Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report which analyses how transformation in the wealth landscape is making banks devise new marketing strategies.

Creating a Private Banking Superbrand finds that while traditionally wealth managers have maintained a low profile, relying upon word of mouth and personal recommendations to gain business, they now depend on other approaches to gain business.

Authors of the report say that with the right marketing strategy, it is possible to reach potential clients. They find that as wealth management space becomes increasingly congested, a strong marketing strategy is vital for client growth.

The report states that in the past it was enough to offer secrecy and security. As the majority of wealth is now self-made and internationally mobile, new approaches are required and it can be challenging for private banks to retain their reputation while also raising their profile. This aspect is particularly important in an environment of increasing competition as firms in the ‘wealth’ marketplace have proliferated.

Analysts say that there is huge fragmentation in the industry with the largest firms retaining only 3 or 4 per cent of total assets under management. Additionally, wealth managers find that high net worth individuals are often multi-banked and might have substantial funds with a number of different private banks and wealth managers, offering clients a chance to benchmark rival brands.

The study uses exclusive data and interviews with leading practitioners to identify best practice in the marketing and branding of private banks.

 Creating a Private Banking Superbrand

Report Buyer product ID: VRL00006

Report Buyer Category: Banking & Finance