歐洲財富管理商品的創新

Abstract

Overview

Introduction

European wealth managers continue to churn out new products and services as a means of keeping pace with or staying ahead of their competitors. This report analyses recent product launch activity, looking especially at new, innovative offerings and assessing anticipated trends in product and service development to 2010.

Scope

• Assesses product development priorities among European wealth managers;
• Highlights new product and service features and benefits;
• Identifies future areas of focus for product and service innovation.

Report Highlights

Wealth managers may be missing out on opportunities to drive business among business owners and entrepreneurs in particular, since limited development and launch effort is being committed to private equity investments and lending products, even though these categories are attracting strong interest from this very lucrative client group.

Wealthy investors are benefiting from moderate to significant innovation in three core areas. Just below 60% of wealth managers described new online services as quite innovative or very innovative, while 55% and 50% report significant new features and benefits being introduced to value-added services and capital-protected investments, respectively.

Development in online services is likely to be most vigorously pursued by wealth managers serving the mass affluent market. Providers should note, however, that online services are also highly valued by the critical segments of expatriates, inpatriates and, to a slightly lesser extent, business owners/entrepreneurs.

Reasons to Purchase

• Benchmark your product development efforts against the offers of leading European wealth managers and private banks;
• Align new product development strategies to the characteristics and demands of some of the most lucrative customer segments;
• Gain insights into wealth managers' strategies for embedding innovation into their organisations.

Table of Contents

• Overview
  • Catalyst
  • Summary
  • Methodology
• Executive Summary
  • Investment in the development of new products and services provides a platform for attracting core target customer segments
    • Innovation is centered on online, value-added and capital-protected solutions
    • Over the next two years, property and private equity products will be given greater focus
    • Profitability is only a secondary driver of innovation
    • Leading wealth managers are making a greater effort to institutionalize customer-driven innovation
• Table of Contents
• Table of figures
• Table of tables
• Targeting Lucrative Customer Segments With New Products
  • Wealth managers have focused on launching new capital-protected investments and online services
    • Capital-protected investments and online services have been dominating product launch activity
    • Product launch priorities take the demands of the most important client segments into account
      • Wealth management service response: Providers need to align their product development strategies with the demands of the most lucrative customer segments
    • Tax planning and online services have broad appeal
    • New private equity investments and credit facilities will attract strong interest from business owners
      • Multi-faceted tax obligations make tax advice and new tax-efficient products a must for entrepreneurs
      • Entrepreneurs are on the lookout for new property investment opportunities
      • Activity in private equity and lending has been muted
      • Wealth management service response: The best banks for business owners will offer an expanded range of private equity and lending offerings
    • Wealth managers are targeting the retired wealthy with protected investments and estate planning
      • Capital-protected investments meet retirees' need for wealth preservation
      • Wealth transfer requirements call for tax-optimizing solutions
      • Wealth management service response: New offers aimed at retirees should focus on maximizing returns in a way that allows them to sustain their current lifestyle and provide for heirs
    • Wealthy women expect to be able to keep abreast of developments in their portfolios and access tax advice, but they also value support services and products for their philanthropic aspirations
      • Growing concern for social justice is prompting interest in charitable giving and socially-responsible investments
      • Wealth management service response: Wealth managers are expanding their portfolios of socially-responsible investments, as a core element of philanthropy and charitable services
    • Wealthy clients based overseas place emphasis on online portfolio management and cross-border tax services
      • Improved online functionality helps expatriates and inpatriates to stay in control of their investments while abroad
      • Wealth management service response: Online services from private banks and wealth managers allow clients to do more for themselves
    • Value-added services are primarily a complementary, but secondary proposition; however they may help to attract wealthy women and expats
      • New value-added services promise easier living at home orabroad
      • Wealth management service response: Third party providers allow wealth managers to provide the best of both worlds
    • Product and service development activity has been largely on target; however there is scope for greater attention to high-interest areas among entrepreneurs
• Priority Areas For Innovation In Wealth Management
  • Innovation is centered on online, value-added and capital-protected solutions
    • Innovative enhancements of online functionality offer client benefits as well as cost efficiencies
      • Innovation in online services has been focused on enabling seamless international banking and wealth management
      • Wealth managers are also harnessing technology to improve the delivery of advice and service
      • Wealth management service response: Wealth managers targeting customers with international and online requirements must build their propositions around the concepts of one-world banking and access to premium information
    • Innovation in value-added services extends the client relationship beyond the investment portfolio
      • Value-added services are increasingly international in focus
      • Wealth management service response: Innovative value-added services must offer more than local access
    • Wealth managers are responding to client demand for predictability and protection with innovative capital-protected offers
      • New capital-protected investments for wealthy clients aim to provide greater protection and exposure to a wider range of underlying assets
      • Wealth management service response: Providers must be prepared to offer innovative solutions providing higher levels of protection or more diversified investment opportunities
    • Core products and services also offer scope for innovation and differentiation in service delivery
• Future Trends In Product And Service Innovation
  • Over the next two years, property and private equity products will be given greater focus
    • The most attractive customer groups would welcome meaningful innovations from their wealth managers
    • Online services and capital-protected products top the list for future innovation
      • Future online services will attempt to empower clients more and more
      • Capital-protected investments will continue to harness new underlying assets
      • New value-added services will include more sophisticated advice for mass affluent clients and new complementary facilities related to property and art
      • New property investments will provide exposure to emerging markets
      • Inheritance planning advisory services will cater to the internationally mobile
      • Current market constraints provide strong incentive for building innovative and flexible private equity structures
      • Tax planning services will also be more internationally-focused
      • Emerging markets and hedge funds will also be high-priority areas
  • Profitability is only a secondary driver of innovation
    • Optimising innovative effort to appeal to core target customers groups may call for more emphasis on lending and charity/philanthropy services
      • New credit services will appeal to business owners
      • Wealthy women should be a key target of innovation in charity/philanthropy services
  • Leading wealth managers are making a greater effort to institutionalize customer-driven innovation
    • Wealth managers are leveraging their global scope and encouraging innovation
• Appendix
  • Data
  • Definitions
    • HNW
    • Mass affluent
  • Methodology
  • Bibliography
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
• List of Tables
  • Table 1: We have identified a number of areas where there may be a lot of product/service launches in wealth management.Please rate each area on the level of activity you are currently seeing(on average).
  • Table 2: We have identified a number of potentially lucrative customer segments in wealth management. Please rate each on its attractiveness as an area to focus on.
  • Table 3: Please indicate if there is "a lot of demand" from the following customer segments for the following products and services.
  • Table 4: We don' t think that activity = innovation. So, in which areas are you seeing product/service innovation in wealth management? Please rate each area on the level of innovation you are currently seeing (on average).
  • Table 5: How would you rate each of the following segments on their receptiveness to innovative products (on average)?
  • Table 6: In which of these areas do you expect to see more innovation in the next 2 years?
• List of Figures
  • Figure 1: Capital-protected investments register the highest number of new product launches
  • Figure 2: Business owners are the most attractive client group for European wealth managers
  • Figure 3: Tax planning and online services have broad appeal
  • Figure 4: Online services have been the focus of innovative effort
  • Figure 5: Entrepreneurs and business owners are most receptive to innovation
  • Figure 6: Over the next two years, wealth managers will focus most on innovations in online services and capital-protected products
  • Figure 7: Wealth managers may need to commit to greater innovation in philanthropy services and lending to appeal to women and business owners