The
e Future
ewealth
h Repo
ort 2014
4
he quest forr a
Th
vaalued
d rellationship
Part 1
Fe
ebruary 2 014
©2012 S
Scorpio Partnerrship. All rights reserved | 0
FORE
EWORD – SCORPIO
O PARTNER
RSHIP
One off the most po
owerful movements of th
his century has been the customer reevolution in fiinancial
service
es. Technolo
ogical and dig
gital advancees have enabled custom
mers to more effectively
communicate theirr experiences
s with differeent brands. Their
T
words wield
w
immennse power.
For bu
usinesses acrross all secto
ors, monitoriing, tracking and analysing customerr opinion has
s
becom
me an impera
ative. Succes
ss or failure i s dependentt on an ability to integratee client sentiment
into the value prop
position.
Back in 2009, we launched the
e Futureweal th project to
o amplify the opinions of a particularly
y
valuab
ble customerr group: the world’s
w
wealtthy. We wan
nted to demo
onstrate that high-net-wo
orth
individ
duals were willing
w
to spea
ak openly ab
bout their live
es and their wealth.
w
Since tthen, 13,500
0 individuals who are on tthe fast track to wealth have
h
been paart of the
converrsation. Their input has allowed
a
us to
o create an im
mpression off the personaal and profes
ssional
lives of this hard-to
o-reach grou
up.
In this fifth phase of
o research, we
w explore w
who they, the
e Futurewealthy, are as ccustomers. Their
T
respon
nses have en
nabled us to create a ben
nchmark for the wealth management
m
t experience.. We
have le
earnt the elements of the
eir relationsh ip with their advisors tha
at are valued , and where
improvvement is ne
eeded.
Over th
he coming months,
m
we will
w be releas ing four repo
orts which ch
hart the journney of the
Future
ewealthy with
h their wealth
h manager. In
n this first pa
aper, we look at the proccesses by wh
hich
they fin
nd a provide
er and the pa
arts of a firm which attrac
ct them. Acro
oss the remaaining three papers,
p
we will explore the
e key touch-p
points for clieents when ca
arrying out a transaction , how the
relation
nship develo
ops and what it takes for them to recommend the
eir provider.
We are
e deeply gratteful to SEI for
f their conttinued suppo
ort and also to
t our new ssponsor – NP
PG
Wealth
h Manageme
ent – for joining us on thiss exploration
n.
We ho
ope you find these
t
results
s as fascinat ing as we do
o, and we wo
ould like to thhank all of th
hose
who ha
ave shared their
t
experien
nces with uss.
Sebastian Dovey
Manag
ging Partner
Scorpiio Partnershiip
©2014 S
Scorpio Partnerrship. All rights reserved | 1
FORE
EWORD – NPG WEA
ALTH MAN
NAGEMENT
At NPG
G, we provid
de wealth ma
anagement ssolutions thro
ough life assu
urance. Our principle goal is to
help w
wealth manag
gers and priv
vate investorss to achieve lasting succ
cess.
What m
makes us un
nique is that we
w do not ju
ust partner with a numberr of intermed
diaries; we allso
speak directly to customers ab
bout their perrsonal preferrences and financial requuirements. We
W aim
to achieve a high le
evel of custo
omer orientattion at every
y step of our value chain. Our motivattion for
doing tthis is our be
elief amplifying the custo
omer voice can create a refreshing
r
ap
pproach to life
assura
ance.
It is in this spirit tha
at we becam
me a partner in this year’s
s Futureweallth project. W
We are proud
d to be
part off this initiative because itt is focused o
on understan
nding the evo
olving needss of the world
d’s
wealth
hy. We not on
nly want to know
k
what th
hey think abo
out their wea
alth managem
ment custom
mer
journeyy, but we alsso want to un
nderstand w
what they truly
y value from their adviso
ors. Through these
insightts, we will be
e better serve
ed to enhancce and strea
amline their experiences.
e
One off the main th
hemes revealled in this paaper is the im
mportance off a firm’s rep utation in the
e
adviso
or selection process.
p
It highlights thatt clients wan
nt to engage with wealth institutions that
t
have sstrong corporate values as
a well as efffective wealtth solutions. Having founnded our bus
siness
on the ethos of inte
egrity, respe
ect and produ
uct excellenc
ce, we believ
ve we are weell placed to deliver
their viision.
