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  • 1. Capital Markets | White Paper Wealth Management Riding the Next Wave of Wealth
  • 2. Contacts Mark Halverson Global Wealth Management Lead Accenture Tel. +1 312 693 6623 Mobile +1 312 617 2500 mark.a.halverson@accenture.com Pierluigi Giannico Wealth Management Lead Europe, Africa, Latin America (EALA) Accenture Tel. +39 027 775 7243 Mobile +39 335 632 7476 pierluigi.giannico@accenture.com Lupus Maltzahn Accenture Capital Markets Tel. +44 207 844 8544 Mobile +44 7768 871 919 lupus.maltzahn@accenture.com James Sproule Accenture Research Growth & Strategy Tel. +44 207 844 3387 Mobile +44 7866 808 366 james.r.sproule@accenture.com Ralf Miller Global Capital Markets Marketing Accenture Tel. +49 6173 94 66378 Mobile +49 17557 66 378 ralf.miller@accenture.com
  • 3. The Next Wave of Wealth The amount of accumulated global Relationship managers will remain saving, wealth, is expanding rapidly; the the key to client satisfaction: result is that the wealth management They must act as a point of contact to industry is one of the fastest growing a wide range of products, services, and segments of financial services. For wealth expertise that a firm can provide. managers this provides tremendous opportunities and significant challenges, Wealth is becoming ever more nowhere more so than for traditional segmented: operating models which are going to Placing pressure on operational models have to change dramatically in order to to deliver tailored services to existing allow wealth managers to remain top clients cost-effectively, while attracting performers. the new rich. Accenture believes there are nine key Complexity is an opportunity: trends affecting wealth management As the duration of higher returns for over the next decade: new product contracts, firms need to harness geographic and market com- Wealth is global: plexities to deliver high returns consis- The rise of an increasingly entrepreneurial tently via new and differentiated multi-polar world means wealth will no product offerings. longer be concentrated in developed economies. Complexity is a challenge: Business models must recognize that Capturing wealth transfer is crucial: the myriad products demanded by clients Clients are expensive to acquire, so are too complex for existing back offices, the ability to sustain assets across a and too extensive for an individual rela- generational wealth transfer is crucial tionship manager or financial advisor to to longterm revenue. master. Mass affluence is spreading: This is driven by housing inheritance and an increasing dispersion of income across developed economies. Trust is essential: Efficiently and effectively meeting basic requirements builds trust between a client and a firm, allowing for wealth managers to market more complex and higher-margin products. Operational models must change: High performance is going to be largely determined by the ability to scale the business to ride the wave of wealth. 3
  • 4. Setting the Scene Wealth is global: The rise of We have been through an economic and While we are focused upon how and intellectual revolution in the last two where wealth is likely to rapidly grow, an increasingly entrepreneurial decades. The result is no less than a new it is also useful to remember just how multi-polar world means period of wealth creation akin to the rapidly what constitutes a fortune has wealth will no longer be industrial revolution. changed. As recently as the 1970’s, a concentrated in developing legacy of £5 million qualified as being The sheer scale of the growth of wealth one of the richest ten UK legacies in the economies is hard to estimate. According to Forbes, decade2, today such a fortune can easily the number of global billionaires has be spent on a single house in London. almost trebled in the last twelve years. As recently as 1996 there were 423 Looking to the future, The Economist billionaires with a combined wealth Intelligence Unit estimates that high of $1.4 trillion; the most recent data net worth individuals (HNWI) will grow from 2008 shows there are now an by 8% per annum and ultrahigh net estimated 1,125 billionaires worth $4.4 worth individuals (UHNWI) will grow trillion. Even in the rich, but relatively by 13% p.a. through 2012. Accenture’s slow-growing United States, the US own forecasts are that broad demand Federal Reserve estimates that there are for financial instruments across the 530,000 American households with more developed world will grow by 9% p.a. The number of high net than $10 million in financial wealth, and through 2020, and that much of the worth individuals is set to that less than 25% of this money was demand is coming from high earners inherited. It has been estimated that, and the wealthy. In summary, this explo- grow by 8-13% per annum between 1989 and 2004, the number sion in wealth is presenting private through 2012 of US households which could be con- bankers and wealth managers alike sidered as high net worth individuals with both significant opportunities (HNWI) grew by 56%1, while those who and tremendous challenges. could be considered as mass affluent grew by 30%. This accumulation of wealth has been driven by both entre- preneurs and highly paid executives. Figure 1: Growth of Multipolar Wealth 1,200 5,000 Rest of World BRIC 1,000 EU 4,000 800 US Billionaires $ Billions Wealth $B (RHS) 3,000 600 2,000 400 1,000 200 0 0 1996 1998 2000 2002 2004 2006 2008 Source: Forbes, Accenture Research 1 Kennickell, A, “Currents and Undercurrents: Changes in the Distribution of Wealth”, US Federal Reserve, Jan 2006. 2 W. D. Rubinstein, “Men of Property”, The Social Affairs Unit, 2006. 4
