Financial services organisations are failing to bridge the gap between their own product-based view of wealth management and actual customer needs, leaving the market wide open to competition from new entrants. Report by Professor Merlin Stone of Bristol Business School and IBM.
The document first defines the idea of wealth management and looks at the evidence of market size. It discusses the real changes that customers are expecting and should expect in the services that they are being offered.
The study finds that many companies claiming to offer wealth management services do not possess a consolidated view of the customer and that they have failed to establish the trust necessary for their customers to see them as long term advisors.
The paper concludes with a warning that new competitors are entering the market and displaying the capabilities that traditional financial services companies are lacking.
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