Abstract
Introduction
In recent years entrepreneurs have come to be seen as a key client segment for wealth managers to target and acquire, and an important growth area in the future. This report shows how entrepreneurs can be most effectively targeted, and how major wealth managers are currently attracting this client group.
Scope
- Includes insight from executives within major wealth management firms
- Covers in detail the strategies employed by leading wealth managers
Report Highlights
Private banks situated within an existing banking network are clearly best positioned to bring functions closer together, and should look to focus on those aspects of the network that are of particular interest to this group. The investment bank in particular should be as integrated as possible.
For many entrepreneurs, particularly those with international business interests, the global reach of their private bank is an important consideration. Where possible, wealth managers should develop global capabilities (often in partnership with the investment bank), and demonstrate that the bank has knowledge and access to global opportunities.
Private banks therefore need to be aware of M&A activity in business, for example, as well as understanding the life-cycle of a business, and take the opportunity to emphasize this aspect of their businesses when approaching entrepreneurs who are both current and prospective clients.
Reasons to Purchase
- Gain insight into how competitors effectively target one of the most attractive client segments
- Understand how to alter strategy to maximise opportunities in attracting this client group
Table of Contents
- Overview
- CHAPTER 1 BEST PRACTICE IN TARGETING AND ACQUIRING ENTREPRENEURS
- Introduction
- The first step for wealth managers is understanding how to approach and
reach entrepreneurs
- Look to existing clients to provide referrals and generate confidence in the service
- Streamline referrals across the banking network
- Establish a regional presence
- Reinforce brand and commitment with networking opportunities and publications
- Understanding the service needs of entrepreneurs is key to convert them
into clients
- Integrate banking areas and raise convenience levels to maximise efficiency
- Leverage the global reach and scope of the banking network as a whole
- Clearly demonstrate knowledge and understanding of the world of SMEs and the mindset of entrepreneurs
- Target clients at the right time in the life of their business
- Develop a flexible system allowing clients to take as much control over their finances as they require
- Match clients with staff that have an understanding of the particular needs of this segment
- CHAPTER 2 PROFILES: STRATEGIES FOR TARGETING ENTREPRENEURS
- Introduction
- A specific service is offered by some wealth managers seeking to
differentiate their service for entrepreneurs
- Clear client segmentation and the maintenance of a high profile sets Coutts apart
- BNP Paribas Private Bank offers a degree of self-direction within a specific information-based service
- Fortis Banque aims to maximise convenience within a single comprehensive dedicated service
- "Client-type" segmentation is not universally embraced by wealth managers
- Morgan Stanley Private Wealth Management makes use of a range of client acquisition channels
- HSBC Private Bank access entrepreneurs through regional positioning
- Lloyds TSB' s focus on female entrepreneurs promises an even more tailored approach
- Citigroup leverages its global reach and investment banking strength
- SG Private Banking brings corporate banking closer to private banking while streamlining the referrals process
- APPENDIX
- Further Reading
- Global Wealth Management SPP
- Interactive Databases
- Market Reports
- Strategic Insight Reports
- Wealth Management Competitor Tracker
- Asia Pacific Wealth Management SPP
- Savings and Investments SPP
- Interactive Databases
- Reports
- Global Wealth Management SPP
- SPP writing team
- Further Reading
