UK Wealth Management Research Portfolio Tribe High-end Doctors

Transcription

1 UK Wealth Management Research Portfolio Tribe High-end Doctors Essential Segmenting of High Net Worth Individuals Ledbury Research s Tribe reports identify and profile segments of the UK HNWI population that are particularly attractive for wealth managers at the present time. Drawing on in-depth interviews with segment individuals and a range of external and internal sources, we create a definitive segment guide for client targeting and servicing purposes. The reports examine segment individuals general habits, attitudes and behaviours, financial characteristics and current industry usage and perceptions; they conclude with guidance for wealth managers on how to approach them and what propositions to offer. They draw on the very best qualitative research techniques as well as Ledbury s unique understanding of HNWIs and the wealth management industry and, in this case, focus on High-end Doctors.

2 Summary Highlights This tribe report focusses on High-end Doctors, who number in excess of 70,000, earn more than 100,000 p.a. excluding benefits, and enjoy excellent job security in a very uncertain climate. They are very conservative in their asset choices, place a great deal of value on professional advice and are largely overlooked by the wealth management industry. General characteristics Over the last decade the number of High-end Doctors in the UK has grown phenomenally. They are very intelligent individuals, and have spent many years in training prior to reaching their lofty positions. They still work very hard and are constantly in contact with other colleagues in their specialist fields. Financial characteristics High-end Doctors enjoy excellent job security, material private practice income and clear visibility of earnings and are very conservative in their asset choices. They are hands on when it comes to making financial decisions, place a great deal of value on professional advice and are looking to manage their wealth optimally. Current industry usage and views High-end Doctors are under-serviced by the financial services industry, and largely overlooked by the wealth management industry. They are generally not very impressed by the financial services providers that they come into contact with and do not feel well understood as a consumer segment. Implications for wealth managers The segment does not respond well to general marketing and advertising. The high level of connectedness among doctors makes client referrals and recommendations a key sales avenue, and there are also opportunities around events. Professionalism is a pre-requisite for Relationship Managers seeking to service this segment; High-end Doctors also appreciate flexibility, use of electronic communications and clear and detailed explanations.

3 Methodology Reasons to buy Prospective customers This research publication examines the High-end Doctors segment, consisting of Consultants and GPs both Contractor and Salaried GPs. Contractor GPs are those who have entered into a contract with a Primary Care Trust to provide services to patients, and therefore own and run their own practices often as partnerships. Salaried GPs are those who work for others, be they practices or Primary Care Trusts. Our specific focus is on High-end Doctors in England, since these National Health Service governed doctors are by far the most numerous and well paid in the UK, although many similarities may exist with their counterparts in Scotland, Wales and Northern Ireland. The research draws primarily on in-depth minute interviews conducted with a mix of ten Consultants and GPs in England during October 2011, as well as secondary research. All interviewed doctors had an annual income of more than 100,000 and/or investable assets of at least 0.5m. Find out why High-end Doctors are very attractive in the current marketplace and access the evidence you need to make an internal case for them. Gain deep insight into the nature, attitudes and behaviours of this segment from the specialist at researching HNWIs. Optimise your chance of success with High-end Doctors by learning how best to approach individuals and what proposition to offer. This series has been designed for a wide range of internal stakeholders within wealth managers: Chief Executives and other senior decisionmakers charged with exploiting market opportunities. Sales and Marketing Executives looking to identify key segments and develop plans for targeting them. Senior product and service managers seeking to provide for the needs of key segments. Relationship Managers/Bankers wanting to build relationships with key segment individuals.

4 Sample Pages Dermatologist, Female, ,000 income Haematologist, Male, ,000 income segment individuals

5 Contents Executive Summary Methodology Section 1 General Characteristics There are significant numbers of GPs and consultants They are middle aged, often male and mostly British They are highly intelligent and well educated They are extremely time poor individuals Given their professions, much of their information consumption relates to medicine They are well connected with their colleagues Section 2 Financial Characteristics GPs and Consultants top the NHS highest earners table Contractor GPs earn significantly more than salaried GPs Consultants supplement their NHS income by 45% on average through private work High-end Doctors also enjoy other significant benefits Their asset allocations are very conservative They are hungry for information and advice They are all hands-on with their finances Section 3 Current Industry Usage and Views They make use of the standard range of products and services, which they find fairly underwhelming They have few personal relationships with financial services providers High-end Doctors are generally not impressed with providers The financial services industry does not appear to understand doctors Doctors prioritise independence from providers They seek credible RMs and good internet interfaces from wealth managers High-end Doctors prefer to be contacted by Wealth managers should make targeted, informal approaches Section 4 Implications for Wealth Managers How best to approach them sales and marketing principals What proposition to offer them servicing principles