The world’s richest women are poorly served by wealth managers, according to new research by Orbium, a global business consulting and technology provider for the wealth management industry.
The survey revealed that 78 per cent of executives feel the needs of wealthy high-net-worth and billionaire women are currently not being adequately addressed.
The Orbium Wealth Management C-Level Survey 2018 surveyed 50 leading private bank and wealth management C–Suite executives in the UK, Europe and Asia who together manage assets of over USD2.5 trillion, and range from top ten global banks to medium and smaller firms. The report gathered their current thoughts and where they see themselves in 2020.
Wealth managers with a universal retail, asset management arm, and investment bank were the worst performing enterprises. Family offices proved better serving the needs of female investors. Executives also highlighted they were also falling short in addressing first generation entrepreneurs.
Ian Woodhouse, Head of Strategy and Change at Orbium, says: “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.
“In order to create compelling value propositions that resonate with women of all types, wealth managers need to better understand their investment goals. Currently, only 17 per cent of participants offer their clients digital interaction with relationship managers, but by 2020, 76 per cent plan to offer this to meet the needs of next generation clients, according to our survey, who are used to the digital world and will expect it from their wealth managers.
“Wealth managers need to significantly improve their use of digitalisation and converting information into digital format, the survey shows. This would enable female investors next generation investors to interactively review, with their relationship managers, their assets and portfolio on their tablet or mobile device, receive timely education and ideas and, in some cases, change asset allocation. This gives women more insight and freedom to make the choices they desire and to build confidence in their own abilities.”