Closing the gap Wealth Management Survey

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1 Closing the gap 2014 Wealth Management Survey

2

3 Contents Foreword Closing the gap: 2014 Wealth Management Survey 1

4 Foreword 1. Clients and advisors both cite holistic goal planning and wealth transfer as two of the most relevant trends driving the industry. 2. After several years of focusing on wealth preservation post-2008, portfolio performance has become top of mind for clients and advisors. 3. Key client behavior drivers beyond the strength of the client-advisor relationship, which are often overlooked by advisors, can be leveraged to improve client acquisition and retention. 4. Traditional channels are, and will continue to be for which clients interact with wealth managers. 5. Although the demographic trends and implications of baby boomer clients and advisors retiring have been discussed for over a decade, advisors still consider generational wealth transfer and a lack of business succession planning to be among the top business risks. some key differences arise between North America and Latin America. 2

5 Methodology and Closing the gap: 2014 Wealth Management Survey 3

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7 Key points more to show the lasting Trends Closing the gap: 2014 Wealth Management Survey 5

8 agree on the important trends driving wealth growth Client 45% 42% Holistic goals-based planning Geographic 38% Generational wealth transfer 37% Consolidation of assets into fewer wealth management 32% Access to product specialists 23% 23% Improved client experience and tools Balance of personalized advice and self-service 15% 13% Shift from commission to fee-for-service Advisor Shift toward nontraditional investments 55% 53% 41% 35% 32% 32% 23% 15% 12% Geographic Improved 6

9 Advisor 67% Heightened regulation, disclosure and compliance (e.g., FATCA, KYC, AML) 48% Generational wealth transfer 41% Lack of business succession planning 32% Client desire for self-direction 24% 24% 21% 20% 16% Growth of independent advisors Geographic Not keeping up with continued rapid technology change Shift from commission to fee-for-service Risk of advisor disintermediation due to digital channels Generational wealth planning are key risks to Closing the gap: 2014 Wealth Management Survey 7

10 Overall, both advisors Client 60% 55% 40% Very 35% 25% 20% 30% 20% 5% Neutral MA HNW UHNW 10% 0% 0% Advisor 89% No Yes 11% 8

11 However, advisors see room to improve talent Advisor 84% 83% 76% 75% 67% 67% 55% 48% Comprehensive product set Specialized knowledge Sales and marketing support Product sources Flexible reporting and communication options Operations and admin support Tools Talent acquisition and development Closing the gap: 2014 Wealth Management Survey 9

12 Client No advisor High level discretion of advisor discretion 21% 37% 42% Some level of advisor discretion Advisor Optional (full advisor discretion) No policy exists 24% 18% 17% 41% Prescriptive (mandatory) Recommended (strongly encouraged) 10

13 Closing the gap: 2014 Wealth Management Survey 11

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15 Key points Key drivers Closing the gap: 2014 Wealth Management Survey 13

16 Consider revisiting marketing strategies to for more traditional Client 86% 89% Personal referral 50% 58% Contacted by advisor 23% 16% 9% Traditional media exposure 24% Industry conferences Baby boomers and older 18% 18% Marketing events 5% 21% Nontraditional media exposure Next generation 14% 16% Marketing campaigns Advisor 59% 59% 45% 43% 44% 55% 44% 44% Baby boomers and older 37% 35% 35% 33% 29% 25% Next generation Advisordriven campaign Advisordriven events Nontraditional media exposure Firmdriven campaign Firmdriven events Traditional media exposure Industry conferences 14

17 Client 73% 63% Firm reputation/ trust 55% 55% Referral/ advisor reputation 45% 34% Advisor s experience serving clients like me 18% 37% Comprehensive product set 14% 29% Goal/ planning Experience during sales process Baby boomers and older 23% 13% 14% 13% Digital technology Marketing campaigns Next generation 18% 11% 8% 0% Advisor Competitive fees Clients and advisors differ 53% 55% 49% 52% 39% 40% 32% 32% 31% 27% 28% 28% 28% 27% 19% 15% 13% 13% 7% 11% Goal/ Closing the gap: 2014 Wealth Management Survey 15

18 tops, while advisors also Client 73% 68% Portfolio performance 53% 45% Advisor relationship 32% 24% 23% 16% Firm reputation/ trust Frequency and quality of interactions with my advisor Digital technology/ channels Advisor 67% 72% 71% 64% 23% 26% 18% 8% Transparent reporting Baby boomers and older 18% 37% Comprehensive product set Baby boomers and older Goal/ planning Next generation 18% 9% 5% 5% Ability to view my comprehensive picture Next generation 31% 31% 39% 43% 9% 20% 4% 5% 20% 11% 32% 31% 27% 23% Portfolio performance Advisor relationship Firm reputation/ trust Frequency and quality of interactions with my advisor Digital technology/ channels Transparent reporting Comprehensive product set Goal/ planning Ability to view my comprehensive picture 16