We ho
ope that as part of this prroject, other organisation
ns will seek to
o learn moree about whatt really
matterrs to their clie
ents. We gen
nuinely believve that the fu
uture of wea
alth and the ffuture of life
insuran
nce will be decided
d
by th
he customer..
Marc S
Stevens
Chief E
Executive Offficer
NPG W
Wealth Mana
agement
©2014 S
Scorpio Partnerrship. All rights reserved | 2
FORE
EWORD – SEI
SEI is a leading glo
obal providerr of solutionss to wealth managers
m
and private bannks around the
t
w share a mutual
m
comm
mitment to provide servic
ces and toolss that are no
ot only
world. With them, we
relevan
nt but also efficient
e
and exciting
e
for cclients. We are
a committed to develop
ping new way
ys to
enhanc
ce the custo
omer experience.
soring the Fu
uturewealth project
p
and we
w are delighhted that this
s
This iss now our fifth year spons
year’s survey focusses on the th
heme so closse to our hea
arts - the clie
ent experiencce. This rese
earch
es on pertine
ent questions
s for wealth m
management firms every
ywhere: how are clients
touche
engaging with their wealth man
nagers and w
what makes them truly va
alue their advvisor.
In this first paper, we
w gain uniq
que insight in
nto the psych
he of the Futurewealthy aas they searc
ch for
h management advice. It is encouragiing to learn that,
t
on the whole,
w
clientts feel their wealth
w
wealth
manag
gers are delivvering a good
d experiencee in the areas
s that really matter. But w
we also find that
some c
client segme
ents expect a comprehen
nsive service
e at every sin
ngle step of tthe customer
journeyy. The challe
enge for wea
alth managerrs is to delive
er a consistent customer experience to
every ssingle client, in spite of th
hese differen
nces.
ghlights that clients tend to search fo
or advice whe
en formulatinng personal goals
g
The report also hig
and ob
bjectives. This demonstra
ates the nee d to collect and
a manage meaningful client data to
ensure
e that custom
mer experience delivery iss maintained
d as client requirements eevolve.
of these them
mes resonate with the di scussions we
w have with wealth manaagement
Many o
organisations who are looking to improve tthe overall ex
xperiences of
o their clientss. We believ
ve that
ology, and pa
articularly its
s ability to haandle custom
mer insight, is
s the basis fo
or delivering that
techno
experie
ence.
Alfred P. West, Jr.
man and Chie
ef Executive Officer,
Chairm
SEI
©2014 S
Scorpio Partnerrship. All rights reserved | 3
INTRO
ODUCTION
N
This ye
ear’s Futurew
wealth series
s is all about the wealth management
m
t client expeerience. Overr the
coming
g months, we
w will be ask
king the worl d’s money makers
m
to explain what thhey really value
during their relation
nship with an
n advisor.
es of this cusstomer journ
ney. Firstly, we
w consider w
what attracts the
Our four papers wiill map phase
ewealthy to a particular wealth
w
manag
ger. Then, we
e ask what counts
c
when they are carrrying
Future
out tra
ansactions with
w a firm. Ou
ur third papeer will questio
on how to ke
eep the relat ionship sparrk alive
once the honeymo
oon period is over. And fi nally, we exa
amine wheth
her the Future
rewealthy wo
ould
recommend their advisor
a
to frie
ends and fam
mily.
So, witthout furtherr ado – we welcome
w
you to our first paper.
p
Here we
w have unccovered how and
why th
he world’s most affluent individuals
i
s earch for relationships with
w wealth m
managers. An
nd, the
factorss that are mo
ost important to them wh
hen choosing
g firms.
