2021年财富管理报告.pdf

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1、2021年财富管理报告埃森哲发布了2021年财富管理报告”。北美投资者越来越期望他们的财务顾问提供全面、更个性化的财富产品，这些产品跨越财富、保险和银行业务，更符合他们的社会价值。对 于 6 0 岁以下的投资者来说尤其如此，他们的建议需求和偏好不同于婴儿潮一代。79%的受访投资者预计他们的顾问将提供银行和保险产品，但85%的 X 世代、91%的千禧一代和97%的 X 世代希望提供此类服务，而婴儿潮一代的为47%。年轻投资者也更有可能对符合他们生活方式偏好的产品感兴趣，包括可持续性。59%的投资者涔询了他们的顾问关于ESG或社会责任投资的问题；但 Z 世代、千禧一代和X 世代这样做的可能性是婴儿

2、潮一代的两倍多（分别为 80%、63%、60%和 27%）o技术威胁与代际财富转移58%的受访者希望从父母那里继承大笔资金或遗产，26%的受访者计划在继承后选择一名新顾问监督其所有资产，包 括 51%中高净值投资者（个人财富1000万美元及以上）。此 外，年轻投资者更容易接受财富管理以外非传统来源的金融建议。例如，95%的 Z 世代、83%的千禧一代和74%的 G 世代会考虑谷歌、苹果和Facebook提供的财富产品和服务，而1 0个婴儿潮一代中只有3个会这么做（30%）。报告的其他一些主要结论包括：71%的投资者希望聘请与自己价值观一致的顾问，而69%的投资者希望聘请与配偶互动并考虑配偶意见

3、的顾问。近1/5的受访者（17%）在去年被更好的技术产品（49%）和更好的投资产品（49%）吸引而更换了顾问。近39%的受访者希望更主动地听取顾问的意见,近29%的人愿意参加更多的会议。ContentsSection 1:IntroductionSection 2：Our survey findings in more detailA complex and changing industry landscape.10The impact on advice.What types of advice are clients willing to pay for?.13The impact on

4、 the rdatjonship：Who do clients trust to deliver advice?.15The impact on delivery：How do clients want to receive advice?.17The impact on time：When docitems want advice7 19The impact on engagement：What qualities are most important in the cbent reiabonship?.21Section 3:The call to action.22The new Sla

5、te of advice.,.,.23Embracing a new business model：Holistic advice.25Key tenets in the new state of advice.27Section 4:The way forward 282 Wealth Msnagmnt Consumer Report:The New State ot AdviceA lot can change in a short time.The events over the last year acceleratedan industry-wide shift in consume

6、rsneed for financial advice like never before.At the same time,weve witnessed an emerging class of newlyengaged investos clustecing around specific demands,such as aninterest in cryptocurrency and environmental,social and governance(ESG)investing.These shifts pont to unique segments of underservedin

7、vestors seeking personalized advice across a broad set of financialneeds,which creates an opponunity for wealth managers to expandtheir advice offerings beyond managing investments.We woulddescribe this as the industr/s maturation from hybrid to holistic advice.Wealth Managoment Consumer Report:1 he

8、 New State of AdviceOur previous consumer facing publication.The New Face of Wealth Management In theEra of Hybrid Advice!focused on how adviceis consumed and the wave of innovation thatestablished digitally enabled,client-centric advicedelivery Today.clenis have come to expeci ahybrid advice experi

9、ence that combines digital,virtual and human interaction in a personalizedmanner under ther control.The question thenbecomes,are the hybrid experiences availabletoday delivering quality advice when clients needit and are they delivering the rght outcome?Based on our survey findings,our view is somet

10、imesTo better understand the current state of advice,we set out to unpack client needs Covid-19sharply brought into focus some of the emerginggaps many wealth managers might haveoverlooked,altering the type of advice clientsrequire and forcing them to suppon a fully digitaland human service model In

11、 one of our mostcompcehensive wealth management sutveys.we explored what types of adwee clients want,who they trust to deliver n.how and when theywant advice；and what they value in their advisorrelationship Through this effort,we wanted tobetter understand current and emerging clientsegments,the typ

12、e of advice required for each,and how wealth managers could ultimately delivefa hokstic and personalized experience at scaleA growing client demand fa advice proves out.as 52%of respondents in our survey indicatedsaving and planning increased n importanceover the last year and remains a priority for

13、future financial goals,while 45%fdt the sameabout investment and portfolio managementInterestingly,we found that white many clientsare largely satished with current advice offerings.55%feel the advice they receive is too genericand another 55%also believe that they coulddo a better)ob investing them

14、selves by makingdecisions that create bener returns net of feesThis indicates ihai meaningful opportunitiesfor new advice offerings exist.Generation Z and Millennial investors weremore than twice as likely as Baby Boomersto have asked their advisor about ESGinvestments(80%and 63%,respectively,versus

