Scorpio Partnership (GB)
We stand at the foothills of the next stage of development in terms of digital wealth management. Globally, private banks are taking on board the need to upgrade their engagement here. They are also now much more aware this goes far beyond simply having a better website (password protected or otherwise). Our global insight into the needs of HNWs and UHNWs and how this can impact commercially on the engagement with private banks is showing clear paths to the future of digital wealth management and also how it integrates with “non-digital” aspects. We can see into this future and for those banks that are adaptive this is going to be a transformational time.
How can politicians and regulative authorities help to shape a landscape for effective and profitable wealth management?
The general view in the industry is that the regulators and politicians are biased against the industry. We do not agree.
Indeed, it is too simplistic a view. The industry and the politicians/regulators have increasingly found themselves on either side of a line. To remove that line there needs to be a better understanding of the motives and objectives of both parties. The level of information and understanding is beginning to improve. With this will come progress. Our view is that with better insight comes better strategic decisions. We have been working actively on this in a number of financial centres on behalf of the industry and also the regulatory authorities.
What is new and innovative in client acquisition – case studies and best practice?
The innovation is varied. In our view the industry is beginning to recognise that acquisition is simply not just about having a proactive salesperson with a fabulous address book. While that can work, it is ultimately limited. And it won’t typically achieve long term sustained growth. What is innovative is that banks are now beginning to re-examine intelligently the entire acquisition process and thinking out of the box as to where the next clients will come from and why. They are then providing the right impulses to attract these individuals. This could be brand, networks, digital, loyalty, special initiatives, thought leadership and so forth. In our work we are having to help firms understand that being ready for what wealth needs next requires better imagination. Incidentally, what wealth needs next, is the vision line of our business. It is what we seek to solve for our clients with better insight.
Scorpio Partnership (GB)