Covid-19 Update

 

Effective Monday, March 16, 2020 and until further notice, Econsult Solutions is having staff members work from home. This form of “social distancing” has been implemented with the safety of our staff and the community at large in mind. We have instituted all necessary remote-working features and remain open for business, hard at work on current engagements and eager to hear how we can support your needs. 

These are extraordinary times. The global pandemic has reached every aspect of every life in every corner of the world. More than ever, ESI stands ready to apply economics, strategy, and insight to help you move forward. Be on the lookout for additional content on our blog, Present Value. Together we will emerge stronger and wiser. 

EY 2019 Global Wealth Management Research Report

Across industries, consumers worldwide are changing where they shop, how they discover products, and what they ultimately buy, thanks to new technologies, innovative business models, and disruptive brands. The wealth management industry is acutely experiencing these trends. As the value perceptions of their clients shift, service providers—from firms with rich legacies to innovative new entrants—are faced with new challenges along with opportunities.

To help wealth managers navigate the changes in the marketplace and to deliver enhanced value, ESI ThoughtLab, on behalf of EY, conducted a comprehensive global survey of 2,000 clients in 26 countries. We profiled clients not just by traditional segments, such as age, gender, wealth, and location, but also by level of education, profession, investment knowledge, risk appetite, and psychographic profile. The goal was to understand their changing needs, behaviors, and value perceptions, and to provide actionable insights to service providers.

ESI ThoughtLab also conducted interviews with executives at leading wealth management firms around the world to understand how they are rethinking their value propositions and business strategies.

Among the key findings of the 2019 Global Wealth Management Research Report are the following:

  • Know what clients want and when. Clients are switching service providers to capture better value. They see the highest overall value for financial advice during major life events and as their wealth and level of investment knowledge increases.
  • The wealthiest and youngest are most apt to switch. Overall, one-third of clients plan to move money to new wealth managers over the next three years. In their search for value, clients are forming relationships with multiple providers. Independents and FinTechs benefit the most.
  • Solutions are more important than products and services. Clients want more advice and planning, but many are holding back. Most clients value simple, personalized, and connected solutions over individual products and services.
  • The future is voice. Client preferences are rapidly evolving toward digital and voice-enabled assistants for managing wealth and receiving financial advice.
  • Pricing models need to change. Many clients do not trust that they are charged fairly by their provider, and a majority want to pay differently.

To learn more about the 2019 Global Wealth Management Research Report, click here.

 

 

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