19 Key attrition drivers show the spotlight Client 68% 55% 41% 36% 23% 14% 9% 9% 9% 5% Poor portfolio performance High fees Wealth transfer to Limited frequency and/or poor quality of interactions with my advisor Departure of advisor Poor service quality Lack of self-service Limited channels for interacting Declining reputation Limited product sources (i.e., proprietary products only) Advisor 63% 53% 39% 39% 32% 24% 16% 19% Poor portfolio performance High fees Wealth transfer to Limited frequency and/or poor quality of interactions with my advisor Departure of advisor Poor service quality Lack of self-service Limited channels for interacting 8% Declining reputation 1% Limited product sources (i.e., proprietary products only) Closing the gap: 2014 Wealth Management Survey 17

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21 Key points today and in the Usage data shows that Closing the gap: 2014 Wealth Management Survey 19

22 segments, traditional favored now and in the Client conduct transactions or obtain other services Today 53% 59% (in branch) 47% 67% 43% 48% 22% 12% Telephone Firm website 20% 7% Smartphone 20% 23% Online 15% Client perspective 79% (out of branch) Tablet Advisor perspective 10% 3% 0% 3% Direct mail In 3 to 5 years Client perspective Advisor perspective 65% 73% 53% 45% 43% 42% 36% 36% 20% 16% 20% 13% 22% 18% 7% 11% 2% 3% (in branch) Telephone Firm website Smartphone Online (out of branch) Tablet Direct mail 20

23 Client communicate with and receive information Today Client perspective Advisor perspective 53% 52% 53% 65% 52% 57% 72% 22% 15% 22% 17% 8% 21% 12% 10% 7% 2% 3% (in branch) Telephone Firm website (out of branch) Smartphone Online Direct mail Tablet In 3 to 5 years Client perspective Advisor perspective 67% 63% 48% 50% 47% 48% 51% 18% 12% 32% 33% 15% 12% 12% 7% 7% 9% 2% (in branch) Telephone Firm website (out of branch) Smartphone Online Direct mail Tablet Closing the gap: 2014 Wealth Management Survey 21

24 segments show need for diverse offerings Client conduct transactions or obtain other services Today UHNW HNW MA 70% 60% 30% 40% 50% 50% 30% 55% 45% 35% 5% 25% 20%20%20% 25% 20% 15% 15% 25% 5% 5% 15% 10% 0% 0% 0% (in branch) Telephone Firm website Online Smartphone (out of branch) Tablet Direct mail In 3 to 5 years UHNW HNW MA 75% 55% 50% 40% 35% 35% 30% 50% 45% 25% 10% 25% 25% 20%20% 15% 15% 30% 10% 35% 10% 5% 10% 5% 5% 0% 0% (in branch) Telephone Firm website Online Smartphone (out of branch) Tablet Direct mail 22

25 Client communicate with and receive information Today UHNW HNW MA 75% 55% 30% 60% 50% 50% 40% 55% 60% 30% 30% 45% 30% 5% 10% 10% 15% 15% 15% 5% 5% 10% 5% 15% 0% 0% 5% (in branch) Telephone Firm website (out of branch) Smartphone Online Direct mail Tablet In 3 to 5 years UHNW HNW MA 65% 65% 45% 35% 45% 40% 50% 55% 40% 30% 55% 30% 20% 5% 20% 20% 5% 10% 15% 15% 5% 10% 5% 5% 0% 0% 5% (in branch) Telephone Firm website (out of branch) Smartphone Online Direct mail Tablet Closing the gap: 2014 Wealth Management Survey 23

26 Clients still leverage digital information Client perspective 82% 72% 65% 68% 57% 57% 50% 58% 43% 42% 43% 42% 40% Today 47% 3 to 5 years View account information View/manage portfolio performance/ analytics Advisor perspective 89% 87% Conduct transactions (e.g., move money, trade) Access research and advice 72% Collaborate advisor Track goals Open accounts Today 18% 20% Interact through social media 3 to 5 years 35% 48% 45% 55% 59% 39% 47% 39% 45% 53% 55% 33% 41% View account information View/manage portfolio performance/ analytics Conduct transactions (e.g., move money, trade) Access research and advice Collaborate advisor Track goals Open accounts Interact through social media 24

27 Client perspective today 86% 79% View account information 68% 63% View/manage portfolio performance/ analytics 50% 61% Conduct transactions (e.g., move money, trade) 45% Access research and advice Client perspective in the next 3 to 5 years 77% 77% 68% 63% 59% 55% 55% 61% 53% 55% Collaborate advisor 55% 37% 50% Baby boomers and older 39% Track goals 59% 36% 42% Open accounts Baby boomers and older 50% 45% Next generation 14% 21% Interact through social media Next generation 34% 32% 23% 18% View account information View/manage portfolio performance/ analytics Conduct transactions (e.g., move money, trade) Access research and advice Collaborate advisor Track goals Open accounts Interact through social media Closing the gap: 2014 Wealth Management Survey 25

