Abstract
Introduction
The country' s serious economic issues are having a major effect on Italy' s
onshore wealthy population, potentially causing them to lose faith in their
wealth managers. To keep clients, wealth managers need to know what this
lucrative customer wants from them, in terms of products, services and
interaction.
Scope of this research
- HNW demographic and attitudinal attributes based on our Wealth Management
Market Leaders Survey 2009
- Extensive primary research from 20 wealth management companies highlights
their strategies for revenue growth, acquiring and keeping clients
- Indepth assessment of how Intesa Sanpaolo' s Italian wealth management
operations are currently perceived
Research and analysis highlights
With 28% of their assets held in cash and near cash products, Italian HNWs
remain conservatively positioned in the face of economic instability. However,
as returns in the lower risk asset classes have all but dried up, there are
signs of a shift in the traditionally risk-averse Italian investment sentiment.
Italian wealth managers are successfully appealing to their clients core needs
such as personal relationships, financial stability, and investment
performance. However, there are a number of areas where weaknesses need to be
addressed. One such area is how proactively wealth managers are bringing ideas
to clients.
The megamerger looks set to provide Intesa Sanpaolo' s wealth management with
advantages in the long run, and currently its brand, image and reputation
continues to fare well despite the tough climate. Its wealth management
offering is seen as particularly impressive at identifying investment
opportunities in the downturn.
Key reasons to purchase this research
- Understand the HNW population' s investments by sector and geography,
appetite for risk, and reasons for choosing/leaving their wealth service
- Assess the threats and opportunities for wealth managers by understanding
how peers are planning to grow revenues, acquire and keep clients
- Gain an understanding of the strengths and weaknesses of Intesa Sanpaolo' s
Italian wealth management operations
Table of Contents
OVERVIEW
- Catalyst
- Summary
- Methodology
EXECUTIVE SUMMARY
- Intesa Sanpaolo' s wealth management service is undergoing consolidation
but is performing well
- Italy continues to be the ‘sick man' of Europe
- HNWs are defensively positioned, but their risk appetite is beginning to
increase
- Wealth managers in Italy are strong at providing HNWs with core needs
SPECIAL FEATURE: INTESA SANPAOLO' S WEALTH MANAGEMENT
- The megamerger looks set to provide Intesa Sanpaolo' s wealth management
with advantages in the long run
- So far Intesa Sanpaolo has weathered the financial storm better than
many large financial institutions
- Intesa Sanpaolo is undergoing a dramatic transformation and is both
trying to reorganize and cope with the tough economic times
- Intesa Sanpaolo' s wealth management operations are also undergoing
fundamental changes
- Intesa Sanpaolo' s brand, image and reputation continues to fare well
despite the tough climate
- Intesa Sanpaolo' s wealth management offering is above average on almost
all fronts
- Intesa Sanpaolo has been successful at preventing defections, and has
good relationship managers
- Intesa Sanpaolo has the opportunity to build on its strengths and
address its weaknesses
- Key implications for Intesa Sanpaolo: concentrate on individuality and
enhancing service provision
- Key implication for Intesa Sanpaolo' s competitors: niche organizations
should target areas of current weakness
ITALY' S WEALTH
- Italy has few attractive asset classes at present
- Inflows into deposits continue, but there may be some signs of life
returning to the equities markets
- Bonds are becoming less attractive
- Short term interest rate plummets
- Unemployment is on the rise as average real wages fall
THE ITALIAN HNW INVESTOR
- Italian HNWs are becoming more tolerant of risk in a quest for returns,
but currently remain defensively positioned
- Italian investors are changing their risk appetite, but their
understanding of the current conditions is weak
- Wealth management service implication: HNWs need education to attend to
structural ignorance
- Relationships are important, but loyalty is low
- Wealth management service implication: ensure the organizational
structure is geared towards providing the best possible service
- Italian HNW investors are defensively positioned
- Despite an appetite for risk, Italian HNWs are cash heavy and light on
equities
- Wealth management service implication: remain aware of clients' specific
desires
- Innovative example from the USA: Advisor Software has developed an
application which tailors investment solutions to clients' needs
- There will be a shift away from deposits over the next two years
- Wealth management service implication: look abroad for greater
opportunities
- Innovative example from Ireland: BNY Mellon launches new emerging
markets equities fund
- The Italian HNW has mixed sentiments, looking both for wealth preservation
and for profit
- Although they want to find opportunities to profit in the downturn, HNWs
retain a tentative streak
- HNWs are demanding a high level of input and advice from their wealth
managers
- Auxiliary services, especially tax advice, are also in high demand
- Wealth management implication: offer auxiliary services as a way in
which to develop relationships and increase share of wallet
- Innovative example from the UK: Skandia launches tax planning tool
- In two years' time, discretionary asset management and tax advice will
be in demand as investors continue to seek guidance from their managers
- Capital protected funds and bonds will be the most popular product
category, as HNWs seek greater returns with some security
- Wealth management service implication: be prepared to develop corporate
bond products
- Innovative example from Ireland: Smith & Williamson launch a short-dated
bond fund
- Proactivity and individuality are key to attracting HNW clients
- Wealth management service implication: be proactive in the wealth
management offering
- Data tables
THE ITALIAN WEALTH MANAGER' S VIEW