These findings are based on th
he views of a group of 3,0
025 individuals from acro
oss the globe. We
know tthem as the Futurewealth
hy because, as a group, they are lead
ding the spriint up the glo
obal
wealth
h curve with an
a average worth
w
of US$
$2.9 million. This
T
is what we have fouund:
Intenssive investigators
The Fu
uturewealthyy are still deriving a finite formula for finding
f
a wea
alth manage r. They pursue
numerrous avenuess for introduc
ction and invvestigation. Approximate
A
ly 24% of thhem seek outt the
advice
e of friends or
o family befo
ore making a selection while almost a fifth conducct their own
indepe
endent marke
et research. The remaind
der use a varriety of sourc
ces – both onn and offline.
Time to get perrsonal
A quarrter of the we
ealthiest Futu
urewealthy fo
ound their cu
urrent money
y manager aafter heartbre
eak
with a former finan
ncial providerr.
ging persona
al circumstan
nces are also
o a significant driver for starting wealtth management
Chang
relation
nships amon
ng this globa
al group. On average, 20%
% of the Futurewealthy ssought out a
provider when buyying a home, while the saame proportion looked fo
or a firm durinng a career change
c
or prom
motion.
The vvalue of values
To rea
ally impress these global go-getters, tthe world’s money
m
mana
agers must p
present a cultture
which combines va
alue and valu
ues. A firm’ss reputation has
h an imporrtance scoree of 74%, clo
osely
followe
ed by produc
ct and servic
ce fees with a score of 64
4%.
But it is the wealth
hiest of the Futurewealthyy who are se
etting the barr even higherr for their
prospe
ective partne
ers. They want a providerr who can im
mpress acros
ss the board;; in fact, therre is
just a 2
20% differen
ntial between
n the firm’s reeputation an
nd its social media
m
activitty.
©2014 S
Scorpio Partnerrship. All rights reserved | 4
Future
ewealth Repo
ort:
The que
est for a valued relationship
Th
he grreate
est re
elationship
ps arre the
on
nes you
y neve
n er exp
pecte
ed to
o be in
In brief

Fivve years ago
o, we began our
o Futureweealth projectt to examine the hearts aand minds off the
wo
orld’s wealth
hiest individuals. In this tim
me, we have
e asked them
m about every
rything from their
ind
dividual achievements to
o investment approaches
s; their deepe
est desires to
o digital dealings.

Th
his year, we spoke
s
to 3,02
25 of the glo
obal elite to understand
u
how
h
they reaally feel about their
we
ealth manage
ement experriences. Theiir responses indicate that they are stiill very much
h on the
loo
ok-out for prroviders who
o can enhancce their lives,, as well as their wealth.

Brroadly, the Fu
uturewealthy
y are attracteed to wealth managers who
w are able to demonstrrate a
ble
end of valuess and value. Amongst theem, it is the wealthiest th
hat are the haardest to impress.
nder, who ca
Th
hey are lookin
ng for more of
o an all-roun
an excite the
em both on aand offline.
ONE’S FIRST LOVE
L
IS AL
LWAYS PE
ERFECT UNTIL ONE MEETS O
ONE’S
OND LOVE
E
SECO
There is no bluepriint for the pe
erfect relation
nship. Often,, it starts with just a lookk; an initial inttrigue
and mutual attraction. Courtship ensues, fo
ollowed by in
nfatuation, ex
xcitement annd commitm
ment.
For the
e lucky oness these feelings last for yeears – perhaps entire live
es. For the reemainder,
something goes wrong. The result: disappo
ointment, hu
urt – even bettrayal and annger. They may
m not
know h
how it happe
ened. What they
t
do know
w, is that the
ey will think a bit more caarefully in the
e future.
The sc
cenario may sound like th
he tribulation
n of romantic
c love, but it also describ
bes the emotional
path to
o finding a perfect wealth
h manager. T
The feelings involved are remarkably similar.
Of cou
urse, the worrld’s wealthie
est individua ls – the Futu
urewealthy, as
a we know tthem – are not that
easy to
o woo. In the
e five years that we havee been trackin
ng their lives
s, we have leearnt that the
eir
needs are unique and
a their standards are h
high. This ma
akes them ve
ery hard to im
mpress.
