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Author: Lab49
Source: Waters | 17 Sep 2010
Categories: Trading Technologies and Strategies
Topics: whitepaperLab49
Increased competition and growing discontent with antiquated service models have resulted in the erosion of market share for the private wealth management groups of universal banks. Competitors, such as independent brokerages, have been attracting clients with the promise of more personalized services.
Demographic trends, namely the growing importance of Generations X and Y segments, present banks with new challenges. Younger generations are less loyal to their primary wealth management firms and are more tech-savvy and autonomous in their investment decisions. They want to do business with firms that cater to their needs, and most private wealth management firms currently do not. In order to remain profitable and competitive, the private wealth groups of large universal banks can gain a competitive advantage by investing in technology that appeals to young HNW investors, empowers advisors, and allows banks to profitably serve the mass affluent segment.
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