As private banks seek to differentiate themselves from competitors many are turning to more customer-centric business models. This report looks at the reasons behind the client-centric approach and analyses some examples such as the franchised private bank and the family office.

• This report introduces the concept of customer centricity, looking at the argument behind it and answering the question "why?"
• This report looks at the various options for customer-centricity, analyzing each and discussing their merits.
• This report sizes the affluent population across Asia-Pacific and discusses the need for client-centricity as a means to retention of clients.

In the current global environment, the number of wealthy individuals is growing very quickly. The fact is that there is plenty of wealth being created for most of the wealth managers to find new clients. However the question is, having attracted clients to a service, how can these clients then be retained?

The fact is that relationship managers are always going to be interested in making money and will pursue whichever means they need to in order to gain the best remuneration they do not work for the love of work. What wealth managers and private banks need to do is to find a remuneration model that ultimately leads to better client service.

Wealth managers cannot just drop their own products, but there are some aspects of the family office model that can be taken on board and replicated. The biggest factor is in the way the family office offers value to the family by taking over the research function of investing and also by knowing the inherent requirements that the family has.

• Find out what factors you should look for in better-servicing your client base.
• Find out what factors irritate wealthy individuals vis-à-vis their wealth managers.
• Find out how to structure your service to offer value to clients and ensure retention.