Delivering on the Client Promise: Global Wealth 2009
The latest Global Wealth report, which draws on a benchmarking study of 124 institutions, suggests that wealth managers will have to do more with less—revenues and profitability are sliding at a time when clients want more intensive service. Providing holistic advice, rather than pushing products, will provide a foundation for success, but wealth managers must make other changes to capture the opportunities created by the crisis. As a result, well-prepared wealth managers will be able to make gains—but only if they invest now, ahead of the upturn, in a clearly defined value proposition. Many will be able to enhance their offering by narrowing their product range. In addition, the report provides a detailed picture of wealth markets around the world, including the largest and most concentrated populations of millionaire households. It also explores the changes in client behavior triggered by the crisis, as well as the pressures bearing down on offshore centers.
PDF- Preface
- Executive Summary
- Market Sizing: The Global Perspective
- Changing Behavior: The Client's Perspective
- Performance Benchmarking: The Wealth Manager's Perspective
- New Strategies for Offshore Banking
- Thriving in a Challenging Environment
- For Further Reading
- Note to the Reader
This is our ninth Global Wealth report. Like the previous reports, it begins with a comprehensive
review of wealth around the world. This review covers 62 markets representing about 98 percent of global wealth.
The report also includes a benchmarking study of 124 wealth-management institutions. The participants held a total of $5.9 trillion in assets under management at year-end 2008. To round out our analysis of the benchmarking results, we conducted about 40 in-depth interviews with wealth management experts from various regions and drew on the experience of about 45 BCG experts worldwide. Their views helped us understand the crisis-induced changes in client behavior, the challenges facing offshore banking centers, and the strategies and actions necessary for thriving in the postcrisis world. We are grateful to the benchmarking participants and interviewees for their invaluable insights.
We welcome your comments, and we hope you find the report both interesting and useful.
Jorge Becerra is a senior partner and managing director in the Santiago office of The Boston Consulting Group and leads the firm's Financial Institutions practice in Latin America.
Peter Damisch is a partner and managing director in BCG's Zurich office and leads the firm's Corporate Development practice in Switzerland.
Bruce Holley is a senior partner and managing director in BCG's New York office and the topic expert for wealth management and private banking for the United States.
Monish Kumar is a partner and managing director in the firm's New York office and the global leader of the asset and wealth management segment of the Financial Institutions practice.
Matthias Naumann is a partner and managing director in BCG's Zurich office and a core member of the Financial Institutions practice.
Tjun Tang is a partner and managing director in the firm's Hong Kong office and leads the Financial Institutions practice in Greater China.
Anna Zakrzewski is a principal in BCG's Zurich office and a core member of the Financial Institutions practice.
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