Wealth Clients Looking for Better Reporting
Posted by Bill on June 25, 2010
Just came across a couple of interesting articles that confirm what we see around the reporting clients want. A recent report produced by Cap Gemini and Merrill Lynch notes that 85% of clients are looking for better reporting. After 2008 clients want to look at their holdings and reports much closer than they did. Wealthy clients are getting more involved in reviewing their holdings and performance, and the statements are a key way that wealth firms communicate with their clients. A report by Advent (Advent’s Top Five Wealth Management Trends for 2010 – http://www.advent.com/collateral/TM_WEALTH.pdf) says the same thing that clients are looking for better reporting as part of the services they get from their firms.
I’ve experienced how reporting affects my decisions. The firm I was using produced voluminous paper reports for my discretionary accounts that included all the transactions for the period. I asked for a slimmed down version with just the holdings and performance in an electronic format to make it easier to store. I was tired of having to shred the big paper books sent each quarter. The firm told me they could only deliver one format , with no performance and it had to be in paper. I now have a new provider that can provide the reporting in the format I need.