Global Wealth Management Survey 2016
Regional highlights – Americas
The Americas perspective is one of evolving priorities and increasing opportunities to attract new and retain existing clients and assets through superior client experience. According to our research, there is a $65 billion to $75 billion revenue opportunity for the firms in the Americas that use client experience as a competitive advantage to capture the clients who are willing to consolidate assets, given the right incentives.
In this sense, wealth management firms with a Pan-American footprint need to acknowledge that client preferences vary across subregions. As such, their client experience models will need to balance global consistency with the proper regional customization to account for these differences.
A closer look at the client experience dimensions of Performance, Engagement and Trust across the Americas reveals key differences between North and South.
North American clients are focused mainly on fulfilling personal goals, while those in Latin America want to outperform the market index. Clients focused on fulfilling personal goals are more likely to prefer more personalized attention and value quality of interaction with their advisor or firm. Clients centered on outperforming the market are interested in clarity in performance and the speed and quality of interaction and are more receptive to digital advice.
Latin American respondents posted the strongest appetite for digital advice via online/mobile apps with limited or no human advisor interaction. In North America, there is more work ahead for wealth managers looking to leverage digital advice.
Clients' awareness and willingness to open a robo-advisor account
Latin American clients value transparency in portfolio performance higher, and North American clients value advisor reputation significantly higher than other regions.