The recently released 2003 PricewaterhouseCoopers Global Private Banking/Wealth Management survey has suggested that wealth managers have diversified their offerings too far, and do not have the specialist knowledge and resources available to sustain this.
The survey of 100 international wealth managers revealed that front office operations have often not received enough investment, leading to failures to offer the high levels of customer care expected by HNWI.
The PwC survey also showed that although 71% of wealth managers anticipate an increase in ultra high net worth client numbers over the coming year, an alarming 50% do not have a coherent client retention policy in place, a factor which is likely to create problems in the future.
It concluded by suggesting that private banks and wealth managers would do well to focus on maintaining and developing their core competencies, with the emphasis on client needs rather product development.
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