西班牙財富管理：2009年

本報告已在2011年07月07日停止出版。

目錄

Abstract

Introduction

The country' s serious economic issues are having a major effect on Spain' s onshore wealthy population. Although Datamonitor forecasts a recovery in Spain' s wealthy population by 2011, the next few years will be difficult for wealth managers trying to keep existing clients, and win new ones.

Scope of this research

• HNW demographic and attitudinal attributes based on our Wealth Management Market Leaders Survey 2009.
• Sizes, segments and forecasts the number of affluent individuals across 10 liquid asset bands from EUR50k.
• Extensive primary research from 20 wealth management companies highlights their strategies for revenue growth, acquiring and keeping clients.
• Aggregated data covers onshore liquid assets including cash and deposits, mutual funds, direct investment in equities and direct investment in bonds.

Research and analysis highlights

Spain is in recession, but its banking industry has thus far showed some resilience. All this may be set to fall as the recession deepens and unemployment reaches higher levels in Spain. With continuing economic turmoil and asset prices in freefall, Spanish HNWs have had to fight to protect what they have got, switching their assets into cash.

HNWs are overwhelmed by the current uncertainty and want guidance from their wealth managers, including their views about how long they expect the current crisis to last as well as opportunities to profit from the downturn. A greatly enhanced personal service on the part of Spanish wealth managers is vital.

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 market attractiveness by reviewing size and growth forecasts for the potential wealthy client base five years ahead.
• Assess the threats and opportunities for wealth managers by understanding how peers are planning to grow revenues, acquire and keep clients.

Table of Contents

OVERVIEW

• Catalyst
• Summary
• Methodology

EXECUTIVE SUMMARY

• Santander is one European bank that has weathered the storm with a cohesive identity
• Spanish HNW investors have acted more defensively over the past months
• Spanish HNW investors are looking for their wealth managers to be proactive
• Spanish HNWs want guidance, but will seek more adventurous investment products in two years' time

SPECIAL FEATURE: THE RISE AND RISE OF SANTANDER

• The turmoil of 2008 has wrought havoc on banks all over the globe
  • There have been significant changes among the top global wealth managers

• Santander' s wealth management business is generally well regarded by wealth managers in Spain
  • However, the standing of Santander is regarded as more modest by Spanish wealth managers
  • Santander' s product and service capabilities are well regarded by Spanish wealth managers
  • The quality of Santander' s service capabilities are well regarded by Spanish wealth managers

• Spain' s banks have largely weathered the storm... so far
  • Spanish regulations require higher reserves than has been the case in other countries

• Santander has a growth model that can be emulated
  • In 2008, Santander boosted its presence in the UK by creating Santander Private Banking UK
  • Santander has key strengths underlying its expansion, which others in the industry recognize

SPAIN' S WEALTH

• Spanish households play it safe and maintain their savings levels, but still do not manage to increase their net financial assets
  • The financial assets of Spanish households deteriorated over 2008

• Spain' s wealth is being driven by a good rate of household savings but there should be some concern about rising debt levels
  • Savings by households in Spain are adequate but debt levels are set to increase further, putting a brake on wealth expansion
  • The Spanish BME Exchanges lost the same percentage in value as other European exchanges in 2008

• Spanish household balances have moved significantly away from equities in favor of deposits
  • Spanish households show an inclination toward more safe investments
  • Wealth Data in 2009

THE SPANISH HNW INVESTOR

• Spanish HNW investors are cautious and need guidance from their wealth managers
  • Spanish HNW investors have moved away from equities and into cash
  • Over the next two years, investors will cautiously start to return to asset classes currently out of favor

• Spanish HNWs demonstrate an appetite for risk but are lacking knowledge of financial products and consequently rely on their wealth managers
  • HNWs exhibit an above average appetite for risk, but are somewhat confused about the impact of the market turmoil on their investment portfolios
  • Spanish HNWs are loyal to their wealth managers; they are much more likely to leave to manage their money on their own rather than defect to another wealth manager

• Spanish HNW investors are overwhelmed by the current uncertainty
  • Clients are clearly seeking guidance from their wealth managers

• In two years' time, HNWs will still need some guidance from their wealth managers across a range of investments
  • Spanish investors are looking toward an advisory asset management service from their wealth managers
  • Within an overall desire for guidance from their wealth management service, Spanish HNWs are seeking more adventurous investment products in two years' time