With th
his in mind, over
o
the com
ming months we will be th
hinking abou
ut the ingrediients for fosttering a
great c
connection with
w these glo
obal go-gett ers. In this year’s
y
survey, we have assked them ab
bout
every p
phase of the
eir relationshiip with a weaalth manager to illustrate
e their ideal ‘ccustomer jou
urney’.
In this first paper, we
w will consider the explloratory part of this voyag
ge. We ask eexactly how the
Future
ewealthy go about
a
finding
g a wealth m
manager they love. And, what
w
it really takes for a firm
f
to
catch ttheir eye.
©2014 S
Scorpio Partnerrship. All rights reserved | 5
Future
ewealth Repo
ort:
The que
est for a valued relationship
STRA
ANGERS ARE
A JUST NEW RELLATIONSHIPS WAITIN
NG TO HA
APPEN
When it comes to wealth
w
mana
agement, it iss no secret that the Futurewealthy arre not
monog
gamous. The
e industry ma
ay go to greaat lengths to court these global moneey-makers but their
minds remain open
n to affairs with
w other parrtners.
On ave
erage they have three or four working
g relationship
ps each. To an extent, thhis collection
n is a
lifestyle choice. Aftter all, the old adage abo
out putting all your eggs in one baskeet can be no more
pertine
ent than for those
t
at the top
t of the weealth curve.
But ma
aybe this mu
ultiplicity is also indicativee of somethiing else. Perhaps these cclients have
amasssed so many providers be
ecause they are in search of a more valued relati onship.
This iss worth mullin
ng over, give
en that highlyy-valued cus
stomers of th
he future are working with
h the
largestt number of investment providers
p
[Fig
gure 1]. Inde
eed, Asia’s em
merging weaalthy co-ordinate
with an
n average off five wealth managers; w
while establis
shed America
ans have jusst two.
Moving
g up the ladd
der of wealth
h, we also seee a compuls
sion to collec
ct confidantees. Money makers
m
with ovver US$4 million have four more provviders than those in the lowest wealthh bracket.
Figure
e 1: Numb
ber of invesstment pro
oviders use
ed
many providerss do you currrently work witth regarding your
y
personal investments??
How m
Europe
e
A
Asia-Pacific
c
Americas
s
2.1
4.8
3.2
Global
6..5
US$4m+
+
4..4
US$2m-USD4m
2..5
US$500,000-USD2m
m
2..1<US$500,000
©2014 S
Scorpio Partnerrship. All rights reserved | 6
Future
ewealth Repo
ort:
The que
est for a valued relationship
It woulld not be tha
at surprising if the Futureewealthy are looking for a more cherisshed relation
nship,
given ttheir wealth-assessment. Each year w
we examine their wealth confidence – that is, the
e
difference between
n the proporttion of them who made money
m
last year
y
and the proportion who
w
expectt to make mo
oney over the next 12 mo
onths.
We co
ontinually find
d that their performance outlook outs
strips reality [Figure 2]. Inn fact, there is
i a
unanim
mous feeling among the world’s
w
well--heeled that more is poss
sible with theeir wealth.
For insstance, Amerrica’s elite ha
ave hiked up
p their foreca
ast for 2014 by
b 7 points, despite relattively
sluggissh gains in 2013.
2
In Euro
ope and Asiaa where perfo
ormance pred
dictions havee been modified for
the yea
ar ahead, the
e expectations still exceeed lived expe
erience.
Figure
e 2: Wealth confiden
nce index
To whaat extent has the
t wealth co
onfidence of thhe Futurewea
althy changed
d in the last 122 months?