15、 27%).95%of Generation Z and 83%ofMillennial investors said they wouldconsider wealth products and servicesoffered by Google,Apple or Facebook.Generation ZMillennialsBaby BoomersWealth Management Consumer Report:The New State of AdviceTo define thts new state of advice,we cast a wide net across loca

16、tion,age.gender,eihnicity,employment,education,profession and current provider A personsrelationship with money is private,individualizedand complicated,so simply looking acrossassets under management(AUM)did notseem enough.By further segmenting adviceby demographic parameters,we uncoveredopportunit

17、ies for wealth management firmsto meet the diverse needs of under servedclients across the spectrum.What constitutes relevant advice：Almost 90%of mid-High Net WorthInvestors(HNWI)with$10 million or morein personal wealth feh the advice providedto them by their advisor was too genericWho clients trus

18、t for advice：71%of clientswant to engage with an advisor whose valuesand political leanings are aligned with their ownAnd 69%of clients want an advisor who interactswith and considers input from their spouse6Who values advice：79%of investors,including 85%of Generation X and 91%of Millennial investor

19、s,expect their advtsocto offer banking and insurance pcoducts.How clients want advice delivered：69%of respondents would consider usingGoogle.Apple or Facebook to manage thenmoney if these channels featured a wealthand money management offering.When clients decide to look elsewherefor advice：51%of ml

20、d-HNWI indicated theywould seek a new advisor to oversee all oftheir assets upon recewng a large sum ofmoney beyond an employment bonus.Wealth Management Consumor Report:1 he New State of AdviceServicing clients by providing hdistic advicerequires access to the right pcoducts.targetedto the right cl

21、ient,and shared contextually atthe right point in time Recent events have alsoled to a greater demand for a more diverseand accessible product offering that reflectsclients soctai and emotional values beyondwealth gcowth and preservation,e g.,demandfor social/responsible investing(SRI),financialwell

22、ness services and ESG InvestmentsClients are increasingly looking for holisticofferings,a deeper relationship with their advisor,and a seamless experience underpinned by trustAlmost four tn ten respondents(39%)in our suveywanted to hear from their advsor more proactively.Nearly one-third(28%)are wil

23、ling io take moremeetings,suggesting the lines betweenoutreach,engagement and offeringsare increasingly blurring.The following dynamics create a setof opportunities for wealth managers tofurther differentiate their advice offerings：Clients need to see the value in an adviceoffering,which should natu

24、rally extendfrom a firm3 unique differentiators,suchas brand,product offering and services Emerging client segments require holisticadvice propositions that evolve and guideclients throughout the advice lifecycle.Holistic advice requires a breadth of guidance,products and services beyond investments

25、,delivered in the right context to meet aclients financial,emotional and social goals A digitaBy-enabled advice experiencets expected and must be seamlesslyintegrated with increased access.personalization and intelligenceLet s explore the new state of advceWealth Management Consumor Report:The New S

26、tate of AdviceOur survey findingsin more detailTo anchor our survey and further define the new state of advice,we first needed to define advice before analyzing consumption preferencesand habts.Historically,advice has been customized by basic wealth uerand demographics,assuming relatively homogeneou

27、s needs acrosssegments By Accentures definition,advice is comprised of clientperspective and engagement in a trusted relationship that delivers valuefor the cltenis financial,emotional and social well-being(see Figure 1).Acting on these elements above requires wealth managers to think differentlyand

28、 act differently Now Is the time to double down on the new state of advice.Figure 1：How Accenture defines financial adviceA=f(P+CE)RPortfolio vslu*Financial valueEmotionl valueSocieul valtMInsightContextAttitudeUnderstandingParticipationRelevanceDeliveryTructCareCommunicationWealth Man*gfnnt Consume

29、r Report:1 he New State of AdviceA complex and changing industry landscape.The wealth management industryhas experienced explosive growthand new demand for servicesover the last several years.Ths growth was fueled by rising investibleassets and global diversihcation of Increasinglysavvy customer seg

30、ments disiinguitfed byvaried investment preferences.Ongoing clientdemand,in turn,was driven by increasedlongevity,a global need for retirement savingand an increased focus on financial wellnessHowever,the pandemtc added in a layer of ndustrycomplexities Those tnggeced a new set of pfkxities.leading

31、clients to think differently about theirfinancial health.In some cases,it even led peopleto make unusual investment decistoos(considerthe recent meme stock phenomenon-wherestocks have one viral online due to social mediahype or a surge of retail investor interest).Overall,the wealth management indus

32、try faces a new set of challenges,such as expanding clientneeds,changing demographics,increasing petiton and money in motionClient needsChangingdemographics4Increasing demandTheres an increased appetite for adviceunderpinned by taiored educationalcontent and products that is highlycustomized to clie