  • 5. The Origins of Wealth Sources of wealth vary considerably to building a wealth management rela- Establishing trust with around the world, but in general most tionship. This is likely to involve a good entrepreneurs is the key wealth comes from salaried income or deal of education, which can be time- business ownership. These paths to consuming, placing cost pressures upon to building a wealth wealth are, however, significantly differ- wealth management operations. Wealth management relationship ent. Entrepreneurial wealth holds the managers who have embraced a new greater promise, but is also a more operating model, where relationship precarious path. managers act as a front door to all the expertise and offerings a firm can pro- For wealth managers, this can mean vide, will give both a wider and more that cultivating entrepreneurial contacts cost-effective range of services. These is an expensive business. If nothing else, offerings are likely to prove to be a more the paths to wealth suggest that inte- attractive home for the assets of the grated banks have an inherent advantage newly rich. over their specialized colleagues given their ability to maintain cost-effective For wealth management firms there is an relationships with potentially wealthy additional challenge: to make the most entrepreneurs. of the opportunities presented in a glob- alizing “multi-polar world” in general, and in emerging markets in particular. It Business Ownership is notable that economic development within emerging markets often benefits Entrepreneurs who have built up busi- a narrow elite before it moves into a nesses over the years are, of course, very wider market. For that reason, private familiar with their particular business banking and wealth management are and sector, but often much less familiar often amongst the first financial services with financial risk, diversification, or the demanded in expanding economies. vagaries of financial markets. Establish- Accenture has set out its views on how ing trust with entrepreneurs is the key to optimize the potential operational Figure 2: Entrepreneurial Activity and Business Ownership 20% Active entrepreneurs Recently established businesses 15% 10% 5% 0% Russia Japan Canada India China Brazil US France Average UK Germany Italy Source: Babson College, LBS, Global Entrepreneurship Monitor 5
  • 6. Wealth within the BRIC efficiencies in emerging markets, as well detailed set of income data, available as addressing the strategic decisions and for the United Kingdom. What is developing economies is challenges which accompany taking immediately clear is that the dispersion growing by up to 30% per advantage of these opportunities.3 of income since 1979 has been signifi- annum cant, most notably during the Thatcher We believe there are three distinct reforms between 1979–1991. approaches to optimizing global operat- ing models to include emerging markets: Accenture believes that there are three use existing hubs, create regional hubs, forces behind the increasing dispersion or create full front-to-back operations of wealth across the UK, forces also seen in locally run operations. Which strategy in other developed economies. makes the most sense is a matter for • A shift away from trade union careful consideration. Although we also dominated manufacturing towards note that setting up full front-to-back services. This means pay is usually operations is the most complex of the determined individually and tied to three operating models, it may be the an individual’s value or productivity. most scalable and cost-effective over • A reduction in high marginal rates of time. taxation which drove up net income at the top end of the distribution curve and acted as an incentive to Wealth through Income high salaries and entrepreneurial behaviour that could lead to high Significant amounts of wealth It has always been the case that top rewards. are accumulated through years corporate executives are well rewarded. • Entrepreneurial behavior has become This is particularly true in North America, easier, in part as professional service of high income where there has long been a dynamic businesses do not require as much corporate culture which rewards win- capital, in part as outsourcing and ners, combined with a less egalitarian similar trends have made starting a approach to earnings. What is notable is focused business a far more man- the change to the structure of earnings, ageable task. across the developed world, over the past thirty years. In order to gain a bet- Together, these trends point to a contin- ter understanding of the repercussions uation of the growth in salary-driven of rising income it is useful to look at a wealth. Figure 3: UK Income Dispersion (2006, £) 3.5 1979 1990/91 3.0 2005/06 2.5 Millions of People 2.0 1.5 1.0 0.5 0.0 520 10,920 21,320 31,720 42,120 52,520 Annual Income Source: UK Office for National Statistics (HBAI) 3 Emerging Markets Investment Banking: Seizing Opportunities – Avoiding Pitfalls, Accenture, 2007. 6
  • 7. Wealth through Inheritance Many large wealth managers realize Capturing wealth transfer is they face a challenge in maintaining crucial: Clients are expensive Inheritance may have been the way client relationships across this genera- much wealth was gained a century ago, tional transfer. With the average age to acquire, so the ability to but economic dynamism has long since of the advised client being 63, and a sustain assets across a relegated it to third place globally as a possibility that money will leave the firm generational wealth transfer is means of acquiring wealth. However, this once passed to the next generation, this crucial to long-term revenue is not to say that inherited wealth can issue is going to become increasingly be discounted; wealth managers must pressing. Given the high cost of client target both the needs and intentions of acquisition, investing in retaining clients the new wealthy, as well as sustaining can be amongst the most cost-effective current assets across an intergenera- measures that