(Region
nally segmentted responses)
©2014 S
Scorpio Partnerrship. All rights reserved | 7
Future
ewealth Repo
ort:
The que
est for a valued relationship
HAPP
PINESS IS HAVING A DREAM Y
YOU CAN
NNOT LET GO OF AN
ND A PART
TNER
WHO
O WOULD NEVER AS
SK YOU TO
O
For mo
ost of us, the
e deepest de
esires of our imagination will forever remain
r
beyo nd the horizo
on. But
among
g the Futurew
wealthy, drea
ams are as taangible as bricks and mo
ortar. And, thhey use everry
possib
ble tool at the
eir disposal to
t build them
m.
Many o
of these con
nfident constructors know
w they need support to make
m
dreamss a reality. Th
hey rely
on an architect wh
ho understands their livess and who ca
an create the
e scaffolding
g for their suc
ccess.
This iss the role of the
t wealth manager.
m
From
m the very first moment, it is the life g
goals of the
Future
ewealthy whic
ch shape the
eir relationsh
hips. Looking
g at the circu
umstances w
which lead the
em to a
provider, diversification is impo
ortant but peersonal ambitions play a key supportiing role [Figu
ure 3].
Around
d the world, we find thos
se in Asia to be most swa
ayed by indiv
vidual circum
mstances. Th
he
slighte
est tinkle of wedding
w
bells
s is enough tto put them in pursuit of a wealth maanager. Personal
experie
ences, partic
cularly promo
otions and p
purchasing property – als
so encouragee Europeans
s to
start th
he hunt.
Figure
e 3: Circum
mstances leading to a wealth manageme
m
ent relationnship
Were th
here any specific circumstances that led
d you to searrch for a relationship with yyour main wea
alth
management firm? (Regionally
(
se
egmented ressponses)
©2014 S
Scorpio Partnerrship. All rights reserved | 8
Future
ewealth Repo
ort:
The que
est for a valued relationship
But ne
estled in with
h these broad
d lifestyle facctors is some
ething altoge
ether more siinister. That is, the
specte
er of relationsships past.
A quarrter of those leading the sprint
s
up thee wealth curv
ve were inspired to look ffor a wealth
manag
ger because they have ex
xperienced h
heartbreak with
w a former provider [Fig
gure 4].
So how
w did it all go
o wrong? The broad blen
nd of
circum
mstances cite
ed by those with
w over US
S$4 million
indicattes that form
mer providers
s have either failed to
pting to
undersstand or have
e been incap
pable of adap
their clients’ chang
ging objectives.
#FW2014
4 A third of tthose worth over
US$4 million started searching fo
or a
wealth manager
m
wheen they purch
hased
a new ho
ome.
As suc
ch, these prizzed patrons have shimm ied off elsew
where. They take
t
with theem a bitter ta
aste of
failure and a strong
g sense of what
w
they willl not be willin
ng to tolerate
e in the futurre.
Figure
e 4: Circum
mstances leading to a wealth manageme
m
ent relationnship
Were th
here any specific circumstances that led
d you to searrch for a relationship with yyour main wea
alth
management firm? (Wealth
(
segm
mented responnses)
©2014 S
Scorpio Partnerrship. All rights reserved | 9
Future
ewealth Repo
ort:
The que
est for a valued relationship
A ME
EETING OF
F PERSON
NALITIES IS
S LIKE THA
AT OF CHE
EMICAL SU
UBSTANC
CES:
IF THERE IS A REACTION
R
N, BOTH A
ARE TRANS
SFORMED
D
So, like
e highly charrged particle
es careening through the ionosphere,, the Futurew
wealthy rema
ain on
the hunt for fresh partners
p
for collaboration
c
n. Their beha
aviour indicattes that theyy are in searc
ch of a
“perfec
ct collision” that can enh
hance their livves and drive them forwa
ard.
When we asked th
hem about th
he mechanicss of finding their
t
main we
ealth manageer – whom th
hey
love ab
bove all othe
ers – we find the processs is not a cas
se of random
m attraction. IInstead, they
y are
inquisitive, investig
gative and ex
xhaustive in ttheir mission
n to discoverr a flawless fr
friend.
Often, these worldly-wise weallth creators
seek o
opinion from within their own
o
solar
system
m as a guide.. A quarter of
o them seek
creden
nce for their choice by ta
alking to frien
nds
or fam
mily [Figure 5].
