2021 EY Global Wealth Research Report

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EY Releases 2021 Global Wealth Research Report, 2500 Clients Surveyed

30th April 2021 | Hong Kong

EY, one of the world’s leading global advisory firm and big 4 accounting firm, has released the 2021 EY Global Wealth Research Report.  The report surveyed 2,500 wealth management clients in 21 geographies on their wealth management goals and expectations.

” EY Releases 2021 Global Wealth Research Report, 2500 Clients Surveyed “

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50% of Clients Focused on Asset Preservation & Security

2021 EY Global Wealth Research Report

With Covid-19,  clients are now more focused on asset preservation and security.  Around 50% of respondents in the survey are focused on adequate income, security and protection of wealth from investment loss and inflation while 76% of respondents are willing to pay more for personalised services.

2021 EY Global Wealth Research Report:

 

Asia-Pacific Clients

The World of Billionaires

For Asia-Pacific clients, 89% are aware of trading and product fees while 50% remaining concerned of hidden costs.  ESG and impact investing has become a growing area of focus for Asia-Pacific clients.

43% of Asia-Pacific clients in the survey want to consolidate all their financial relationships in one place – across private banking, wealth, insurance and investment services

 

Key EY 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

 

EY 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%

 

 

EY Asia-Pacific Wealth & Asset Management Leader, Elliott Shadforth
EY Asia-Pacific Wealth & Asset Management Leader, Elliott Shadforth:

“There’s no doubt the shift into digital is here to stay. Customers are increasingly relying on these tools to analyse their investments and manage their wealth more efficiently, but financial services firms have to find a way to also leverage technology to bring more value and curated options, bringing a whole new experience to each interaction they have with their clients.

The notion of what value really means in wealth management is rapidly changing and technology has a big role to play in elevating experiential factors so that they’ll become key drivers of pricing going forward. We know people are willing to pay more for a better experience and leading firms will be focusing more and more on these value-added products and services to meet their clients’ evolving need.”

 

EY Asia-Pacific Wealth & Asset Management Consulting Leader, Mark Wrightman
EY Asia-Pacific Wealth & Asset Management Consulting Leader, Mark Wrightman:

“The growing focus and interest on ESG and impact investing present a huge opportunity for wealth managers in the coming years and the winners will invariably focus on understanding their clients’ values and offering a broad choice of ESG investing options, tailored guidance and advice.

Wealth managers that can offer a combination of bespoke advice and niche investments will become increasingly popular as global demand for more holistic approaches to wealth management rises. There’s a lot to gain also from seeking collaboration with other providers, from health insurers to competitors, in order to deliver an ecosystem for clients.”

 

2021 EY Global Wealth Research Report:

 

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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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