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市場調查報告書
資產管理業者對資產家的融資
Lending for the wealthys
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本報告已在2011年07月19日停止出版。
資產家對不履行債務責任的風險雖較一般個人低，但利用這個機會對資產家融資的資產管理業者還停留在少數。
專門調查分析多項市場領域的 Datamonitor Corporation（總公司：倫敦），針對以資產家為對象融資的資產管理業者，其有效融資的方法進行調查，並發行報告書 "Lending for the wealthy" 。
本報告書內容包括：針對目前負責資產管理業者融資業務的高級主管的詳細訪談、對美國及歐洲的資產管理業者進行有關對資產家融資的普及範圍之調查結果等含 3 個圖表共計 27 頁的內容，內容綱要摘記如下。
第1章 對資產家融資
- 簡介
- 資產管理服務中有應包含信貸商品。
- 對資產家融資的金融商品以相對少數的顧客為對象但卻獲得較多的利益
- 成為接近新客戶的最佳機會
- 不履行債務責任的風險較一般顧客小
- 資產管理業者間的競爭也相對平和
- 最適合對資產家融資的 3 個領域
- 最重視彈性及垂直整合的以購買住宅／輕型飛機／遊艇／藝術品／收藏品為目的的融資
- 信用卡或是周轉金等為滿足短期需求的融資
- 針對流動資產的融資，顧客可以投資有價證券或土地作為擔保，使用其融資
- 總結
- 資產管理業者擔有其顧客轉移到其他符合需要的銀行去的風險
- 期望穩固融資事業的資產管理業者，必須有貫徹到底的決心
- 向外周轉的的融資雖為可能，但卻不推薦
- 對資產家的融資中長期性商品難以差異化
- 為了讓資產家客戶能順利地接受融資商品，客戶關係管理者的教育極為重要
- 利息很重要
- 同時也不可乎略對中小企業融資的可能性
第2章 附錄
- 調查方法論
- 定義
- 相關調查報告
- 全球資產家模式
- SPP 編寫團隊
Introduction
The report discusses why lending should form an important part of the wealth managers business before examining the three most suitable areas of lending for high net worths, including examples of wealth managers that are fulfilling this customer segments needs in each area. Finally, seven conclusions to help wealth managers decide how best to capitalize on this important segment are presented.
Scope of this report
- In-depth interviews were carried out with senior executives within wealth managers that currently make lending a key part of their business
- Extensive research on wealth managers, both in the US and Europe, to determine the extent to which lending products are marketed to high net worths
Research and analysis highlights
According to IRS data, in the US, individuals with more than USD600,000 in net worth accounted for 70% of debt and mortgage balances, compared to 20% of balances held by people with positive net worth of less than USD600,000.
Despite the fact that wealthy individuals borrow a disproportionate amount of money relative to their numbers and that they are less likely to default on their loans than less wealthy individuals, relatively few wealth managers are capitalizing on this opportunity.
Most retail banks that started with lending capability now have wealth management businesses, giving them two important points of initial contact with a prospective client. Wealth managers that dont offer to manage their clients liabilities are likely to lose clients to lending banks that can also manage their assets.
Key reasons to read this report
- Assesses a very lucrative and underserved business segment that you can exploit
- Identifies innovations in high net worth lending that can be adopted to fit your business model
- Presents the key conclusions to help you decide whether high net worth lending is right for you
CHAPTER 1 LENDING FOR THE WEALTHY
- Introduction
- A wealth management proposition should include credit products for four reasons
- HNW loan products allow companies to target relatively few clients but make relatively big revenues
- Wealthier individuals hold a disproportionate amount of Americas debt and mortgage obligations
- And give wealth managers an excellent way to reach new customers
- Where default is less likely than among mass market customers
- And serious competition from wealth managers in this sector is still relatively sparse
- Adam & Co. is one private bank that views lending as an integral part of its offering
- Three areas of lending are particularly suitable for high net worth clients
- Flexibility and vertical integration are the names of the game when it comes to offering loans to purchase assets such as houses, jets, yachts and art/collectibles
- BOS Private Banking offers specialist mortgage services to account for lumpy salaries
- HSBC Private Bank expanded into property search services to complement its high net worth mortgage business
- Wachovias focus on jet financing has paid off since 9/11
- UBS voted "Best Art Banking in the World"
- Short-term lending products like credit cards and bridge loans cover gaps
- High net worth credit cards are becoming more prevelant
- Coutts launched its Coutts World super-premium card
- Merrill Lynch Global Private Client (GPC) introduced a HNW credit card
- Bridge loans provide flexibility for private clients
- American banks are more explicit in offering bridge loans than their European counterparts
- Merrill Lynchs Construction-To-Permanent lending program gives clients a smooth home-building financing option
- UBS offers a short-term mortgage that clients can use as a bridge loan
- Lending for liquidity, whether secured by investment portfolios or landholdings, allows clients to leverage their assets
- Margin lending is a niche product, but is widely offered in some countries
- Merrill has taken margin lending a step further
- Unlocking illiquid assets
- Coutts makes land liquid
- Conclusions
- Wealth managers risk losing asset management clients to banks that can meet their lending needs
- Wealth managers that want to build a lending business must be prepared to stick with it
- It is possible, but not desirable to outsource lending
- There is no such thing as long-term product differentiation in high net worth lending
- The key to successful takeup of lending products by high net worth clients is Relationship Manager training
- Interest rates do matter
- Dont forget the potential that SME lending offers
CHAPTER 2 APPENDIX
- Research methodology
- Definitions
- Bridge Loan
- Credit Card
- Deferred Debit Card
- A charge card that allows customers to defer the costs of purchases made on the card until the end of the payment cycle. At this point the cardholder has a fixed period during which to settle the bill in full.
- High net worth (HNW)
- Liquid assets
- Margin Loan
- Mass Market
- Mortgage
- A loan to finance the purchase of real estate, usually with specified payment periods and interest rates. The borrower gives the lender a lien on the property as collateral for the loan.
- Further Reading
- Datamonitor Global Wealth Service SPP: Reports
- Datamonitor Global Wealth Service SPP: Insight Reports
- Datamonitor Wealth Management Competitor Tracker
- Datamonitor Asia Pacific Wealth Management SPP: Reports
- Datamonitor Savings & Investments SPP: Reports & Briefs
- Asset Management and Funds
- Offshore Financial Services
- Retail Savings and Investments
- Datamonitors Global Wealth Model
- SPP writing team
List of Tables
- Table 1: Countries that can be modeled using Datamonitors Global Wealth Model
List of Figures
- Figure 1: High Net Worth individuals hold a significant portion of debt and mortgage balances in the US, 1998
- Figure 2: UBSs Art Banking proposition, April 2005
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