This document provides a summary of the first report from the Futurewealth project, which examines the wealth management client experience. The report is based on surveys of 3,025 wealthy individuals worth an average of $2.9 million. It finds that the Futurewealthy pursue numerous avenues when searching for a wealth manager, including friends/family, independent research, and both online and offline sources. Significant life events like home purchases or job changes also often prompt starting a new wealth management relationship. The report further notes that the Futurewealthy are most impressed by a firm's reputation and values, followed by product/service fees. The wealthiest Futurewealthy set the highest standards and want a provider that can impress across all aspects, with

1. The Future
e
ewealth Repo 2014
h
ort
4
he
r
Th quest for a
va d rellationship
alued
Part 1
Fe
ebruary 2 014
©2012 S
Scorpio Partner
rship. All rights reserved | 0

2. FORE
EWORD – SCORPIO PARTNER
O
RSHIP
One of the most po
f
owerful movements of th century has been the customer re
his
evolution in fi
inancial
es
service Technolo
es.
ogical and dig
gital advance have enabled custom
mers to more effectively
communicate their experiences with differe brands. Their words wield immen power.
r
s
ent
T
w
nse
For bu
usinesses acr
ross all secto monitoriing, tracking and analysing customer opinion has
ors,
r
s
becom an impera
me
ative. Succes or failure i s dependent on an ability to integrate client sentiment
ss
t
e
into the value prop
position.
Back in 2009, we launched the Futureweal th project to amplify the opinions of a particularly
e
o
y
valuab customer group: the world’s wealt
ble
r
w
thy. We wan
nted to demo
onstrate that high-net-wo
orth
individ
duals were w
willing to spea openly ab
ak
bout their live and their wealth.
es
w
Since t
then, 13,500 individuals who are on t fast track to wealth have been pa of the
0
the
h
art
conver
rsation. Their input has allowed us to create an im
a
o
mpression of the persona and profes
f
al
ssional
lives of this hard-to
o-reach grou
up.
In this fifth phase o research, we explore w they, the Futurewealthy, are as c
of
w
who
e
customers. Their
T
respon
nses have en
nabled us to create a ben
nchmark for the wealth management experience. We
m
t
.
have le
earnt the elements of the relationsh ip with their advisors tha are valued , and where
eir
at
improv
vement is ne
eeded.
Over th coming m
he
months, we will be releas ing four repo which ch the journ of the
w
orts
hart
ney
Future
ewealthy with their wealth manager. In this first pa
h
h
n
aper, we look at the proc
cesses by wh
hich
they fin a provide and the pa of a firm which attrac them. Acro the rema
nd
er
arts
ct
oss
aining three papers,
p
we will explore the key touch-p
e
points for clie
ents when ca
arrying out a transaction , how the
relation
nship develo and what it takes for them to recommend the provider.
ops
eir
We are deeply grat
e
teful to SEI for their cont
f
tinued suppo and also to our new s
ort
t
sponsor – NP
PG
Wealth Manageme – for joining us on this exploration
h
ent
s
n.
We ho you find t
ope
these results as fascinat ing as we do and we wo
s
o,
ould like to th
hank all of th
hose
who ha shared t
ave
their experien
nces with us
s.
Sebastian Dovey
Manag
ging Partner
Scorpi Partnershi
io
ip
©2014 S
Scorpio Partner
rship. All rights reserved | 1

