Wealth Management in the Nordic Region 2006: Industry Research Report

Wealth Management in the Nordic Region 2006

Published Date: August 2006

Published By: Datamonitor

Page Count: 95

Order Code: R313-16831

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EXECUTIVE SUMMARY: Introduction; Wealthy clients in the Nordic region; Competition for wealthy customers; Products and distribution
INTRODUCTION: What is this report about?; Who is the target reader?; How to use this report; Note to readers
CHAPTER 1 WEALTHY CLIENTS IN THE NORDIC REGION: Introduction; Key findings; The Nordic region represents an attractive market for onshore wealth management; Clients in the Nordic region are demanding a high level of service, influenced by personal relationships; Supplementary data
CHAPTER 2 COMPETITION FOR WEALTHY CUSTOMERS: Introduction; Key findings; Wealth management in the Nordic region is concentrated and dominated by domestic providers; Wealth managers in the Nordic region are concentrating on getting more clients and increasing share of clients' wallets; Wealth managers in the Nordic region tend to organize their business around a key relationship manager, but few specialize in key client segments; Supplementary data
CHAPTER 3 PRODUCTS AND DISTRIBUTION: Introduction; Key findings; Alternative investments have most business potential while wealth managers miss out on possible revenue from lending; Nordic wealth managers are interested in developing new distribution approaches/channels; Supplementary data
APPENDIX: Definitions; Research methodology; Further reading; SPP writing team
List of Tables: Table 1: Nordic number of MA and HNW individuals by liquid asset band, 000s, 2001-2005; Table 2: Nordic MA and HNW aggregate liquid assets by liquid asset band, EURbn, 2001-2005; Table 3: Forecasted Nordic number of MA and HNW individuals by liquid asset band, 000s, 2006-10; Table 4: Forecasted Nordic MA and HNW aggregate liquid assets by liquid asset band, EURbn, 2006-10; Table 5: What client types offer the greatest potential in your country in the next five years?; Table 6: In your opinion, what proportion of liquid assets do investors in your country put offshore?; Table 7: What is the main motivation for investors in your country to put money offshore?; Table 8: In your opinion, where do investors from your country prefer to put their offshore money?; Table 9: In your experience, what are the key influences that determine a client's choice of wealth management service?; Table 10: In your experience, what are the most effective customer acquisition techniques in your market?; Table 11: To what extent do you agree with the following?; Table 12: What are your clients most interested today?; Table 13: What is the best way to retain clients?; Table 14: In your experience, what are the most likely reasons for clients to leave a wealth management service?; Table 15: Which statement do you most agree with?; Table 16: Approximately what share of your clients' wallet do you think you have on average?; Table 17: How long has your client base, on average, been with you?; Table 18: In your opinion, who are the biggest wealth managers in your country?; Table 19: Ranking of Nordic wealth managers based on assets under management by year end 2005; Table 20: What is your minimum asset threshold for new clients?; Table 21: What are the most pressing concerns for your business at present?; Table 22: How much of a threat to your wealth business are the following competitors today?; Table 23: How much of a threat to your wealth business will the following competitors be in three years?; Table 24: What will most determine revenue growth in your market in the next two years?; Table 25: What is the most effective means of increasing share of wallet?; Table 26: What strategic initiatives are you planning or implementing in the next year?; Table 27: What are your main areas of concern in controlling your cost base?; Table 28: Which best applies to your company's relationship management?; Table 29: Do you have dedicated teams set up in your country to attract and manage any of the following customer groups?; Table 30: What quantitative measures are used to assess your relationship managers?; Table 31: Where will you get your staff from in the next three years?; Table 32: Please rate the following product areas in terms of their business potential among wealthy clients in your market during the next two years; Table 33: From the product areas just mentioned, which three will your company focus most resources on in the next two years?; Table 34: How important are the following distribution channels for your wealth business today?; Table 35: To what extent do you agree with the following?
List of Figures: Figure 1: The number of mass affluent and HNW individuals has grown steadily since 2002; Figure 2: Liquid wealth of Nordic mass affluent and HNW individuals amounted to more than EUR400bn in 2005; Figure 3: The Nordic mass affluent and HNW market will reach EUR615bn by 2010; Figure 4: Datamonitor forecasts steady growth in almost all asset bands in the next 5 years; Figure 5: Entrepreneurs offer the greatest potential in the next five years; Figure 6: The majority of clients put less than 10% of assets offshore; Figure 7: Avoiding taxes is the main motivation for investors to put their money offshore; Figure 8: Luxembourg and Switzerland are preferred offshore centers among Nordic investors; Figure 9: Personal relationship and service quality are key influences that determine a client's choice of wealth management service; Figure 10: Word of mouth is the most effective client acquisition technique in the Nordic region; Figure 11: Clients are demanding more contact and more information about the management of their portfolio; Figure 12: Wealth managers' clients are most interested in protecting their current asset base; Figure 13: The best way to retain clients are quick problem solving and providing services for their family too; Figure 14: Failure to understand client needs is the most likely reason for Nordics to leave their wealth manager; Figure 15: More than 50% of respondents state that they are the main wealth manager for most of their client base; Figure 16: Wealth managers should concentrate on gaining a bigger share of clients' wallets; Figure 17: 85% of Nordic wealth managers state that their client base has been with them for more than five years, on average.; Figure 18: Nordea, SEB and Danske Bank are perceived to be the biggest wealth managers in the Nordic region; Figure 19: The wealth management market in the Nordic region is dominated by domestic providers; Figure 20: Nordic wealth managers apply different minimum investment thresholds, varying from EUR 100k to EUR 3.5m; Figure 21: Nordic wealth managers are most concerned about increased competition from domestic players; Figure 22: Large wealth managers are perceived as strongest competitors; Figure 23: The main competitors will remain the same over the next three years; Figure 24: Obtaining new clients and increasing share of wallet will most determine revenue growth in the next two years; Figure 25: Offering financial planning is the most effective way of increasing share of wallet; Figure 26: Wealth managers will focus on marketing/branding push and improving CRM & support systems in the next year; Figure 27: IT and CRM system costs are the main concern in controlling cost bases; Figure 28: A third of all wealth managers give their clients a single point of contact; Figure 29: Only a few wealth managers have dedicated teams set up to target and attract specific customer groups; Figure 30: Most relationship managers in the Nordic region are measured by revenue and client satisfaction rate; Figure 31: New relationship managers will come mostly by hiring them from competitors; Figure 32: The biggest business potential lies in Alternative investments; Figure 33: Lending products are perceived to have less business potential; Figure 34: Wealth managers will focus on Alternative investments, Traditional investments, and Tax planning and advice in the next two years; Figure 35: More than 50% of Nordic wealth managers plan to develop new distribution approaches/channels in the next year; Figure 36: Financial advisors are seen as important distribution channel for wealth business today; Figure 37: Financial advisors will remain an important distribution channel for Nordic wealth managers

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