Wealth managers providing separately managed accounts and private client services are going to vie most actively for the assets of the very wealthy in the coming years, a PricewaterhouseCoopers (PwC) survey shows. Seventy-one percent of wealth managers expect to increase their number of ultra-high-net-worth clients with $50 million or more to invest, but only 14% plan to increase the number of affluent clients with $100,000 to invest.
However, those pursuing the ultra-high-net-worth and high-net-worth, which PwC defines as those with $5 million or more to invest, are ill prepared to meet the complex needs of these investors, according to the survey.
To serve this market properly, managers will need to develop products that better suit customer needs and hire more client-relationship managers, PwC says. As well, providing a few, key products and services rather than a wide array will help wealth managers win this market.
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