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Jun. 29, 2017
Report: Digital Offerings for Ultra-High-Net-Worth Clients 2017

Slow Progress in Wealth Managers’ Digital Offerings for the Super-Rich

Digital Offerings for UHNW Clients 2017

Wealth managers for the super-rich are largely missing out on digital opportunities to attract and engage their high-end clientele. Only a few firms have clearly recognized and reacted to the increasing digital needs of their ultra-wealthy clients. This is the main finding of our report “Digital Offerings for UHNW Clients 2017 - How wealth managers can win and engage the ultra-wealthy online” for which we analyzed and ranked the digital offerings targeted at the ultra-high-net-worth (UHNW) sector, defined as those with at least $25 million in investable assets, by 12 leading wealth managers worldwide. 

With an overall average performance of only 52% of the maximum achievable points, the leading private banks and wealth managers fall significantly short of providing true UHNW-level service. The report outlines the reasons for these disappointing results and the threats facing UHNW wealth managers unable to implement rapid digital adaptation.

In our analysis of the current and future digital needs of ultra-wealthy clients detailed in the report, it becomes clear that the characteristics and habits of technology use by the wealthy usually differ significantly from those of affluent and retail consumers. This underscores how important it is for wealth managers and private banks to have a strong set of digital capabilities which appeal to ultra-high-net-worth investors, and the need to attract the target audience online.

The report identifies a select group of wealth managers and banks that are performing well in addressing the digital needs of their ultra-high-net-worth clients. The evaluation was conducted on the basis of over 20 different criteria, and the report contains detailed profiles for each evaluated wealth manager’s digital offering for UHNWs. The performance of all 12 wealth managers is ranked overall and by nine functional areas, and a heatmap compares the strengths and weaknesses of the digital offerings from the 12 wealth managers

It is encouraging to see that some among the leading firms recognize that the high-end client segment is seeking innovative features and high quality digital content focused on their personal goals, life stages, professions or interests. But the vast majority of UHNW wealth managers still have a long way to go to make digital the centerpiece of their strategy and to recognize and exploit the full potential of innovative technology.

For concrete and actionable examples on how wealth managers can better serve the ultra-rich with respect to digital, the report provides almost 20 best practices of technology innovation from wealth managers for the ultra-rich and five case studies from adjacent industries such as high-end luxury.

While ultra-wealthy individuals are accustomed to personal and exclusive treatment in almost all circumstances, their financial managers, most likely one of their most expensive service providers, fall short. Wealth managers must recognize that any opportunity to communicate with an UHNW client or prospect should never be overlooked.

Based on our thorough, data-driven evaluation of the current digital offerings, the digital needs of UHNWs, and the trends in the markets and technologies, the report provides a detailed guide on how wealth managers can attract and engage this unique and discerning client segment with online and mobile media.

 

The report analyzes UHNW digital offerings from the following firms: 

Abbot Downing, Atlantic Trust, BNY Mellon Wealth Management, Citi Private Bank, Glenmede, Goldman Sachs Private Wealth Management, Hawthorn (PNC), HSBC Private Bank, J.P. Morgan, Northern Trust, Pictet, U.S. Trust.

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Report: Digital Offerings for Ultra-High-Net-Worth Clients 2017

Slow Progress in Wealth Managers’ Digital Offerings for the Super-Rich

  Jun. 29, 2017

Digital Offerings for UHNW Clients 2017

Wealth managers for the super-rich are largely missing out on digital opportunities to attract and engage their high-end clientele. Only a few firms have clearly recognized and reacted to the increasing digital needs of their ultra-wealthy clients. This is the main finding of our report “Digital Offerings for UHNW Clients 2017 - How wealth managers can win and engage the ultra-wealthy online” for which we analyzed and ranked the digital offerings targeted at the ultra-high-net-worth (UHNW) sector, defined as those with at least $25 million in investable assets, by 12 leading wealth managers worldwide. 

With an overall average performance of only 52% of the maximum achievable points, the leading private banks and wealth managers fall significantly short of providing true UHNW-level service. The report outlines the reasons for these disappointing results and the threats facing UHNW wealth managers unable to implement rapid digital adaptation.

In our analysis of the current and future digital needs of ultra-wealthy clients detailed in the report, it becomes clear that the characteristics and habits of technology use by the wealthy usually differ significantly from those of affluent and retail consumers. This underscores how important it is for wealth managers and private banks to have a strong set of digital capabilities which appeal to ultra-high-net-worth investors, and the need to attract the target audience online.

The report identifies a select group of wealth managers and banks that are performing well in addressing the digital needs of their ultra-high-net-worth clients. The evaluation was conducted on the basis of over 20 different criteria, and the report contains detailed profiles for each evaluated wealth manager’s digital offering for UHNWs. The performance of all 12 wealth managers is ranked overall and by nine functional areas, and a heatmap compares the strengths and weaknesses of the digital offerings from the 12 wealth managers

It is encouraging to see that some among the leading firms recognize that the high-end client segment is seeking innovative features and high quality digital content focused on their personal goals, life stages, professions or interests. But the vast majority of UHNW wealth managers still have a long way to go to make digital the centerpiece of their strategy and to recognize and exploit the full potential of innovative technology.

For concrete and actionable examples on how wealth managers can better serve the ultra-rich with respect to digital, the report provides almost 20 best practices of technology innovation from wealth managers for the ultra-rich and five case studies from adjacent industries such as high-end luxury.

While ultra-wealthy individuals are accustomed to personal and exclusive treatment in almost all circumstances, their financial managers, most likely one of their most expensive service providers, fall short. Wealth managers must recognize that any opportunity to communicate with an UHNW client or prospect should never be overlooked.

Based on our thorough, data-driven evaluation of the current digital offerings, the digital needs of UHNWs, and the trends in the markets and technologies, the report provides a detailed guide on how wealth managers can attract and engage this unique and discerning client segment with online and mobile media.

 

The report analyzes UHNW digital offerings from the following firms: 

Abbot Downing, Atlantic Trust, BNY Mellon Wealth Management, Citi Private Bank, Glenmede, Goldman Sachs Private Wealth Management, Hawthorn (PNC), HSBC Private Bank, J.P. Morgan, Northern Trust, Pictet, U.S. Trust.

ORDER REPORT 

 

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