Market Demand : Choosing a Wealth Manager: the Decision-Making Process in the UK

ResearchMoz presents professional and in-depth study of “Choosing a Wealth Manager: the Decision-Making Process in the UK”.

Summary

While triggers for seeking advice differ across segments, the need for advice is centered on events where the consumer is gaining access to substantial funds, such as retirement or inheritance. Individuals in higher income bands are unsurprisingly more willing to pay for advice, but uptake can be boosted through education and the promotion of a trusted brand.

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Given HNW investors tendency to spread their assets across multiple providers, becoming a one-stop shop is critical as it means investors are less likely to spread their wealth. Given that 70% of the UK HNW population is above the age of 50, wealth managers need to have a strategy in place to appeal to the next generation of investors. Inheritance and estate planning services that include current HNW clients children in the planning process are the most straightforward solution.

This report provides a comprehensive analysis of key factors affecting investors choice of financial advice and investment services providers in the UK. The report is primarily based on our proprietary surveys.

Specifically the report –
– Uses insight from our surveying of wealth managers and independent financial advisors to learn how competitors target and acquire clients, while assessing the effectiveness of different methods.
– Analyzes key triggers prompting investors to seek advice and the factors affecting their choice of provider.
– Examines the research process undertaken by individuals before making financial decisions.
– Compares investor attitudes towards different communication and onboarding channels.
– Provides recommendations on how to deal with changing investor preferences and how to stay relevant to the next generation.

Scope

– Almost half of UK HNW investors opt for professional advice due to lack of time.
– More than a fifth of UK HNW investors chose their wealth manager based on the providers trusted brand image.
– UK HNW investors allocate almost three quarters of their wealth to discretionary mandates.
– Almost a third of UK HNW investors who self-direct do so to save on management fees.

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Reasons to buy

– Identify events prompting investors to seek advice in order to better understand your clients.
– Learn about UK consumers willingness to pay for advice.
– Identify how investors research investment services providers to evaluate your client acquisition strategy.
– Understand how UK individuals choose their financial advisors to tailor your targeting approach.
– Review your digital strategy by learning how different channels are used by different demographics.
– Explore differences between key client segments and demographics to evaluate your marketing efforts.

Table of Contents

1. EXECUTIVE SUMMARY 2
1.1. Intergenerational wealth transfer is big business in the UK 2
1.2. Key findings 2
1.3. Critical success factors 2

2. THE CUSTOMER PURCHASING CYCLE AND INVESTMENT MANAGEMENT IN THE UK 9
2.1. All consumers undergo a similar buying process, understanding of which increases client acquisition 9
2.1.1. Aligning an investment proposition to customer needs drives customer acquisition 9
2.1.2. The increasing digitization of wealth management is complicating an already complex financial service 10

3. TRIGGERS PROMPTING INVESTORS TO SEEK FINANCIAL ADVICE 11
3.1. Retirement is the most important driver for seeking financial advice 11
3.1.1. Offering pension and inheritance planning is a must 11
3.1.2. Decisions regarding lump sums prompt consumers to seek advice 12
3.2. As investors income doubles so does their willingness to seek financial advice 13
3.2.1. Seeking financial advice is a logical move for those with a personal pre-tax income of more than 75,000 13
3.2.2. Income levels are a strong determinant of the fee investors are willing to pay 14

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4. RESEARCH CHANNELS AND OUTREACH 16
4.1. Investor education requires constant attention by wealth managers 16
4.1.1. A section of investors are disengaged with investment and do not even research partners 16
4.1.2. The brand needs to be kept front and center at key financial publications 17
4.2. Targeting the next generation of HNW investors early is paramount 17
4.2.1. Almost a third of HNW clients children move their parents assets to a different provider when inheriting 17
4.2.2. Reaching out to the next generation early on is critical, but wealth managers are not doing a good job 18
4.2.3. Wealth managers should review their digital channel strategy 19
4.2.4. Inheritance planning needs to be seen as a means for retaining AUM as it passes to heirs 20

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