3. FORE
EWORD – NPG WEA
ALTH MAN
NAGEMENT
At NPG we provid wealth ma
G,
de
anagement s
solutions thro
ough life assu
urance. Our principle goal is to
help w
wealth manag
gers and priv
vate investors to achieve lasting succ
s
cess.
What m
makes us un
nique is that we do not ju partner with a number of intermed
w
ust
r
diaries; we al
lso
speak directly to customers ab
bout their per
rsonal prefer
rences and financial requ
uirements. We aim
W
to achieve a high le
evel of custo
omer orientat
tion at every step of our value chain. Our motivat
y
tion for
doing t
this is our be
elief amplifying the custo
omer voice can create a refreshing ap
r
pproach to life
assura
ance.
It is in this spirit tha we becam a partner in this year’s Futureweal project. W are proud to be
at
me
s
lth
We
d
part of this initiative because it is focused o understan
f
t
on
nding the evo
olving needs of the world
s
d’s
wealth We not on want to know what th think abo their wea managem
hy.
nly
k
hey
out
alth
ment custom
mer
journey but we als want to un
y,
so
nderstand w
what they truly value from their adviso Through these
y
ors.
insight we will be better serve to enhanc and strea
ts,
e
ed
ce
amline their experiences.
e
One of the main th
f
hemes reveal in this pa
led
aper is the im
mportance of a firm’s rep utation in the
f
e
adviso selection p
or
process. It highlights that clients wan to engage with wealth institutions that
t
nt
t
have s
strong corporate values as well as eff
a
fective wealt solutions. Having foun
th
nded our bus
siness
on the ethos of inte
egrity, respe and produ excellenc we believ we are we placed to deliver
ect
uct
ce,
ve
ell
their vi
ision.
We ho that as part of this pr
ope
roject, other organisation will seek to learn more about what really
ns
o
e
t
matter to their clie
rs
ents. We gen
nuinely believ that the fu
ve
uture of wea and the f
alth
future of life
insuran will be d
nce
decided by th customer.
he
.
Marc S
Stevens
Chief E
Executive Of
fficer
NPG W
Wealth Mana
agement
©2014 S
Scorpio Partner
rship. All rights reserved | 2

4. FORE
EWORD – SEI
SEI is a leading glo
obal provider of solutions to wealth managers and private ban around the
r
s
m
nks
t
we
m
mitment to provide servic and tools that are no only
ces
s
ot
world. With them, w share a mutual comm
relevan but also e
nt
efficient and exciting for c
e
clients. We are committed to develop
a
ping new way to
ys
enhanc the custo
ce
omer experience.
s
soring the Fu
uturewealth project and we are deligh
p
w
hted that this
s
This is now our fifth year spons
year’s survey focus on the th
ses
heme so clos to our hea - the clie experienc This rese
se
arts
ent
ce.
earch
es
ent
s
management firms every
ywhere: how are clients
touche on pertine questions for wealth m
visor.
engaging with their wealth man
nagers and w
what makes them truly va
alue their adv
In this first paper, w gain uniq insight in the psych of the Futurewealthy a they searc for
we
que
nto
he
as
ch
h
t
w
ts
w
wealth management advice. It is encouragiing to learn that, on the whole, client feel their wealth
manag
gers are deliv
vering a good experience in the areas that really matter. But w also find that
d
e
s
we
some c
client segme
ents expect a comprehen
nsive service at every sin
e
ngle step of t customer
the
journey The challe
y.
enge for wea manager is to delive a consistent customer experience to
alth
rs
er
every s
single client, in spite of th
hese differen
nces.
ghlights that clients tend to search fo advice whe formulatin personal goals
or
en
ng
g
The report also hig
and ob
bjectives. This demonstra
ates the nee d to collect and manage meaningful client data to
a
ensure that custom experience delivery is maintained as client requirements e
e
mer
s
d
evolve.
of
mes
w
agement
Many o these them resonate with the di scussions we have with wealth mana
organisations who are looking to improve t overall ex
the
xperiences of their clients We believ that
o
ve
s.
ology, and pa
articularly its ability to ha
s
andle custom insight, is the basis fo delivering that
mer
s
or
techno
experie
ence.
Alfred P. West, Jr.
man
ef
Chairm and Chie Executive Officer,
SEI
©2014 S
Scorpio Partner
rship. All rights reserved | 3

