The world’s wealthiest women are being poorly served by wealth managers, according to global business consulting and technology firm Orbium.

This was a key finding in the Orbium Wealth Management C-level Survey 2018. It showed that 78% of executives said the needs of HNW and billionaire women are not being addressed.

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The survey involved polling 50 leading private banks and wealth management C-level executives across UK, Europe and Asia who manage assets of more than $2.5trn.

Ian Woodhouse, head of strategy and change at Orbium, said: “While many wealth management firms acknowledge that next generation clients, including women investors comprise a growing portion of their market, few seem to have adequately changed their advisory model to meet women’s needs.”

Other key highlights of the survey include:

  • Only 25% of private banks and wealth managers have sustainable business models with good revenue margins and cost controls.
  • Executives plan to significantly rebalance their business models to serve the next generation and traditional clients
  • Only 17% of wealth managers offer their clients digital interaction.
  • Wealth managers said expect to outsource business processes to improve the agility and cost efficiency of their operations.

The survey also showed that a majority of wealth managers in UK favour Brexit, with 61 percent of executives agreeing that Brexit would bring benefits across Europe and Asia.

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After the UK, Asian wealth managers were the second highest segment to favour Brexit.

Executives in other parts of the EU and Switzerland were not in favour.