Values of wealth managers important to new wealthy – SEI study
SEI, Scorpio Partnership, and NPG Wealth Management have jointly published research into attitudes of up and coming wealth, which suggest that the character of wealth managers may be as important as the value they offer.
The research findings rely on responses from some 3,025 respondents globally with an average $2.9m in net worth.
Respondents overwhelmingly picked reputation for quality of products and services as the most important attributes when selecting a wealth manager – 74%.
Costs were picked as key attributes by some 64% of respondents. Thus, a wealth manager’s character and their fees remain critical factors for this type of client segment, the research suggests.
Many, about a fifth, still rely on friends and family before selecting a wealth manager. Diversification of assets is the most cited reason for seeking advice, with the purchase of a home and a promotion or career changes other important reasons. One of the findings of the research is that respondents often work with multiple providers of advice regarding their personal investments, typically three or four firms.
To read more about the research click here: [asset_library_tag 7489,Futurewealth 2014 Paper]