Building a Successful and Integrated Wealth Management Business

Asia's high net worth individuals form 30 percent of the global total and are increasing at a faster rate than their peers in North America and Europe. As such, wealth management has emerged as one of the most important business growth areas for the Asian fi nancial services industry. Global players are aggressively entering this market and many banks, including those not traditionally associated with wealth management, are eager to expand their wealth off erings. However, there are several key challenges that banks will have to address in order to build a truly successful and integrated wealth management proposition. The ability of banks to build a customer-centric business architecture, multi-channel sales capabilities, and a scalable advisory model are important operational factors that confer diff erentiation advantages in this highly competitive industry.

This report is part of the Consumer Banking Competitive Benchmarking Series and presents The Asian Banker's composite view on the key elements and drivers that shape the wealth management business.

Report highlights:

• This report captures important benchmarks players need to be aware of in running the business.
• It provides key operational insights into macro, market and street level fundamentals from which banks are able to build their own benchmarking templates and capabilities.
• It identifi es operational best practices among commercial banks building their wealth management business.
• It also identifi es emerging strategies in building a customer-centric business architecture, multichannel sales capabilities, and a scalable advisory model.

Why you should buy this report:

• Understand the critical success factors for running a profitable and sustainable wealth management business.
• Understand the key strategic performance indicators required for a Balanced Scorecard evaluation of the business.
• Understand core functionalities and operational insights in growing and running a successful remittance business.
• Learn to recognise the important industry signposts that shape the competitive landscape as well as the red fl ags that require attention in the course of running your wealth management business.

Who should buy this report:

• Heads of consumer banking, wealth management, channels, strategic planning, marketing and human resources.
• Research analysts in banks and non-banking financial institutions.
• Director of sales, relationship managers, product and service developers and other sales personnel with responsibility for wealth management products and services.
• Vendors and service providers targeting the fi nancial services.

• 1. Introduction
  • 1. About the Benchmarking Programme
  • 2. Definitions and Terminologies used in this Programme
  • 3. The concept of "The Banks We Like"
  • 4. The use of Six-SIGMA (DMAIC and DAMDV) in Financial Services
  • 5. Introduction to Scenario Planning tools used in this programme
  • 6. Introduction to Strategic Planning tools used in this programme
  • 7. Introduction to Balanced Scorecard used in this programme
• 2. Macro Level Fundamentals
  • 1. Fundamental beliefs that determine the shape of the remittance industry
  • 2. Industry drivers that determine the competitive landscape
  • 3. Sign posts and red flags
  • 4. Industry Scenarios
  • 5. Key macro indicators
  • 6. The 5 distinct stages of wealth management business evolution
  • 7. Aligning strategies according to specific country developments
  • 8. International variations in wealth management classifi cation
  • 9. Evolution of strategic priorities in the wealth management business
  • 10. Developments in investable assets in Asia Pacific
  • 11. Shifts in customer preference across managed asset types
  • 12. Wealth management income structure across Asia Pacific
• 3. Market Level Fundamentals
  • 1. Key elements and success factors to compete in the remittance business
  • 2. The "Banks We Like"
  • 3. Key market indicators
  • 4. Key operational elements in strategy, technology and accessibility
  • 5. Creating end to end service propositions
  • 6. Strategic performance indicators
  • 7. Industry defi nitions of what constitutes a wealth management business
  • 8. Mapping the development of the wealth management industry against evolution of productisation capabilities
  • 9. Developing a sustainable product proposition
  • 10. Winning the talent war through robust remuneration and training schemes
• 4. Street Level Fundamentals
  • 1. Balanced scorecard Indicators to track business performance
  • 2. Key elements defi ning success in the wealth management business
  • 3. The business architecture of a benchmark bank's wealth management business
  • 4. Assessing players'abilities to adopt open architecture cost efficiently
  • 5. Identifying strengths and weaknesses of customer relationship cycle management
  • 6. Benchmarking the frequency of customer contact across channel types
  • 7. The various models that support low advisor attrition and high customer retention
  • 8. The operational roadmap towards successful customer segmentation
  • 9. Rationalising customer segmentation to support relationship centric strategies
  • 10. Our Scorecard for assessing players in this business
  • 11. The "Banks We Like"
  • 12. The Questions We Ask