#FW2
2014: On ave
erage, their m
main wealth
provider manages
s half of thei r total investtable
wealtth. This rises
s to 60.4% inn the America
as
and falls
f
to 45.5%
% in Asia Paccific.
The remainder use
e a variety of sources to m
make their acquaintance: from indep
pendent mark
ket
researc
ch to referra
als and from a relationshi p manager or
o trusted counsel.
The we
ealthiest of the lot are the
e most intrep
pid; gaining their
t
insight through new
w frontiers. Actually,
A
11% o
of those wortth over US$4
4 million foun
nd their weallth manager in cyber spaace.
The Fu
uturewealthyy are also exp
ploratory in ttheir fact-find
ding. Unders
standably, th ey are keen to
deepen intelligence
e about the possibilities of their finan
ncial universe
e. They do thhis by talking
g to as
many p
providers ass possible – on
o average, tthree to four firms - before making a selection.
Most intent on thiss mission of discovery
d
aree those at th
he top of the wealth pyraamid. These global
g
elite tyypically spea
ak to six wealth managerss before their decision is made. By ccontrast, thos
se with
less th
han US$500,000 only weigh up two fiirms prior to selection.
Clearlyy, the Futurewealthy have
e not yet derrived a finite formula for finding
f
their perfect partner.
Instead
d, their quesst for the righ
ht relationshi p relies on th
heir own inte
ensive invest igation.
©2014 S
Scorpio Partnerrship. All rights reserved | 10
F
Futurewealth Repo
ort:
T
The quest for a valued relationship
F
Figure 5: The d
decision making
g universe of th
he Futurewealtthy
Global:
G
Global:
3.6
How many firms did you consider working
g with before you made your selectio
on?
<US$500,00
00: 2.2
US$500,000-US$2
2m: 2.7
US$2m-US$4
4m: 4.2
US$4m + : 6.0
Europe 3.2
Americas 2.1
How were you first introduce
ed to your primary wealth manager?
Referral from fam
mily or friend: 24%
Through my own research o
of the market: 17%
Through a relationship manager at the firm: 12%
Asia Pacific 4.6
Referra
al from a trusted advisor (e.g. attorney,, accountant): 11%
Other: 9%
Through the webssite of the firm: 8%
Referral frrom another part off the business: 8%
In response to an a
advertisement: 6%
Referrral from another clie
ent at the firm: 6%
Percentage of clie
ents introduced
through the websiite
<US$500,000: 5.7%
US$500,000-US$2m: 3.9%
US$2m-US$4m: 10.0%
US$4m +: 11.3%
On average, their main wealth provider ma
anages half of their total investable we
ealth.
This rise
es to 60.4% in the Americas
A
and falls to
o 45.5% in Asia Pac
cific.
©
©2014 Scorpio Partnership. All rights reserv
ved | 11
Future
ewealth Repo
ort:
The que
est for a valued relationship
IN TH
HE END, TH
HE LOVE YOU
Y
TAKE
E IS EQUA
AL TO THE LOVE YO
OU MAKE
The sto
ory so far is that the worrld’s Futurew
wealthy go to
o great length
hs to pursue the right we
ealth
manag
ger. How the
en, can firms impress theese global go
o-getters?
Back in 2011 we devised
d
a rep
plica of the w
wealth manag
gement custo
omer journeyy and asked the
Future
ewealthy to te
ell us about their
t
experieences with th
heir provider. The responsses we received
highlig
ghted both sttrengths and
d weaknesse s in the prop
position.
The glo
obal contextt has change
ed dramaticaally in the last two years. And so, we revisit the no
otion of
custom
mer experien
nce. This time
e, we have trripled the nu
umber of touc
ch-points in the wealth
manag
gement journ
ney to gain greater insigh
ht into what these
t
global go-getters re
really care ab
bout.
Consid
dering just th
he pre-purch
hase phase o
of this voyage
e – that is, th
he point befo
ore the relatio
onship
actuallly begins - we
w find that th
he world’s m
money makerrs are hankerring after a b
blend of values and
value.