28 26

29 Key points more important than in Closing the gap: 2014 Wealth Management Survey 27

30 Client 74% 32% Holistic goal-based planning 53% 32% Generational wealth transfer 53% 29% Consolidation of assets into 42% 27% Access to product specialists 42% 41% Geographical 21% 24% Improved service experience and tools Shift from commission to fee-forservice Advisor 5% 20% Latin America 5% 17% Shift toward nontraditional investments North America 5% 32% Balance of personalized advice and self-service Latin America North America 59% 52% 52% 54% 41% 42% 41% 27% 33% 35% 30% 19% 38% 22% 11% 17% 15% 7% Generational wealth transfer Holistic goal-based planning Geographical Consolidation of assets into Improved client experience and tools Balance of advice and self-service Shift toward nontraditional investments Shift from commission to fee-forservice Outsourcing of some activities to specialists 28

31 Marketing Client 89% 88% Personal referral 79% 44% Contacted by advisor 37% 5% Marketing campaigns 32% 12% Industry conferences 32% 12% Marketing events Latin America 21% Nontraditional media exposure (e.g., online, social media) 12% 11% Acquisition Client North America 22% Traditional media exposure 84% 79% Latin America North America 59% 44% 42% 51% 24% 32% 20% 32% 5% 11% 24% 11% 11% 15% 2% 0% Firm reputation/ trust Referral/ advisor reputation Comprehensive product set Goal/ planning Marketing campaigns Competitive fees Advisor s experience serving clients like me Digital technology Experience during sales process Closing the gap: 2014 Wealth Management Survey 29

32 assessing existing wealth managers Retention Client 79% 66% Portfolio performance 74% 10% Comprehensive product set 68% 5% Digital technology/ channels 42% 54% Advisor relationship 29% 21% Firm reputation/ trust 16% 12% Ability to view my comprehensive picture 0% 17% Transparent reporting Latin America 0% 27% Frequency and quality of interactions with my advisor North America 0% 10% planning 30

33 Client today 89% 78% 68% 51% 68% 41% 53% 39% 42% 44% 42% 76% Latin America 32% 44% North America 26% 15% View account information Conduct transactions Access research and advice Track goals Collaborate advisor View portfolio performance/ analytics Open accounts Interact through social media Client in 3 to 5 years 78% 84% 80% Latin America North America 58% 58% 56% 46% 42% 41% 37% 44% 42% 47% 46% 32% 15% View account information Conduct transactions Access research and advice Track goals Collaborate advisor View portfolio performance/ analytics Open accounts Interact through social media Closing the gap: 2014 Wealth Management Survey 31

34 Client conduct transactions or obtain other services Today 74% 34% Telephone 58% 51% (in branch) 26% 20% 26% Firm website 10% (out of branch) 21% 20% Smartphone 16% 56% 16% 7% Tablet Latin America 11% 24% Online North America 0% 0% Direct mail In 3 to 5 years Latin America North America 63% 58% 51% 56% 34% 21% 20% 37% 10% 16% 22% 11% 5% 7% 11% 27% 5% 0% Telephone (in branch) Firm website (out of branch) Smartphone Tablet Online Direct mail 32

35 Client communicate with and receive information Today 74% 68% Latin America North America 44% 53% 54% 37% 32% 15% 17% 16% 16% 17% 5% 12% 5% 15% 0% 2% Telephone (in branch) Firm website (out of branch) Smartphone Direct mail Online Tablet In 3 to 5 years Latin America North America 58% 46% 37% 54% 32% 12% 53% 22% 5% 68% 5% 20% 0% 10% 5% 15% 0% 2% Telephone (in branch) Firm website (out of branch) Smartphone Direct mail Online Tablet Closing the gap: 2014 Wealth Management Survey 33

36 34

37 Consistently understand and address client needs. Make talent development and succession planning a strategic priority as boomer advisors retire and the next generation of advisors takes charge. Shift toward a goals-based planning approach that guides the relationship between clients and advisors across the complete client life cycle. As Develop and execute against a comprehensive channel strategy based on coordination and consistency across all channels. operating model. Closing the gap: 2014 Wealth Management Survey 35

38 36

39 Closing the gap: 2014 Wealth Management Survey 37

40 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the United States. For more information about our organization, please visit ey.com. EY is a leader in serving the global financial services marketplace Nearly 43,000 EY financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our wealth and asset management, banking, capital markets and insurance clients. In the Americas, EY is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Office today includes more than 6,900 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America. EY professionals in our financial services practices worldwide align with key global industry groups, including EY s Global Wealth & Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, EY s financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide Ersnt & Young LLP. All Rights Reserved. SCORE no. CK NY ED 0115 This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com

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