Lifestage Marketing in Wealth Management 2002: Industry Research Report

Lifestage Marketing in Wealth Management 2002

Published Date: September 2002

Published By: Datamonitor

Page Count: 63

Order Code: R313-4354

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Introduction: Datamonitor's report Lifestage Marketing in Wealth Management 2002 considers how lifestage affects customer requirements. It investigates the implications of key life events for a client's investment strategy, highlighting additional product and service opportunities and identifying how to push the right psychological buttons in formulating the marketing response. Scope of the Report: * Presents Datamonitor's framework for lifestage marketing in wealth management * Analyses the implications of 17 different key life events for a clients investment strategy. * Highlights additional products and service opportunities and potential marketing responses to each key life event. Report Highlights: In April 2000, the Financial Services Authority (FSA) published a report titled 'Better Informed Consumers'. In this report, the FSA found that in 16 per cent of cases the primary driver for the consideration of a financial services product was event/lifestage led and that it had an influence in almost a third of all cases. Due to their high level of customer proximity wealth managers and other players handling the investments of wealthy individuals are at an immediate advantage when it comes to employing lifestage marketing successfully. Key life events almost universally increase the need for advice (whether it is taken or not) and can thus serve as a strong platform for improving relationships and cross selling other products and services. Key Reasons to Buy this Report: * Delivers insight as to clients motivations and investment needs during different life stages. * Highlights potential cross selling opportunities allowing wealth mangers to extend share of wallet for their clients. * Provides marketing ideas and content for wealth managers in their approach to customer during key life events.

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