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2021 EY Global Wealth Research Report

30th April 2021 | Hong Kong

EY has released the 2021 EY Global Wealth Research Report. The report surveyed 2,500 wealth management clients in 21 geographies on Service, Engagement and Purpose.

 

Key Findings

  • Clients are now more focused on asset preservation and security
  • A lack of investment knowledge is holding clients back from fully achieving their financial goals
  • Clients are now more focused on asset preservation and security 
  • A lack of investment knowledge is holding clients back from fully achieving their financial goals
  • COVID-19 set to make the next generation of clients more risk averse
  • Asia-Pacific markets declare a high propensity to move assets by 2024
  • FinTech providers look set to make the greatest gains in client relationships over the next three years
  • Clients prefer performance-based discretionary investment management fees

 

Survey: The main financial goals that clients discuss, manage and delegate to their wealth manager:

  • Ensure adequate income/financial security: 51%
  • Protect wealth (from investment loss, inflation, etc.): 49%
  • Diversify total wealth across different assest classes: 42%
  • Save to meet goals (retirement, education, home, etc.): 38%
  • Ensure safe transition of wealth to my children/family/charity: 23%
  • Reduce taxes, including inheritance taxes: 23%
  • Manage my budget/minimize debt: 19%

 

Key Surveys

  • The main financial goals that clients discuss, manage and delegate to their wealth manager
  • The current level of risk tolerance of clients and the changes they expect to make as a result of COVID-19
  • The degree to which clients are prepared to meet their financial goals
  • The degree to which clients expect to move money to different wealth managers over the next three years and the expected size of their portfolio
  • The expected change in use of wealth management providers over the next three years
  • The change in preference in paying for discretionary and advisory investment management
  • Important reasons to clients for selecting a wealth manager

 

2021 EY Global Wealth Research Report methodology

EY Global Services Limited worked with Savanta to conduct a comprehensive survey of 2,500 wealth management end-clients in 21 geographies (North America – US, Canada, Latin/Central America including Argentina, Brazil, Chile, Mexico; Europe including France, Germany, Italy, Luxembourg, Switzerland, UK and the Nordics including Norway and Sweden; and Asia-Pacific including Australia, Mainland China, Hong Kong SAR, India, Japan and Singapore) to understand what they value most in their wealth management relationships across service models, engagement choices and value-aligned advice.

EY teams profiled wealth management end-clients not just by traditional segments, such as age, gender, wealth and location, but also by risk appetite, life stages, profession, sexual orientation, race and ethnicity and psychographic profiles. EY teams also asked respondents to rate their knowledge in managing their finances and divided them into low, average and high categories depending on their knowledge of common and complex financial products.

 

 


Introduction

Wealth managers faced an unsettling combination of practical disruption and enforced reflection as a result of the COVID-19 pandemic — client behaviors are changing rapidly,
as they seek to financially de-clutter their lives and refocus on their most important priorities.

Our research confirms that the pandemic has had far-reaching effects
on wealth clients’ beliefs and world views. These go far beyond investors’ ever-growing appreciation for digital channels. Clients are becoming more risk averse, are increasingly focused on achieving personal goals aligned to their purpose, and want to enhance their financial protection, diversification and security.

As they contemplate their providers, clients value a range of tangible and intangible factors that span three key dimensions of the wealth experience: the expectation of core services they receive, how they engage with those services, and their ability to achieve purpose with their wealth.

To explore these themes, we surveyed 2,500 wealth management clients in 21 geographies.  This report sets out our key findings, which include:

Service: Clients expect a greater range of tailored services than many firms can provide alone. Nearly half also want to consolidate all their financial activities in one place. Firms that can use partnering to integrate client services could unlock huge gains in wallet share.

Engagement: The growing use of digital tools is changing how clients view their providers. Many expect their wealth relationships to become less personal (e.g., less face-to-face) in the future. But clients are also far more open to sharing their data than wealth firms realize, especially among younger generations, in exchange for tailored experiences.

Purpose: Most clients now have sustainability goals, but providers’ understanding is failing to keep up. A broader understanding of purpose will help firms to implement clients’ beliefs, meet their growing expectations and build lasting relationships. 
Complementing a strategic focus on service and engagement with a clear emphasis on purpose holds the key to elevating client experiences and demonstrating the long-term value of
wealth management.


 

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.  Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.  Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

 

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