Reputa
ation – the fu
undamental character
c
of an organization – is para
amount to thhem. This is closely
c
followe
ed by produc
ct and servic
ce fees. To th
he Futurewealthy, these are the signp
posts toward
ds a
prized relationship.
So mu
uch so, that respondents
r
with an averrage worth le
ess than US$
$500,000 givve the reputa
ation of
a firm an average importance score
s
of 83%
%; while costts get 70% [F
Figure 6].
Traditional marketiing tools – bo
oth on and o
off-line – may
y be of lowerr overall signnificance but should
not be
e disregarded
d entirely. In fact, our mo
ost successfu
ul money ma
akers are loo king for an alla
rounde
er. They give
e social mediia an importaance score of
o 39%, making it only 200 notches les
ss
relevan
nt to them th
han reputatio
on.
It all sh
hows that the Futurewea
althy are startting to expec
ct more from
m their moneyy managers. Before
they part with theirr hard-earned
d cash, theyy want to kno
ow that their service provvider can deliver
consisstently acrosss the board.
©2014 S
Scorpio Partnerrship. All rights reserved | 12
F
Futurewealth Repo
ort:
T
The quest for a valued relationship
F
Figure 6: Startin
ng a new relationship: Importtance Index
W
When considering a wealth manager to
t look after your fin
nancial affairs, how
w important are the following factors? (Wealth segmented
d responses)
©
©2014 Scorpio Partnership. All rights reserv
ved | 13
Future
ewealth Repo
ort:
The que
est for a valued relationship
The go
ood news is that
t
wealth managers
m
arre delivering in the areas where it reallly counts. Almost
A
90% b
believe their firm
f
has a go
ood reputatio
on while 76%
% are happy with costs. O
On average, 68%
believe
e their wealth
h manager delivers
d
a goo
od performance in this pre-purchasee phase.
While tthis means the majority of
o clients aree happy, it also highlights
s that a signiificant number are
less th
han pleased. In particularr, their respo
onses show that wealth providers
p
aree yet to
demon
nstrate their marketing ex
xpertise. And
d, they are fu
urther still fro
om taking it tto a social le
evel.
Figure
e 7: Startin
ng a new relationship
p: Performa
ance score
e
nce in this area?
Does yyour main weaalth manager provide a goood performan
©2014 S
Scorpio Partnerrship. All rights reserved | 14
Future
ewealth Repo
ort:
The que
est for a valued relationship
THE LLAWS OF ATTRACT
TION
The law
ws of attracttion state tha
at “like attraccts like”; pos
sitive energy will draw onnly positive energy,
while n
negative ene
ergy will appe
eal to only neegative energy. It is a sim
mple rule, buut one that prresents
a valua
able lesson for
f wealth ma
anagers eve rywhere.
At the end of this first
f
chapter what
w
is appaarent is that the
t world’s wealthy
w
are g
going to grea
at
lengthss to find a pe
erfect partne
er – and theyy are still on the
t hunt. The
ese global go
o-getters are
e
exhausstive in their quest and many
m
have co
ollected num
merous provid
ders on the w
way.
They a
are searching
g for a provid
der who can understand their changing personal circumstanc
ces.
Reputa
ation is key; so are costs
s. But what t he really high-value clien
nts are pining
g for is a partner
that ca
an demonstrate value across a numb
ber of service
e areas.
There is a sense am
mong the wo
orld’s well-heeeled that th
he start of the
e relationship
p sets the tone for
the rem
mainder. The
ey are upping
g their expecctations.
In our next paper, we will pick up this threaad to discuss
s the evolutio
on of their int
nteraction witth their
provider. We will consider
c
exac
ctly what it taakes to deliv
ver a great ex
xperience whhen connecting
and co
ollaborating with
w the Futu
urewealthy to
o deliver a se
ervice that meets
m
their neeeds.
