16 December 2017
visit http://response.ncr.com

Front office focus for wealth managers

08 July 2003  |  938 views  |  0 Front office focus for wealth managers

Investment in systems, people and infrastructure to transform the front office is a pressing requirement for private banks and wealth managers as they are forced to compete more aggressively to protect and grow revenue in difficult markets. So says the tenth global private banking/wealth management survey by PriceWaterhouseCoopers.

The research indicates that competition among firms will be most intense for clients higher up the wealth pyramid, with 71% of survey respondents expecting to increase the number of ultra high net worth clients, but only 14% expecting rising numbers of affluent clients.

Bruce Weatherill, global private banking/wealth management leader, PricewaterhouseCoopers says: "The needs of private clients are complex, particularly at the high net worth and the ultra high net worth level. Wealth managers are experiencing problems in delivering the high levels of client service that they promise and have not invested adequately in transforming the front office to achieve this."

Wealth managers that take an holistic approach to client relationship management, shift the focus of product development to customer needs and invest in their client relationship managers both in terms of training and reward will be best placed to attract and retain clients, he says.

Focus will also be critical, he says, with a back-to-basics approach encouraging further outsourcing of non-core products and services and open product architecture.

With many firms struggling to comply with a burgeoning regulatory burden, PwC forecasts more consolidation ahead. This process will bring gains and economies of scale in the front and back office, but costs still need to be kept under iron control

Concludes Weatherill: "The green shoots of recovery are clearly visible for wealth managers, but only for those who invest in their valuable client relationships, adapt to changing clients needs and tougher market conditions."

Survey participants predict asset growth rates in domestic markets over the next year of some three per cent in Europe, significantly lower than the 13% growth rate participants predicted in the 2001 survey.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Collaboration key to wealth management

Collaboration key to wealth management

16 June 2003  |  2459 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.niceactimize.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10372 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9833 views comments | 18 tweets | 36 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7067 views comments | 19 tweets | 21 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6463 views 0 | 4 tweets | 2 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
6208 views comments | 9 tweets | 9 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job