December 17, 2015
In general, high-net-worth individuals believe that their wealth management firms are on the right track to deliver key business standards. 80% of European HNWs rate the service they receive as “good”, “very good” or “excellent”.
Whilst satisfaction in Europe tends to lag behind that seen in the Americas, where 89% of clients are satisfied customers, the majority of wealthy Europeans are very happy. Roughly one in five (18%) gave their wealth manager an overall rating of “excellent”.
Source: The Futurewealth Report; Scorpio Partnership, NPG Wealth Management and SEI
Change is afoot, however.
Younger clients are more sceptical about wealth management service delivery. 27% of youthful Europeans believe that investment recommendations have not been in line with their financial risk tolerance.
So whilst the industry is moving in the right direction to implement the business standards that matter to clients, it may falter going forward. Younger investors are inherently more sceptical about the future of the industry and require the relationship manager and wealth management firm to be more aligned in their delivery of outcomes.