THE SPANISH WEALTH MANAGER' S VIEW

• There are three key areas where wealth managers are focusing their resources in two years' time
• Paying attention to brand, image and reputation and being proactive in introducing clients to investment ideas are the best routes to customer acquisition
  • Wealth managers can proactively enhance their level of personal service to help the image of the firm
  • Wealth managers in Spain see personal relationships as their biggest strength and brand, image and reputation as their biggest weakness

• Spanish wealth managers believe that the way to increase share of wallet is to focus on an enhanced product range
  • The key to increasing share of wallet is to encourage clients to hold more products
  • Wealth managers need to give clients several points of contact within the bank in order to be successful at retaining HNW clients

• Wealth managers in Spain are more likely to talk to their clients by telephone less than other European wealth managers, with investors mostly wanting to talk about their portfolio allocations
  • Spanish clients are being contacted by phone less frequently than in other countries
  • Spanish wealth managers are better at getting in front of their clients
  • Overall Spanish HNWs mostly want to talk about their portfolio allocations when they speak to their wealth manager

APPENDIX

• Definitions
• 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

• Bibliography
• Further reading
• Ask the analyst
• Datamonitor consulting
• Disclaimer

TABLES

• Table: Wealth managers' views of Santander' s wealth management services
• Table: Wealth managers' views of Santander' s wealth management service
• Table: Wealth managers' views of Santander' s wealth management service
• Table: Personal disposable income per adult in Europe, 2004 - 08
• Table: Household savings rates as a percentage of disposable income, 2004 - 08
• Table: Disposable income per adult and household savings rate, Spain 2004-2008
• Table: Market capitalization of European and US stock exchanges, 2004 - 08
• Table: Deposits increased over 2008, while bonds, equities and mutual funds all witnessed declines in their levels
• 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: HNWs' portfolio allocation by product area now versus in two years' time
• 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 are HNWs demanding today?
• Table: In two years' time, how much demand do you expect from HNWs for the following product areas?
• Table: The key messages and relative merits of company and industry communication
• Table: What product areas will your wealth management service focus most resources on in the next two years?
• Table: What will determine HNWs' choice of wealth management service over the next two years?
• Table: What are your company' s biggest strengths and weaknesses today?
• 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?

FIGURES

• Figure: Santander' s standing is only modestly regarded by wealth managers in Spain
• Figure: Santander is perceived to be strong in its advisory service and its technology capabilities
• Figure: Santander' s wealth management operation is well regarded in terms of the quality of its relationships with clients
• Figure: Spain is consistently among those European countries with higher savings rates
• Figure: Rising disposable income and a fairly constant rate of household savings boost levels of saving in Spain
• Figure: The BME Spanish exchanges lost a percentage of their market capitalization in line with the European average
• Figure: There was a significant fall in the overall value of financial assets held by households in Spain during 2008
• Figure: The majority of HNW wealth in Spain is invested in the ' cash or near cash' asset category, with this accounting for 27% of all investments
• Figure: In the next two years, Spanish investors will return to asset classes currently out of favor
• Figure: In 2011, the majority of high net worth assets in Spain will be invested in equities, accounting for 28% of all investments
• Figure: HNW investors in Spain have a higher risk appetite than the average European HNW investor
• Figure: There is a greater risk of HNW clients in Spain leaving to find another wealth manager than the average European HNW investor
• Figure: In Spain, HNW investors' greatest demand is for opportunities to profit in the current environment
• Figure: In two years' time, the greatest demand amongst HNW investors in Spain will be for foreign currency investments with 95% of HNW investors demanding this category of product
• Figure: Wealth managers in Spain will be focusing most of their resources on financial planning in two years' time
• Figure: HNW investors in Spain are most influenced by brand, image and reputation in their choice of wealth manager
• Figure: The greatest strength of wealth managers in Spain is their personal relationships with clients
• Figure: The best way for wealth managers in Spain to increase share of wallet is to target relationship managers on cross-selling products
• Figure: The best way for wealth mangers in Spain to retain HNW investors is to give the client several points of contact within the bank
• Figure: In Spain, wealth management relationship managers speak to clients by phone approximately once a month
• Figure: Wealth management relationship managers speak to clients in person approximately once a quarter
• Figure: The majority of clients in Spain want to speak to their wealth manager about their portfolio allocations

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