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Reinventing Wealth Management with Technology-Enabled Video Services
 

Reinventing Wealth Management with Technology-Enabled Video Services

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Cisco IBSG has shown a number of leading wealth management firms how technology solutions such as video and collaboration can add value and increase efficiency as they interact with investors. For ...

Cisco IBSG has shown a number of leading wealth management firms how technology solutions such as video and collaboration can add value and increase efficiency as they interact with investors. For more info: http://cs.co/ibsg-wealth

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  • Wealthy investors want technology-based meetings to be 15% of overall interactionsHigh interest in video meetings as part of interactions with advisers and firmsWhile not a substitute for face-to-face meetings, unquestionably important
  • Investors who don’t have financial advisers: U.S. – 27%; U.K. – 52%; Germany – 39% Financial services firms can attract “Wealthy Gettables” with technology-enabled business models that deliver quality financial advice at a lower cost49% of all Wealthy Gettables would move at least some assets to get this
  • (especially the Under 55’sTraditional advisory model must be reinvented; physical meetings no longer the best/only option; impossible for many clientsChange will come rapidly as the attitudes and behaviors of the Under 55’s pervade the populationGrowth will come from rethinking how to acquire and retain wealthy investors by offering technology-enabled video collaboration solutions

Reinventing Wealth Management with Technology-Enabled Video Services Reinventing Wealth Management with Technology-Enabled Video Services Presentation Transcript

  • Reinventing Wealth Management with Technology-Enabled Video Services How To Win the $31 Billion at Stake from Wealthy Investors Robert Waitman and Jeff Loucks Cisco Internet Business Solutions Group (IBSG) December, 2012 For more information http://cs.co/ibsg-wealthCisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 1
  • 2012 Cisco IBSG Wealth Management Survey  Background  Selected Insights from the Survey  $31 billion opportunity  Reinventing Wealth Management Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • Survey Background Questions from Wealth Survey Details Management Firms:  Online survey of 1,243 wealthy  How much video do investors investors in U.S., U.K., and want? Germany during April, 2012  How can firms attract the large number of investors who do  All with investable assets of NOT have a financial advisor $500K or more today?  When is the time to act? What  Representative of population are the risks and costs of asset classes doing nothing?  Additional survey data on 465 mass affluent (emerging wealthy) investors * U.S. only Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • Wealthy Investors Already Using Technology in their Daily Lives Using technology to manage financial lives  71% use a PC to manage investments  28% use smartphones  24% use tablets 50% of wealthy investors have used video in the last year to connect to family, friends, or colleagues Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • Emergence of Target Investors “Wealthy Under-55s” “Wealthy Gettable” Investors “Emerging Wealthy” “Far Away Investors” “Client Families” Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • Wealthy Under-55s Are the New “Wealthy Under-50s” Percentage who are likely to switch their primary adviser in the next 12 months Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • Investors of All Ages Want Technology- Enabled Meetings Percentage of meetings with financial advisers that investors want through video Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • Technology-Enabled Business Models Can Attract “Gettables” Percentage of Wealthy Gettables interested in video-based access to advisers; Percentage willing to move assets to access video-based advice Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • “Far Away Clients”: Face-to-face not an option Frequency of meetings based on distance from advisor Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • Investors are willing to move their assets to get video / collaboration Percentage willing to move assets to a firm offering video and collaboration capabilities Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • Investors are willing to move their assets to get video / collaboration Percentage willing to move assets to a firm offering video and collaboration capabilities Revenue at risk: $31B Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • Summary: Reinventing Wealth Management Starts Now  Many clients (especially the Under 55’s) using technology in their everyday lives, and they expect it in their financial lives  Firms can grow / retain client assets by integrating technology-enabled video collaboration solutions; $31 Billion at stake  Change will come rapidly as investors have choice and the attitudes and behaviors of the Under 55’s become even more pervasive Source: Cisco IBSG, 2012Cisco IBSG © 2012 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group
  • For more information please visit http://cs.co/ibsg-wealth