Futurewealth Report: A Client Revolution,
surveyed 3,300 HNWIs with an average wealth of $2.5m on the issues
of wealth confidence, customer experience, coveted brands and
wealth aspirations.
Go deeper with GlobalData
Confidence drops
as performance rises
The survey found that
these HNWIs, or “futurewealthy”, have become less confident in
making money each year since 2010, despite the fact their actual
wealth has grown each year during this period.
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By GlobalDataIt also found that if
the futurewealthy had unlimited resources then they would invest
even more energy into their careers, finances and personal power.
The report noted that this trend was particularly true of those
worth more than $2m.
Customer care
and branding essential
Scorpio’s report says
that the futurewealthy are very discerning with where they spend
their money and that every step of the buying experience is
important to them.
The report concludes
that companies attempting to attract futurewealthy clients need to
focus more on their customer care.
It highlights the fact
that private banks and wealth managers need to develop a brand that
can excite futurewealthy clients.
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