Global HNW Targeting and Retention Strategies Market 2019 Analysis By Critical Success Factors, Key Client Groups, HNW Segments, and Growth-Rate
New Report on “Global HNW Targeting and Retention Strategies Market” added to Orbisresearch.com database. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Dallas, United States – January 14, 2019 /MarketersMedia/ —
“HNW Targeting and Retention Strategies”, report analyzes and sizes key segments of the global HNW market, and provides detailed recommendations how to best target and service these individuals. The report also provides a detailed discussion on the effectiveness of different HNW client retention strategies. It is based on our proprietary Global Wealth Managers Survey.
48% of HNW individuals are professionals, making them the largest target market, closely followed by entrepreneurs at 46%. While considerably smaller in size, providers will also find HNW expats an attractive segment thanks to their more complex affairs resulting in a greater need for wealth management services. Despite the above segments’ differing service requirements, we see very little difference when it comes to providers’ targeting strategies. While client referrals are the most successful means of acquisition, wealth managers should adopt a more differentiated approach. Providers targeting professionals will find external referrals an effective channel, while investment banking referrals will prove fruitful in the entrepreneur space.
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Scope:
– 52.3% of global HNW investors reside in North America, but growth is more pronounced in Latin America, where the number of HNW individuals is forecast to grow by 48% between 2017 and 2021.
– Professionals make up 5 million individuals of the global HNW market, 4.8 million being entrepreneurs.
– 28.3% of HNW clients have been acquired through client referrals, making it the most successful channel.
– A longstanding advisor relationship is the most effective means of client retention, followed by portfolio performance and a firm’s brand image.
Specifically the report –
– analyzes the size of the global HNW market and key client groups
– analyzes the proportion of HNW clients sourced via different client acquisition tools
– provides recommendations regarding the effectiveness of various acquisition tools across different target segments
– analyzes how to best service different HNW segments
– analyzes the effectiveness of different client retention strategies in the HNW space.
Key Players:
US Bank
DBS
BNP Paribas
Optymyze
CBA
Deutsche Bank
Morgan Stanley
ICBC
China Construction Bank
Bank of China
Agricultural Bank of China
Wells Fargo
China Merchants Bank
Aldermore
Purchase this report online with 57 Pages, List of Tables & Figures and in-depth Table of Contents on “HNW Targeting and Retention Strategies Market”@ https://www.orbisresearch.com/contact/purchase/2137071
Reasons to buy:
– Understand the size and service requirements of key client groups
– Develop and enhance your client targeting strategies using our proprietary data on the effectiveness of various targeting strategies across key target groups
– Minimize customer churn rates by gaining a detailed understanding of the effectiveness of different retention tools
– Tailor your product portfolio to match demand patterns across the different segments discussed
– Understand what selected competitors are doing to successfully reach out to different target groups.
Table of Content:
1. EXECUTIVE SUMMARY 1
1.1. Professionals and entrepreneurs make up the vast majority of the 10.5 million-strong HNW population 1
1.2. Key findings 1
1.3. Critical success factors 1
2. HNW ENTREPRENEURS AND PROFESSIONALS COMPRISE ALMOST EQUALLY LARGE TARGET GROUPS 8
2.1. North America is the largest target market, but growth can be found in Latin America and Asia Pacific 8
2.1.1. A comparatively high proportion of unadvised HNW wealth makes Asia Pacific an attractive target market 9
2.1.2. A focus on emerging markets promises rapid business growth, but reaching out to investors early on is paramount 11
2.2. Professionals constitute the largest target market, closely followed by entrepreneurs 11
2.2.1. Professionals constitute the largest target group globally 12
2.2.2. The entrepreneurial spirit runs high in Eastern Europe 13
2.2.3. HNW entrepreneurs are willing to expatriate to start their business ventures 16
2.2.4. While only constituting 11.4% of the global HNW population, the wider expat community also make for a lucrative target market in key hubs 17
2.3. The demographic profiles of key HNW segments differ only marginally, with the exception of inheritors 18
2.3.1. Female inheritors are an often overlooked segment 18
3. PROVIDERS SHOULD PURSUE A MORE TAILORED APPROACH WHEN REACHING OUT TO DIFFERENT SEGMENTS 20
3.1. A high degree of competition calls for tailored acquisition strategies 20
3.2. Client referrals are the number one source of new business, followed by relationship managers’ own contacts, and internal referrals 21
3.2.1. Generating positive word of mouth is paramount in the HNW space 21
3.2.2. Despite coming in second as a customer acquisition tool, internal referrals remain underutilized 23
3.2.3. The importance of relationship managers’ own contacts as an acquisition tool calls for a greater focus on brand building 25
3.2.4. Cold-calling is not an effective means of reaching out to HNW individuals 26
3.3. Targeting professionals means leveraging cross-selling opportunities with the SME banking department 27
3.3.1. Professionals running small businesses will appreciate a wide array of lending products 27
3.3.2. Given professionals’ broader servicing needs, close collaboration with the SME banking team is critical 28
3.3.3. Providers targeting self-employed professionals should place greater attention on external partnerships 29
3.3.4. Internal partnerships are a critical channel of new business in markets where wealth is predominately held in the hands of the mass affluent 31
3.4. Investment banking referrals are critical when targeting entrepreneurs 32
3.4.1. Globally, 7.8% of HNW entrepreneur clients have been sourced through investment banking referrals 32
3.4.2. Partnerships with accelerators will allow wealth managers to target entrepreneurs at an early stage 33
3.4.3. Involving the next generation of business owners is a must in countries with an aging entrepreneurial community 34
3.5. International providers enjoy an advantage targeting expats, but domestic ones will find external referrals effective 36
3.5.1. Reaching out to expats pre-departure and establishing intra-country referral structures is critical 36
3.5.2. External partnerships are particularly important for domestically focused players 38
4. WEALTH MANAGERS SHOULDN’T SOLELY RELY ON ADVISORS TO FOSTER LOYALTY 40
4.1. Advisors are critical in fostering loyalty 40
4.1.1. Having a CRM system in place minimizes the risk of client loss when a relationship manager leaves 41
4.1.2. Creating multiple client touchpoints within the organization reduces the reliance on a single advisor 42
4.2. Extensive brand-building efforts, an outstanding track record, and a wide service proposition all contribute to customer loyalty 42
4.2.1. While critical as a retention tool, the importance of a positive investment track also poses challenges in times of increased market volatility 42
5. APPENDIX 46
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