Changing Client Reporting Needs of Wealth Management Clients
Posted by Bill on September 2, 2010
Industry reports such as the World Wealth Report by Capgemini and Merrill Lynch, are consistently showing that client reporting is a key area that clients are looking for their wealth management providers to improve. Clients are not looking for status quo, but for more insights as they review their portfolios in greater detail. Just like a health scare, after things don’t work out as expected, you pay a lot more attention going forward. With many investors loosing over 30% of their networth during the market crash, is it any wonder investors review their investment reports more closely. Yet we continue to see cases where reporting for high net work accounts is limited to basic holdings and transactions. Investors are leaving the market due to perceived risk. Insight and communication can reduce risk and increase comfort in the market as a long term wealth creation vehicle.
Changing client requirements create opportunities in the market for those wealth firms that meet the new investor requirements.