5. INTRO
ODUCTION
N
This ye
ear’s Futurew
wealth series is all about the wealth management client expe
s
m
t
erience. Over the
r
coming months, w will be ask
g
we
king the worl d’s money makers to explain what th really value
m
hey
during their relation
nship with an advisor.
n
ill
es
stomer journ
ney. Firstly, we consider w
w
what attracts the
Our four papers wi map phase of this cus
ewealthy to a particular wealth manag Then, we ask what counts when they are car
w
ger.
e
c
rrying
Future
out tra
ansactions w a firm. Ou third pape will questio how to ke the relat ionship spar alive
with
ur
er
on
eep
rk
once the honeymo period is over. And fi nally, we exa
oon
amine wheth the Future
her
rewealthy wo
ould
recommend their a
advisor to frie
ends and fam
mily.
So, wit
thout further ado – we welcome you to our first paper. Here we have unc
r
w
p
w
covered how and
why th world’s most affluent individuals s earch for relationships with wealth m
he
i
w
managers. An the
nd,
factors that are mo important to them wh choosing firms.
s
ost
hen
g
These findings are based on th views of a group of 3,0 individuals from acro the globe. We
he
025
oss
know t
them as the Futurewealth because, as a group, they are lead
hy
ding the spriint up the glo
obal
wealth curve with a average worth of US$
h
an
w
$2.9 million. This is what we have fou
T
und:
Intens investigators
sive
The Fu
uturewealthy are still deriving a finite formula for finding a wea manage r. They pursue
y
f
alth
numer
rous avenues for introduc
s
ction and inv
vestigation. Approximately 24% of th
A
hem seek out the
t
advice of friends o family befo making a selection while almost a fifth conduc their own
e
or
ore
ct
indepe
endent marke research. The remaind use a var
et
der
riety of sourc – both on and offline.
ces
n
Time to get per
rsonal
A quar of the we
rter
ealthiest Futu
urewealthy fo
ound their cu
urrent money manager a
y
after heartbre
eak
with a former finan
ncial provider
r.
ging persona circumstan
al
nces are also a significant driver for starting wealt management
o
th
Chang
relation
nships amon this globa group. On average, 20% of the Futurewealthy s
ng
al
%
sought out a
provider when buy
ying a home, while the sa
ame proportion looked fo a firm durin a career change
or
ng
c
or prom
motion.
The v
value of values
To rea impress these global go-getters, t world’s money mana
ally
the
m
agers must p
present a cult
ture
which combines va
alue and valu
ues. A firm’s reputation has an impor
s
h
rtance score of 74%, clo
e
osely
followe by produc and servic fees with a score of 64
ed
ct
ce
4%.
But it is the wealth
hiest of the Futurewealthy who are se
y
etting the bar even higher for their
r
r
prospe
ective partne They want a provider who can im
ers.
r
mpress acros the board; in fact, ther is
ss
;
re
just a 2
20% differen
ntial between the firm’s re
n
eputation an its social media activit
nd
m
ty.
©2014 S
Scorpio Partner
rship. All rights reserved | 4

6. Future
ewealth Repo
ort:
The que for a valued relationship
est
Th gr est re
he reate elationship ar the
ps re
on y neve exp ed to be in
nes you n er pecte o
In brief
Fiv years ago we began our Futurewe
ve
o,
o
ealth project to examine the hearts a minds of the
t
and
f
wo
orld’s wealth
hiest individuals. In this tim we have asked them about every
me,
e
m
rything from their
ind
dividual achievements to investment approaches their deepe desires to digital dealings.
o
s;
est
o
Th year, we s
his
spoke to 3,02 of the glo
25
obal elite to understand how they rea feel about their
u
h
ally
we
ealth manage
ement exper
riences. Theiir responses indicate that they are stiill very much on the
h
loo
ok-out for pr
roviders who can enhanc their lives, as well as their wealth.
o
ce
,
Br
roadly, the Fu
uturewealthy are attracte to wealth managers who are able to demonstr
y
ed
w
rate a
ble of values and value. Amongst the it is the wealthiest th are the ha
em,
end
s
hat
ardest to impress.
nder, who ca excite the both on a offline.
Th are lookin for more of an all-roun
hey
ng
o
an
em
and
ONE’S FIRST L
LOVE IS AL
LWAYS PE
ERFECT UNTIL ONE MEETS O
ONE’S
OND LOVE
E
SECO
There is no bluepri for the pe
int
erfect relation
nship. Often, it starts with just a look an initial int
,
k;
trigue
and mutual attraction. Courtship ensues, fo
ollowed by in
nfatuation, ex
xcitement an commitm
nd
ment.
For the lucky ones these feelings last for ye
e
s
ears – perhaps entire live For the re
es.
emainder,
something goes wrong. The result: disappo
ointment, hu – even bet
urt
trayal and an
nger. They may not
m
know h
how it happe
ened. What they do know is that the will think a bit more ca
t
w,
ey
arefully in the future.
e
The sc
cenario may sound like th tribulation of romantic love, but it also describ the emotional
he
n
c
bes
path to finding a perfect wealth manager. T feelings involved are remarkably similar.
o
h
The
Of cou
urse, the wor
rld’s wealthie individua ls – the Futu
est
urewealthy, as we know t
a
them – are not that
easy to woo. In the five years that we have been trackin their lives we have le
o
e
e
ng
s,
earnt that the
eir
needs are unique a their standards are h
and
high. This ma
akes them ve hard to im
ery
mpress.
With th in mind, o
his
over the com
ming months we will be th
hinking abou the ingrediients for fost
ut
tering a
great c
connection w these glo
with
obal go-gett ers. In this year’s survey, we have as
y
sked them ab
bout
every p
phase of the relationshi with a wea manager to illustrate their ideal ‘c
eir
ip
alth
e
customer jou
urney’.
In this first paper, w will consider the explloratory part of this voyag We ask e
we
ge.
exactly how the
Future
ewealthy go a
about finding a wealth m
g
manager they love. And, what it really takes for a firm to
w
f
catch t
their eye.
©2014 S
Scorpio Partner
rship. All rights reserved | 5

