Digital Offerings for Ultra-High-Net-Worth Clients 2017 - How wealth managers can win and engage the ultra-wealthy online
UHNW clients, defined as those with at least $25 million in investable assets, are the most valuable of wealth segments, but they are also increasingly diverse and the most complex to serve in today’s rapidly changing, technology-charged environment. This 104-page report (plus two additional data supplements) evaluates and ranks the digital offerings targeted at ultra-high-net-worth clients by 12 of the leading private banks and wealth managers worldwide (see list below) and identifies the leaders of the current digital transformation.
The evaluation was conducted on the basis of over 20 different criteria, divided into eight functional categories such as appeal of mobile app and website for UHNWs, exclusive online functions, targeted education and lifestyle content and innovation. The report describes the current and future digital needs of ultra-wealthy clients and provides several case studies and best practices of technology innovation from wealth managers for the ultra-rich as well as adjacent industries such as high-end luxury. Based on these findings, the report provides a detailed guide on how to engage the elusive elite online. The report gives private banks, wealth managers, family offices, IT vendors and consultants answers to the following questions:
Which private banks and wealth managers are at the forefront of digital offerings to UHNW clients? What are their strengths and weaknesses?
How should wealth managers differentiate their offering by providing specific digital services for UHNWIs?
What are UHNWs’ needs, preferences and expectations for their wealth managers’ digital offerings today and in the future?
What specific content, services and functionality should the digital offerings of wealth managers have to attract the attention and satisfy the functional needs of the UHNWs?
What can be learned from the wealth manager best practices identified for engaging and attracting UHNWIs?
What are the right strategies for wealth managers to engage the elusive elite online?
What are the learnings for UHNW wealth managers from non-banking brands and other industries’ digital strategies and innovations?
Benchmarking and assessment of the digital offerings targeted at ultra-high-net-worth clients by 12 leading wealth managers and private banks worldwide: Abbot Downing, Atlantic Trust, BNY Mellon Wealth Management, Citi Private Bank, Glenmede, Goldman Sachs Private Wealth Management, Hawthorn (PNC), HSBC Private Bank, J.P. Morgan, Northern Trust, Pictet, U.S. Trust.
Ranking of the 12 wealth managers overall and by eight functional areas and best practices
Detailed profile for each evaluated wealth manager’s digital offering for UHNWs in categories such as appeal of mobile app and website for UHNWs, exclusive online functions, and targeted education and lifestyle content, and innovation, including recommendations for each wealth manager
Heatmap comparing strengths and weaknesses of the digital offerings from the 12 wealth managers
Actual and future needs of UHNW clients from their digital wealth management relationship
18 best practices of digital offerings for UHNWs in the areas of digital strategy, UHNW goals-based content, portfolio features, social media presences, thought leadership, and more
Five case studies of non-banking brands and other industries’ digital offerings to the very wealthy and learning points for wealth managers
Recommendations on how wealth managers can engage and win UHNWs online
The report includes more than 70 visuals including graphs, screenshots and charts, and it comes with two additional data sets:
Comprehensive data-appendix of 14 pages containing thorough evaluations of each firm according to 20 detailed criteria and a detailed ranking of the 12 analyzed wealth managers.
Key Insights Deck: easy-to-understand 7-slide presentation that summarizes key findings for quick sharing
The report analyzes the UHNW digital offerings from the following firms:
Abbot Downing, Atlantic Trust, BNY Mellon Wealth Management, Citi Private Bank, Glenmede, Goldman Sachs Private Wealth Management, Hawthorn (PNC), HSBC Private Bank, J.P. Morgan, Northern Trust, Pictet, U.S. Trust.