I have taken great interest in this independent report from Scorpio Partnership. Every year, we survey our clients through an independent research firm in order to ascertain where we can improve our services. I believe this is an essential process that ensures our clients’ views are heard. It also allows us to develop our proposition to suit their needs. So this report grabbed my attention as another benchmark to compare ourselves to, as well as confirming the most important factors that a High Net Worth individual looks at when engaging with a wealth manager. By and large, we found common ground, albeit with some interesting comparisons between our two surveys.
The report states that High Net Worth respondents have been working with their wealth management firm for 13.6 years on average. We too, found that the biggest percentage of our clients have been with us for more than a decade. Additionally, our feedback indicates that the longer they have been a client of ours, the greater the satisfaction with our service.
On average, for 10.2 of these years, the Scorpio report found that their relationship manager was the client’s only point of contact. The report indicates that 59% of their Futurewealthy clients think that there is room for improvement in the collaboration between the relationship manager and the firm to provide personal guidance and information.
This was one area of mild divergence between the reports. One reason why the survey results might differ is that, whether the relationship is run by one of our High Net Worth Investment Managers or by one of our Financial Advisers, they are always encouraged to think about how other products and services within Close Brothers might be beneficial for their client. We hope this allows for a stronger and more informed client experience.
In this sixth phase of research, we consider how they, the Futurewealthy, engage with the relationship manager at their primary wealth management firm. Their responses have given us an idea about how the client engagement model needs to evolve as businesses adapt to the challenges and opportunities of modern wealth management.