7. Future
ewealth Repo
ort:
The que for a valued relationship
est
STRA
ANGERS A JUST NEW REL
ARE
LATIONSHIPS WAITIN TO HA
NG
APPEN
When it comes to w
wealth mana
agement, it is no secret that the Futurewealthy ar not
s
re
monog
gamous. The industry ma go to grea lengths to court these global mone
e
ay
at
ey-makers but their
rtners.
minds remain open to affairs with other par
n
w
On ave
erage they have three or four working relationship each. To an extent, th collection is a
g
ps
his
n
lifestyle choice. Aft all, the old adage abo putting all your eggs in one baske can be no more
ter
out
et
pertine than for t
ealth curve.
ent
those at the top of the we
t
But ma
aybe this mu
ultiplicity is also indicative of somethi else. Perhaps these c
e
ing
clients have
amass so many providers be
sed
ecause they are in search of a more valued relati onship.
This is worth mullin over, give that highly
s
ng
en
y-valued cus
stomers of th future are working with the
he
h
largest number of investment providers [Fig
t
p
gure 1]. Inde
eed, Asia’s em
merging wea
althy co-ordinate
with an average of five wealth managers; w
n
f
while establis
shed America have jus two.
ans
st
Moving up the ladd of wealth we also se a compuls
g
der
h,
ee
sion to collec confidante Money makers
ct
es.
m
with ov US$4 million have four more prov
ver
viders than those in the lowest wealth bracket.
h
Figure 1: Numb of inves
e
ber
stment pro
oviders use
ed
How m
many providers do you curr
s
rently work wit regarding your personal investments?
th
y
?
Europe
e
A
Asia-Pacific
c
Americas
s
2.1
4.8
3.2
Global
6.
.5
US$4m+
+
4.
.4
US$2m-USD4m
2.
.5
US$500,000-USD2m
m
2. <US$500,000
.1
©2014 S
Scorpio Partner
rship. All rights reserved | 6

8. Future
ewealth Repo
ort:
The que for a valued relationship
est
It woul not be tha surprising if the Future
ld
at
ewealthy are looking for a more cheris
shed relation
nship,
given t
their wealth-assessment. Each year w examine their wealth confidence – that is, the
we
e
difference between the proport
n
tion of them who made money last year and the proportion who
m
y
w
expect to make mo
t
oney over the next 12 mo
onths.
We co
ontinually find that their performance outlook outs
d
strips reality [Figure 2]. In fact, there is a
n
i
unanim
mous feeling among the world’s wellw
-heeled that more is poss
sible with the wealth.
eir
For ins
stance, Amer
rica’s elite ha hiked up their foreca for 2014 by 7 points, despite relat
ave
p
ast
b
tively
sluggis gains in 2
sh
2013. In Euro and Asia where perfo
ope
a
ormance pred
dictions have been modified for
e
the yea ahead, the expectations still excee lived expe
ar
e
ed
erience.
Figure 2: Wealth confiden index
e
nce
To wha extent has t wealth co
at
the
onfidence of th Futurewea
he
althy changed in the last 12 months?
d
2
(Region
nally segment responses)
ted
©2014 S
Scorpio Partner
rship. All rights reserved | 7

