Survey: Wealth managers don’t meet needs of high net worth women

Written on Jun 13, 2018

Wealth managers with global retail asset management arms and investment banks are perceived as the worst at serving the needs of high-net-worth women, according to new research.

The survey by business consulting and technology provider Orbium found that 78% of executives feel the requirements of wealthy and ultra-high-net-worth women are not being addressed.

The survey canvassed 50 leading private bank and wealth management business chiefs in the UK, Europe and Asia on their current thoughts and where they see themselves in 2020.

Collectively the respondents manage assets of over $2.5 trillion, ranging from top ten global banks to medium and smaller firms.

The survey showed wealth managers also need to significantly improve their use of digitalization, which would enable female investors and next generation investors to interactively review their assets in a digital format and receive timely education and support.

Findings from the research also revealed the industry is "struggling to survive" as only 25% of private banks and wealth managers have a sustainable business model with both reliable revenue margins and appropriate cost control.

Executives plan to respond by rebalancing their business models to serve both next generation and traditional clients, the survey found, by embracing technology and upgrading both their client-facing front and back office core systems, as well as managing data more efficiently to provide enhanced client insight and personalization.

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