©2014 S
Scorpio Partnerrship. All rights reserved | 15
Future
ewealth Repo
ort:
The que
est for a valued relationship
ABOU
UT THE PA
ARTNERS
pio Partnerrship
Scorp
Scorpiio Partnershiip is a pionee
er in the art o
of translating
g the comple
ex needs of w
wealthy clien
nts
into prractical, inno
ovative and profitable
p
solu
utions to targ
get these customers. Th is award-win
nning
firm ha
as developed
d client insight from thou
usands of millionaires and
d billionairess around the world.
With th
his knowledg
ge, the firm has
h implemeented strategic research, practical connsulting and
busine
ess innovatio
on projects in
n over 35 cou
untries.
NPG Wealth Maanagemen
nt
NPG W
Wealth Mana
agement is a leading provvider of Euro
opean cross--border life aassurance so
olutions
standin
ng for excellence, trans
sparency and
d complianc
ce in the (Ultra) High Neet Worth an
nd High
Affluen
nt business.
NPG W
Wealth Mana
agement’s op
perations aree based in Lu
uxembourg, Ireland, Gibrraltar and Be
ermuda.
From these 4 jurisdictions, th
he Group prrovides com
mpliant wealtth managem
ment solution
ns with
active presence across 11 core Pan--European markets. Over the yeears, NPG Wealth
Manag
gement has built a solid
d reputation of service excellence
e
with
w its insuraance interme
ediaries
and clients with in
n excess of 5 billion euro
os of assets under mana
agement. Fo
or more information,
visit ww
ww.npgwm.com
SEI
SEI (NA
ASDAQ:SEIC
C) is a leadin
ng global pro
ovider of inve
estment proc
cessing, fund
d processing
g, and
investm
ment management busin
ness outsourrcing solution
ns that help corporations
c
s, financial
instituttions, financial advisors, and ultra-hig
gh-net-worth
h families cre
eate and mannage wealth. As of
Decem
mber 31, 2013, through itts subsidiariees and partnerships in which the com
mpany has a
signific
cant interest, SEI manages or adminiisters $559 billion
b
in mutual fund and
d pooled or
separa
ately manage
ed assets, including $232
2 billion in as
ssets under managemen
m
nt and $327 billion
b
in clien
nt assets und
der administration. For m
more informa
ation, visit ww
ww.seic.com
m.
Importantt Information
All graphic
cal and image mate
erial in this report arre sourced by and to Scorpio Partnersship.
ons may be offered
d internationally by different
d
SEI Investm
ment Company sub
bsidiaries and affilia
ates according to loocal regulatory requ
uirements.
SEI solutio
This material has not been approved
a
by any of the SEI subsidiariees or affiliates as a financial
f
promotion or marketing comm
munication for any prospective
investor. T
The information con
ntained in this docu
ument has not beenn independently ve
erified by SEI or any legal entity of the S
SEI Group of Comp
panies.
This docu
ument is not intende
ed in any circumsta
ances as an offer oor solicitation to sub
bscribe for or acquire any securities orr sale of any securitties in any
jurisdiction
n.
The conte
ent of this Futurewe
ealth report is intend
ded solely to providde general guidance to the reader of these pages on thee services offered by
b NPG
Wealth Maanagement Group, its subsidiaries and affiliate companiees. The information
n contained within th
hese pages is not iintended as an offe
er or
solicitation
n for the purchase or
o sale of any life assurance product. Neither is the information intended to constitute any form
m of legal, fiscal or investment
advice and it should thereforre be used only in conjunction
c
with apppropriate professio
onal advice obtained from a suitable qqualified professiona
al source.
G
its affiliated companies
c
and subbsidiaries does not guarantee that the
e information contaiined within these pages is
NPG Weaalth Management Group,
complete,, accurate or up to date.NPG Wealth Management Grouup therefore expresssly disclaims any and
a all liability to anyy person in respectt of any
cause or c
consequence of an
nything, done or om
mitted to be done w
wholly or partly in re
eliance upon the wh
hole or any part of tthe contents of the
e Scorpio
Partnershiip Futurewealth rep
port.
©2014 S
Scorpio Partnerrship. All rights reserved | 16