9. Future
ewealth Repo
ort:
The que for a valued relationship
est
HAPP
PINESS IS HAVING A DREAM Y
YOU CAN
NNOT LET GO OF AN A PART
ND
TNER
WHO WOULD NEVER AS YOU TO
O
SK
O
For mo of us, the deepest de
ost
e
esires of our imagination will forever remain beyo nd the horizo But
r
on.
among the Futurew
g
wealthy, drea
ams are as ta
angible as bricks and mo
ortar. And, th use ever
hey
ry
possib tool at the disposal to build them
ble
eir
t
m.
Many o these con
of
nfident constructors know they need support to make dreams a reality. Th rely
w
m
s
hey
on an architect wh understands their lives and who ca create the scaffolding for their suc
ho
s
an
e
g
ccess.
This is the role of t wealth manager. From the very first moment, it is the life g
s
the
m
m
goals of the
Future
ewealthy whic shape the relationsh
ch
eir
hips. Looking at the circu
g
umstances w
which lead the to a
em
provider, diversification is impo
ortant but pe
ersonal ambitions play a key supportiing role [Figu 3].
ure
Around the world, we find thos in Asia to be most swa
d
se
ayed by indiv
vidual circum
mstances. Th
he
slighte tinkle of w
est
wedding bells is enough t put them in pursuit of a wealth ma
s
to
anager. Personal
experie
ences, partic
cularly promo
otions and p
purchasing property – als encourage Europeans to
so
e
s
start th hunt.
he
Figure 3: Circum
e
mstances leading to a wealth manageme relation
m
ent
nship
Were th
here any specific circumstances that led you to sear for a relationship with y
d
rch
your main wea
alth
management firm? (
(Regionally se
egmented res
sponses)
©2014 S
Scorpio Partner
rship. All rights reserved | 8

10. Future
ewealth Repo
ort:
The que for a valued relationship
est
But ne
estled in with these broad lifestyle fac
h
d
ctors is some
ething altoge
ether more siinister. That is, the
specte of relations
er
ships past.
A quar of those leading the sprint up the wealth curv were inspired to look f a wealth
rter
s
e
ve
for
manag because they have ex
ger
xperienced h
heartbreak with a former provider [Fig
w
gure 4].
So how did it all go wrong? The broad blen of
w
o
nd
circum
mstances cite by those with over US million
ed
w
S$4
indicat that form providers have either failed to
tes
mer
s
pting to
unders
stand or have been incap
e
pable of adap
their clients’ chang
ging objectives.
#FW2014 A third of t
4
those worth over
US$4 million started searching fo a
or
wealth manager whe they purch
m
en
hased
a new ho
ome.
As suc these priz patrons have shimm ied off elsew
ch,
zed
where. They take with the a bitter ta
t
em
aste of
failure and a strong sense of what they willl not be willin to tolerate in the futur
g
w
ng
e
re.
Figure 4: Circum
e
mstances leading to a wealth manageme relation
m
ent
nship
Were th
here any specific circumstances that led you to sear for a relationship with y
d
rch
your main wea
alth
management firm? (
(Wealth segm
mented respon
nses)
©2014 S
Scorpio Partner
rship. All rights reserved | 9