- Core wealth management provision is good, but this strength could be
leveraged to greater effect
- Wealth managers are addressing core requirements successfully
- Despite clients' selection influencers, wealth managers are emphasizing
the strengths of their core business to increase share of wallet
- Providing clients with a range of contacts and ensuring professionalism
are the best ways to retain HNW investors
- Italian wealth managers keep in regular contact with their clients
- Italian HNWs are more interested in performance than their asset
allocations
- Direct equity investment will be the major resource focus in two years'
time
APPENDIX
- Additional survey questions on HNW motivations
- The drivers of growth in the wealthy population
- Income growth (combined with inflation, changes in GDP by sector,
household savings rates and debt levels)
- Investment returns (market capitalization, interest rates and bond
yields)
- The following measures are not, in themselves, drivers of wealthy
population growth
- Market capitalization
- GDP
- The following measures are not drivers of wealthy population growth except
under very restricted circumstances
- Primary residence value growth
- Inheritance
- Methodology
- Wealth Management Market Leaders Survey 2009
- Global Wealth Model
- Definitions
- Western Europe
- Onshore wealth
- Liquid assets
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Wealth managers' views about the strengths and weaknesses of Intesa
Sanpaolo' s wealth management services on a scale of 1 to 4 (1 = very low, 2 =
somewhat low, 3 = somewhat high, 4 = very high)
- Table: Wealth managers' views about the strengths and weaknesses of Intesa
Sanpaolo' s wealth management services on a scale of 1 to 4 (1 = very low, 2 =
somewhat low, 3 = somewhat high, 4 = very high)
- Table: Wealth managers' views about the strengths and weaknesses of Intesa
Sanpaolo' s wealth management services on a scale of 1 to 4 (1 = very low, 2 =
somewhat low, 3 = somewhat high, 4 = very high)
- Table: Intesa Sanpaolo is well regarded by other wealth managers
- Table: HNW attributes on a scale of 1 to 4 (1 = very low, 2 = somewhat
low, 3 = somewhat high, 4 = very high)
- Table: HNW attributes on a scale of 1 to 4 (1 = very low, 2 = somewhat
low, 3 = somewhat high, 4 = very high)
- Table: What proportion of your HNWs' portfolios is allocated to the
following five asset classes?
- Table: HNWs' portfolio allocation now versus in two years' time
- Table: What are HNWs demanding today?
- Table: In two years' time, how much demand do you expect from HNWs for the
following product areas?
- Table: What will determine HNWs' choice of wealth management service over
the next two years?
- Table: HNW motivations when it comes to investment decisions
- Table: HNW motivations when it comes to investment decisions
- Table: HNW motivations when it comes to investment decisions
- Table: HNW motivations when it comes to investment decisions
- Table: What are your company' s greatest strengths and weaknesses?
- Table: What is the most effective means of increasing share of wallet
today?
- Table: What is the best way to retain clients today?
- Table: On average, how often do your relationship managers speak by phone
to each HNW client?
- Table: On average, how often do your relationship managers speak in person
to each HNW client?
- Table: When speaking with clients, what do they most want to talk about
today?
- Table: What product areas will your wealth management service focus most
resources on in the next two years?
FIGURES
- Figure: Intesa Sanpaolo' s brand image and reputation has survived
relatively well in the current crisis
- Figure: Intesa Sanpaolo is doing well at indentifying investment
opportunities in the downturn
- Figure: Intesa Sanpaolo is performing well across the board when it comes
to the people in the organization
- Figure: The Borsa Italiana has been suffering since 2007
- Figure: The outflows from mutual funds continued in 2008, but were slowing
by Q3
- Figure: Bond yields plummeted in the latter half of 2008 and in to 2009
- Figure: The interest rate also took a dive at the end of 2008 and in to
2009
- Figure: The labor market has been hit as unemployment is on the rise once
more and average real wages are lower
- Figure: HNW investors in Italy have a higher risk appetite than the
average European HNW investor
- Figure: There is a lower risk of HNW clients in Italy leaving to find
another wealth manager than the average European HNW investor
- Figure: The majority of HNW wealth in Italy is invested in the ' cash or
near cash' asset category, with this accounting for 28% of all investments
- Figure: In two years' time, holdings in cash and near cash will reduce,
while equities and fixed income will increase
- Figure: Corporate bonds will increase dramatically over the next two years
- Figure: In Italy, HNW investors' greatest demand is for tax advice
- Figure: In two years' time, the greatest demand among HNW investors in
Italy will be for capital protected funds or bonds, with 80% of HNW investors
demanding this category of product
- Figure: HNW investors in Italy are most influenced by proactivity in
bringing ideas to clients in their choice of wealth manager
- Figure: The greatest strength of wealth managers in Italy is their
companies' financial stability
- Figure: The best way for wealth managers in Italy to increase share of
wallet is to convince clients that your company is financially sound
- Figure: The best way for wealth managers in Italy to retain HNW investors
is to give the client several points of contact within the bank
- Figure: In Italy, the wealth management relationship managers speak to
clients by phone approximately once a week
- Figure: In Italy, wealth management relationship managers speak to clients
in person approximately once a month
- Figure: The majority of clients in Italy want to speak to their wealth
manager about performance of their overall portfolio
- Figure: In two years' time, wealth managers in Italy will be focusing most
of their resources on direct equity investment
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