33、nts pont in-timeneeds and investment preferences.As advice becomes more individualizedand traditional client boundaries disappear,new microsegments are emerging thatreflect different ways clients want toengage and who they trust for adviceChanging client outlooks are impacting lifeplans and advice n

34、eeds.As a result,wethmanagers face a dduge of new customersand existing clients essentially asking thesame questions.What do l need to do today7and*What do I need to dan for in the future?CompetitionMoney in motionMore firms are deploying strategiesconverging on the emerging wealth andmass affluent

35、segments.And many non-traditional players now also offer simplifiedexpectences and education for new investorsA agnificant amount of money will be changinghands,often multiple times,in the coming yearsdue to intergenerational wealth transfer.Our samplepopulation demonstrated that nearly one-thud oft

36、heir money(28%)is expected to leave existingadvisors This point-m time reference has btgimplications across a much larger segment.Wealth Mana go meat Conaumer Report:I he New State of AdviceThe COVID-19 pandemic understandablycut across location,wealth bands,educaton,profession,age and gender to im

37、pact everychent differently.At the same time,it arguablyexacerbated many existing personal wealthchallenges.For example,when we asked oursurvey participsnts to indicate their top threefinancial goals.68%selected saving and investingto generate wealth com pared to those morefocused on towering debt(2

38、8%of respondents)or saving for a uxt-term goal like a vacation(38%of respondents).We also found over halfof all respondents(56%)want a holistic wealthmanagement offering that includes advice,riskprotecton and lending products Would ths havebeen the same in March 2020,pre pandemic?Will this hold uue

39、through March 2022?During the pandemic,client household balancesheets faced unprecedented challenges thatremain m effect today The American RescuePlan Act of 2021 offered relief,but Inflationand ongoing supply chain challenges mthe economy have worsened the situation forsome people even further as t

40、he disconnectbetween markets and econom ics cfcverges：About 50%of non retired adults n the USsay the econom ic impact of the pandenvchas made it harder for them to achieve theirlong-term financial goals,according to aMarch survey from The Pew Research Center：Aggregate household debt balances increas

41、edU$313 billion quarter-over-quaner m 2 0 2021,over three quarters of a trillion dollars more($812 billion)more than year end 2019The figure hit$1496 trillion,according tohe New York Federal Reserve.s Q2 2020 QuarteriyReport on Hogehoicl Oetx and c岫.The majority of U.S.debt is held by thosebetween t

42、he ages of 3 0 and 59 with over$10 trillion m aggregate d e b t also accorchngto The New York Federal R erveJ 68%of US.respondents in a r e c e n t s inindicated they believe children today willencounter more financial hardships as adultswhen compared to then parents.Ths representsan 8%increase from

43、 a smitlar question postedm 2019 Less than one-third of respondentsbelieve their chiJdren would be better offfinancially when com pared to thetr parents.4The pandemic highlighted the industrys relianceon digital access and tools It accelerated the riseof digital trading platforms and investof intere

44、stIn digital financial products lite non-fungible tokensand brtcoin.Both have seen an influx of newand existing clients clam oring for themas a-com ponent,of a personal wealthmanagement strategy,arguably confusingthe product with planning At the same time,social media platforms became an innovatives

45、ource of information,consumable in small bytesand curated foe the client.Theres now a perfectstorm of more cbents.more products and rrxwedemand for firms to manage than ever before.The impact on advice:What types ofadvice are clients willing to pay for?Investors of today have almostlimitless access

46、to content andthe vehicles to empower themto make investment decisions.Ths proliferation of choice In self-directed ordo-it-yourself*investing platforms has openedservices to a new class of investors.Additionally,falling brokerage conrwnissions.the introductionof fractional share classes and the tra

47、ctiongamed with daect indexing have addedanother layer to market accessibility Manyclients can arguably receive the same levelof customization once exclusively reservedfor institutional investors and HNWIs The senseof em powerm ent through selection deliversa white-glove experienceregardless of AUMI

48、nvestors increasingly want the best of all worlds：a diverse product offering com pounded bychoice of ESG and SRI.a seamless experienceand personal curation m recommendationsand selection.However,advice may nothave kept pace with the rate of changeacross the irxiustry This leads to questionsaround th

49、e value in light of fees and should bea wake up call to every advisor Segmented bythe respondent s provider type,advice receptionalso varies greatly.Investors sentim ent on tailored advicedelivered by th e ir w ealth m anagerPrivate bankBank brokerageWirehouseIndependentRetail brokerageCustomized ad

50、viceGoner ic advice13Wealth Manage moot Consumer Report:I he New State of AdviceBut why do clients say thetr advice ts generic?Perhaps they areni getting advice across thedwersity of products they expect It s understandabtethat clients want more product access fromtheir advisor What needs to change,