11. Future
ewealth Repo
ort:
The que for a valued relationship
est
A ME
EETING OF PERSON
F
NALITIES IS LIKE THA OF CHE
S
AT
EMICAL SU
UBSTANC
CES:
IF THERE IS A R
REACTION BOTH A TRANS
N,
ARE
SFORMED
D
So, like highly char
e
rged particle careening through the ionosphere, the Futurew
es
,
wealthy rema on
ain
the hunt for fresh p
partners for collaboration Their beha
c
n.
aviour indicat that they are in searc of a
tes
y
ch
“perfec collision” that can enh
ct
hance their liv and drive them forwa
ves
ard.
When we asked th
hem about th mechanics of finding their main we
he
s
t
ealth manage – whom th
er
hey
love ab
bove all othe – we find the process is not a cas of random attraction. IInstead, they are
ers
s
se
m
y
inquisitive, investig
gative and ex
xhaustive in t
their mission to discover a flawless fr
n
r
friend.
Often, these worldly-wise weal creators
lth
seek o
opinion from within their own solar
o
system as a guide. A quarter of them seek
m
.
o
creden for their choice by ta
nce
alking to frien
nds
or fam [Figure 5].
mily
#FW2
2014: On ave
erage, their m
main wealth
provider manages half of thei r total invest
s
table
wealt This rises to 60.4% in the America
th.
s
n
as
and falls to 45.5% in Asia Pac
f
%
cific.
The remainder use a variety of sources to m
e
make their acquaintance: from indep
pendent mark
ket
researc to referra and from a relationshi p manager or trusted counsel.
ch
als
o
The we
ealthiest of the lot are the most intrep gaining their insight through new frontiers. Actually,
e
pid;
t
w
A
11% o those wort over US$4 million foun their weal manager in cyber spa
of
th
4
nd
lth
ace.
The Fu
uturewealthy are also exp
y
ploratory in t
their fact-find
ding. Unders
standably, th ey are keen to
deepen intelligence about the possibilities of their finan
e
ncial universe They do th by talking to as
e.
his
g
many p
providers as possible – on average, t
s
o
three to four firms - before making a selection.
Most intent on this mission of discovery are those at th top of the wealth pyra
s
d
e
he
amid. These global
g
elite ty
ypically spea to six wealth managers before their decision is made. By c
ak
s
contrast, thos with
se
less th US$500,000 only weigh up two fiirms prior to selection.
han
Clearly the Futurewealthy have not yet der
y,
e
rived a finite formula for finding their perfect partner.
f
Instead their ques for the righ relationshi p relies on th own inte
d,
st
ht
heir
ensive invest igation.
©2014 S
Scorpio Partner
rship. All rights reserved | 10

12. F
Futurewealth Repo
ort:
T quest for a valued relationship
The
F
Figure 5: The d
decision making universe of th Futurewealt
g
he
thy
Global:
Global: 3.6
G
How many firms did yo u consider working with before you made your selectio
g
on?
<US$500,00 2.2
00:
US$500,000-US$2
2m: 2.7
US$2m-US$4
4m: 4.2
US$4m + : 6.0
Europe 3.2
Americas 2.1
How were you first introduce to your primary wealth manager?
ed
Referral from fam or friend: 24%
mily
Through my own research o the market: 17%
of
Through a relationship manager at the firm: 12%
Asia Pacific 4.6
Referra from a trusted advisor (e.g. attorney, accountant): 11%
al
,
Other: 9%
Through the webs of the firm: 8%
site
rom another part of the business: 8%
f
Referral fr
In response to an a
advertisement: 6%
Referr from another clie at the firm: 6%
ral
ent
Percentage of clie
ents introduced
through the websi
ite
<US$500,000: 5.7%
US$500,000-US$2m: 3.9%
US$2m-US$4m: 10.0%
US$4m +: 11.3%
On average, their main wealth provider ma
anages half of their total investable we
ealth.
This rise to 60.4% in the A
es
Americas and falls to 45.5% in Asia Pac
o
cific.
©
©2014 Scorpio Partnership. All rights reserv
ved | 11

