Friday, January 20, 2012
Friday, January 20, 2012
This is the third worldwide Futurewealth survey, which captures insight from 3,300 high-net-worth individuals (HNWIs).
The 2012 report has found that wealth creators in all regions are less confident about their ability to make money in the coming year. The report concludes that those who target this elite customer group will have to try harder, as these clients will be less willing to part with their wealth.
Even in Asia, where increasing numbers of Futurewealthy are reporting actual wealth growth, short-term wealth confidence has fallen back seven points. The gap between actual and expected performance is also narrower for those in this region, implying a more cautious optimism.
The report looks at how high-end firms can tailor the customer experience to ensure they continue to attract and hold on to this valuable client group. It finds on average, clients spend $17,300 on major purchases or donations and take 43 days to decide.
While generally firms deliver a customer experience that is 10 per cent better than their Futurewealthy clients expect, more focus on staff efficiency and smooth order processing would ensure a more consistent customer experience.
“It is encouraging to find in this research that private banks are meeting and beating client expectations in spite of the many challenges of recent years,” says Shayne Nelson, global head, Standard Chartered Private Bank.
“However, more can and should be done. Beyond the initial marketing and hospitality touch points, private banks also need to focus on the transactional steps throughout the entire client journey. It is this long-term, consistent focus on delivering above and beyond every step of the way that will be crucial to deepening our engagements with the clients we serve today.”
“We hope this research will continue to inspire new thinking about how we can achieve this for each of our clients.”
The Futurewealth Project was launched in 2009 as an annual initiative to investigate the attitudes and buying preferences of the world’s up-and-coming wealthy.
The report is part of the ongoing Futurewealth Project undertaken by Scorpio Partnership and sponsored by Standard Chartered Private Bank and SEI.
The project is a long-term initiative to uncover the attitudes and expectations of wealth creators around the world. In spite of negative sentiment, this year there was an 83% growth in the number of high-net-worth consumers who took part in the survey.
Overall, more than 8,000 HNWIs have now taken part in the Futurewealth Project, making it one of the largest continuous research studies on this valuable customer group.