Wealth Management

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www.pwc.com/wealth

Anticipating a new age in wealth management Global Private Banking and Wealth Management Survey 2011

Helping senior management chart the course to the future, manage risk, and implement key building blocks for success. June 2011

Contents
Foreword .................................................................... 1 Survey headlines ....................................................... 4 01 Performance and change.................................. 6 02 Markets and clients ......................................... 14 03 Client relationship managers and human capital .......................................... 24 04 Operations and technology ............................ 32 05 Risk management and regulation ................. 38 Survey background ................................................. 46 Contacts.................................................................... 51 PwC services ............................................................ 53

The PwC Private Banking and Wealth Management Leadership Team

C. Steven Crosby Americas Leader

Jeremy Jensen EMEA Leader

Justin Ong Asia Pacific Leader

Foreword
We would like to thank each and every one of the 275 organisations across 67 countries who participated.

We are delighted to present insights from the 2011 edition of our Global Private Banking and Wealth Management Survey. Much has changed since our 2009 edition. After the tumultuous and destructive global financial crisis, the world has moved on, but the path of progress has been difficult. Given the current geopolitical reality, significant economic uncertainty and profound change in the regulatory and consumer environments, PwC1 found participants in this edition of our survey to be struggling with the reality of the new normal, ever increasing change and uncertainty. Just as prior perspectives in our survey reflected the situation at the time so does the 2011 survey. Change, its impact and consequences define what our respondents think about the position and potential of their businesses. The survey provides a number of perspectives on private banking and wealth management. In our analysis, tougher clients, the impact of regulation and the need for greater efficiency are leading to performance challenges. The pace of change is also faster than it has been historically and organisations’ ability to adapt and change is now critical as cost income ratios remain stubbornly high. Analysing these and other factors provides us with several of the main drivers which in our view herald a new age in the wealth management industry.

organisations

275

countries

67

1 “PwC” refers to the network of member firms of PricewaterhouseCoopers International

Limited (PwCIL), or, as the context requires, individual member firms of the PwC network.

1

Implementing transformational change across all its dimensions is an essential characteristic of those institutions that will be the future industry leaders.

Client evolution:
The client is cautious, smart, less trusting and loyal and now demanding better service and clearer value Clients are taking nothing for granted and are probing the fundamentals of their advisor relationship: “Do you really provide a value add for me?” and “So why exactly should I be loyal to you?” Increasingly clients all across the entire wealth pyramid are taking charge and articulating a view that private wealth products and services should be simpler, more transparent and deliver clearer value. The private banking and wealth client of today has far higher expectations in terms of both performance and service delivery. The sleeping giant is indeed awakening, and to succeed as a truly trusted advisor, successful organisations will have to up their game in service provided and value delivered.

The impact of regulation:
A much more demanding regulatory agenda will continue to challenge existing business models Regulation continues apace and...
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