13. Future
ewealth Repo
ort:
The que for a valued relationship
est
IN TH END, TH LOVE YOU TAKE IS EQUA TO THE LOVE YO MAKE
HE
HE
Y
E
AL
OU
The sto so far is that the wor
ory
rld’s Futurew
wealthy go to great length to pursue the right we
o
hs
ealth
manag How the can firms impress the global go
ger.
en,
ese
o-getters?
Back in 2011 we d
devised a rep
plica of the w
wealth manag
gement custo
omer journey and asked the
y
Future
ses
ewealthy to te us about their experie
ell
t
ences with th provider. The respons we received
heir
highlig
ghted both st
trengths and weaknesse s in the prop
d
position.
The glo
obal context has change dramatica in the last two years. And so, we revisit the no
t
ed
ally
otion of
ripled the nu
custom experien
mer
nce. This time we have tr
e,
umber of touc
ch-points in the wealth
manag
gement journ to gain greater insigh into what these global go-getters re
ney
ht
t
really care ab
bout.
Consid
dering just th pre-purch
he
hase phase o this voyage – that is, th point befo the relatio
of
e
he
ore
onship
actuall begins - w find that th world’s m
ly
we
he
money maker are hanker
rs
ring after a b
blend of values and
value.
Reputa
ation – the fu
undamental character of an organization – is para
c
amount to th
hem. This is closely
c
followe by produc and servic fees. To th Futurewealthy, these are the signp
ed
ct
ce
he
posts toward a
ds
prized relationship.
So mu so, that r
uch
respondents with an aver
rage worth le than US$
ess
$500,000 giv the reputa
ve
ation of
a firm an average importance score of 83% while cost get 70% [F
s
%;
ts
Figure 6].
Traditional marketi tools – bo on and o
ing
oth
off-line – may be of lower overall sign
y
r
nificance but should
not be disregarded entirely. In fact, our mo successfu money ma
e
d
ost
ul
akers are loo king for an alla
rounde They give social medi an importa
er.
e
ia
ance score of 39%, making it only 20 notches les
o
0
ss
relevan to them th reputatio
nt
han
on.
It all sh
hows that the Futurewea
althy are start
ting to expec more from their money managers. Before
ct
m
y
they part with their hard-earned cash, they want to kno that their service prov
r
d
y
ow
vider can deliver
consis
stently across the board.
s
©2014 S
Scorpio Partner
rship. All rights reserved | 12

14. F
Futurewealth Repo
ort:
T quest for a valued relationship
The
F
Figure 6: Startin a new relationship: Import
ng
tance Index
W
When considering a wealth manager t look after your fin
to
nancial affairs, how important are the following factors? (Wealth segmented responses)
w
d
©
©2014 Scorpio Partnership. All rights reserv
ved | 13

15. Future
ewealth Repo
ort:
The que for a valued relationship
est
The go news is t
ood
that wealth managers ar delivering in the areas where it reallly counts. Almost
m
re
A
90% b
believe their f
firm has a go reputatio while 76% are happy with costs. O average, 68%
ood
on
%
On
believe their wealth manager delivers a goo performance in this pre-purchase phase.
e
h
d
od
e
While t
this means the majority of clients are happy, it also highlights that a signiificant number are
o
e
s
less th pleased. In particular their respo
han
r,
onses show that wealth providers are yet to
p
e
demon
nstrate their marketing ex
xpertise. And they are fu
d,
urther still fro taking it t a social le
om
to
evel.
Figure 7: Startin a new relationship Performa
e
ng
p:
ance score
e
your main wea manager provide a goo performan in this area?
alth
od
nce
Does y
©2014 S
Scorpio Partner
rship. All rights reserved | 14

16. Future
ewealth Repo
ort:
The que for a valued relationship
est
THE L
LAWS OF ATTRACT
TION
The law of attract
ws
tion state tha “like attrac like”; pos
at
cts
sitive energy will draw on positive energy,
nly
while n
negative ene
ergy will appe to only ne
eal
egative energy. It is a sim
mple rule, bu one that pr
ut
resents
a valua
able lesson f wealth ma
for
anagers eve rywhere.
At the end of this f
first chapter what is appa
w
arent is that the world’s wealthy are g
t
w
going to grea
at
lengths to find a pe
s
erfect partne – and they are still on the hunt. The global go
er
y
t
ese
o-getters are
e
exhaus
stive in their quest and many have co
m
ollected num
merous provid
ders on the w
way.
They a searching for a provid who can understand their changing personal circumstanc
are
g
der
ces.
Reputa
ation is key; so are costs But what t he really high-value clien are pining for is a partner
s.
nts
g
that ca demonstrate value across a numb of service areas.
an
ber
e
There is a sense am
mong the wo
orld’s well-he
eeled that th start of the relationship sets the tone for
he
e
p
the rem
mainder. The are upping their expec
ey
g
ctations.
In our next paper, we will pick up this threa to discuss the evolutio of their int
ad
s
on
nteraction wit their
th
provider. We will c
consider exac what it ta
ctly
akes to deliv a great ex
ver
xperience wh connecting
hen
and co
ollaborating w the Futu
with
urewealthy to deliver a se
o
ervice that meets their ne
m
eeds.
©2014 S
Scorpio Partner
rship. All rights reserved | 15

17. Future
ewealth Repo
ort:
The que for a valued relationship
est
ABOU THE PA
UT
ARTNERS
pio
rship
Scorp Partner
Scorpi Partnershi is a pionee in the art o translating the comple needs of w
io
ip
er
of
g
ex
wealthy clien
nts
into pr
ractical, inno
ovative and profitable solu
p
utions to targ these customers. Th is award-win
get
nning
firm ha developed client insight from thou
as
d
usands of millionaires and billionaires around the world.
d
s
nsulting and
With th knowledg the firm has impleme
his
ge,
h
ented strategic research, practical con
busine innovatio projects in over 35 cou
ess
on
n
untries.
NPG Wealth Ma
anagemen
nt
NPG W
Wealth Mana
agement is a leading prov
opean cross-border life a
assurance so
olutions
vider of Euro
standin for excellence, trans
ng
sparency and complianc in the (Ultra) High Ne Worth an High
d
ce
et
nd
Affluen business.
nt
NPG W
Wealth Mana
agement’s op
perations are based in Lu
e
uxembourg, Ireland, Gibr
raltar and Be
ermuda.
From these 4 jurisdictions, th Group pr
he
rovides com
mpliant wealt managem
th
ment solution with
ns
active presence across 11 core Pan-European markets. Over the ye
ears, NPG Wealth
Manag
gement has built a solid reputation of service excellence with its insura
d
e
w
ance interme
ediaries
and clients with in excess of 5 billion euro of assets under mana
n
os
agement. Fo more information,
or
visit ww
ww.npgwm.com
SEI
SEI (NA
ASDAQ:SEIC is a leadin global pro
C)
ng
ovider of inve
estment proc
cessing, fund processing and
d
g,
investm
ment management busin
ness outsour
rcing solution that help corporations financial
ns
c
s,
nage wealth. As of
institut
tions, financial advisors, and ultra-hig
gh-net-worth families cre
h
eate and man
Decem
mber 31, 2013, through it subsidiarie and partnerships in which the com
ts
es
mpany has a
signific
cant interest, SEI manages or adminiisters $559 billion in mutual fund and pooled or
b
d
separa
ately manage assets, including $232 billion in as
ed
2
ssets under managemen and $327 billion
m
nt
b
in clien assets und administration. For m
nt
der
more informa
ation, visit ww
ww.seic.com
m.
Important Information
t
All graphic and image mate in this report ar sourced by and to Scorpio Partners
cal
erial
re
ship.
ons
d
d
ment Company sub
bsidiaries and affilia according to lo
ates
ocal regulatory requ
uirements.
SEI solutio may be offered internationally by different SEI Investm
This material has not been a
approved by any of the SEI subsidiarie or affiliates as a financial promotion or marketing comm
es
f
munication for any prospective
investor. T information con
The
ntained in this docu
ument has not been independently ve
n
erified by SEI or any legal entity of the S Group of Comp
SEI
panies.
This docu
ument is not intende in any circumsta
ed
ances as an offer o solicitation to sub
or
bscribe for or acquire any securities orr sale of any securit in any
ties
jurisdiction
n.
The conte of this Futurewe
ent
ealth report is intend solely to provid general guidance to the reader of these pages on the services offered by NPG
ded
de
e
b
Wealth Ma
anagement Group, its subsidiaries and affiliate companie The information contained within th
es.
n
hese pages is not iintended as an offe or
er
solicitation for the purchase o sale of any life assurance product. Neither is the information intended to constitute any form of legal, fiscal or investment
n
or
m
advice and it should therefor be used only in conjunction with ap
re
c
ppropriate professio advice obtained from a suitable q
onal
qualified professiona source.
al
alth
Group, its affiliated companies and sub
c
bsidiaries does not guarantee that the information contaiined within these pages is
e
NPG Wea Management G
complete, accurate or up to date.NPG Wealth Management Grou therefore expres disclaims any and all liability to any person in respect of any
,
up
ssly
a
y
t
cause or c
consequence of an
nything, done or om
mitted to be done w
wholly or partly in re
eliance upon the wh or any part of tthe contents of the Scorpio
hole
e
Partnershiip Futurewealth rep
port.
©2014 S
Scorpio Partner
rship. All rights reserved | 16