wealth managers can tional transfer. undertake. Accenture believes the desire to leave a Alongside more traditional inherited Mass affluence is spreading: legacy remains a strong driver of wealth fortunes, there is equally going to be a driven by housing inheritance accumulation. Academic studies4 of the new and growing group of mass affluent, so-called “bequest effect” have found modest fortunes largely derived from and an increasing dispersion that, in 75% of cases, wealthy families housing inheritance. The manner in of income across developed felt the ability to pass on wealth to the which this new wealth was acquired and economies next generation was important. For the expectation that this rise in wealth wealth managers the message is simple: is an exceptional event, means these A key part of a positive and effective new wealthy are likely to be more risk client experience is to ensure that newly adverse, more cautious about fees, and created wealth is maintained, if not have different income requirements. For enhanced. wealth managers, there are clearly some challenges, particularly in designing cost- effective levels of service. Greater seg- mentation within the market is a major issue for wealth managers wishing to deliver cost-effective services, particu- larly to the mass affluent. 4 Kopczuk & Lupton, “To Leave or Not to Leave: The Distribution of Bequest Motives”, Columbia University, 28 Sept 2005. Also, Collard, David, “The Generational Bargain”, University of Bath, 2000. 5 “The Torch Not Passed”, Accenture, 2007. 7
  • 8. Demands of the Wealthy Advice on services and It can be assumed that the wealthy are to find they benefit from both the demanding, but what they demand, or emerging wave of new wealth and also products should be high-touch, for that matter need, can vary widely. the trend towards consolidation of the yet cost-effective, bespoke yet According to Barclays6: “While investors number of financial relationships as scalable, and innovative yet understand the importance of diversify- retirement approaches. This trend has understandable ing their assets, few have enough con- been most notable in the United States, fidence in their financial knowledge to but it is an important trend for wealth do this successfully. Fewer than half of managers generally. those surveyed were confident in their knowledge and understanding of key aspects of personal finance. Despite How Much Will It Cost? more wealthy individuals saying they plan to invest in alternative assets, these Even the wealthiest need basic banking vehicles were understood by the fewest services. The question is: Does the provi- people, revealing a need for more finan- sion of basic services open the door to cial education and specialist advice. providing a wider range of higher value Hedge funds were understood by 27% services? The answer is not always clear; of respondents, and private equity however, it is certain that if a client has funds were understood by 36%.” received poor basic services, it is going to be difficult to sell more advanced Wealth managers properly Wealth managers must offer advice on wealth management services. Our services and products that is high-touch research indicates that the providers of integrated into large retail yet cost-effective, bespoke yet scalable, checking, or current, accounts gain valu- banks have a head start in and innovative yet understandable. Nor able insight into the needs and prefer- understanding their clients’ can this advice merely comprise of a ences of their clients. This research needs and gaining their trust compilation of product offerings. The also shows that if services are performed top performers will be offering advice well, providers of these accounts estab- which reflects an understanding of, and lish a degree of trust that can be con- integrates, individual clients’ needs, verted into sales of other financial prod- addresses their concerns, and links these ucts and services. This advantage is to unique product and service offerings. particularly germane in the case of Businesses who achieve this are going clients who make money through the Figure 4: Wealth Management Value-added Pyramid Bespoke structured Private products banks Access to premium Discretionary investments Integrated Product margin mandates banks Fund of funds Personal repo selection debt facilities Cash management Tracker funds Concierge Banking facilities services Execution only brokerage Source: Accenture Research 8
  • 9. sale of a business (e.g. entrepreneurs), who can, through whatever means, Trust is essential: Efficiently where wealth can be relatively sudden expand financial product supply. For and effectively meeting basic and a relationship with a private bank or wealth managers, the dual challenge is wealth manager has yet to be formed. going to be to deliver results above the requirements builds trust increasingly modest returns available in between a client and a firm, Through managing basic services well, the broader financial markets and to allowing wealth managers to a level of trust is established between a remain at the forefront of product devel- market more complex and client and a wealth management firm. opment, allowing their clients to take Top performers can use the information advantage of the higher returns that higher-margin products they collect to become a trusted finan- accrue to early innovation investors. cial advisor, understanding more of the balance sheet of clients, which in turn High net worth individuals have a history allows them to offer a broader array of of adopting a long-term investment products which meet client needs and horizon, with savvy individuals under- intentions. Therefore, the ability to turn taking investments not yet fully under- the provision of basic services into a stood by the wider market. This has more lucrative relationship will give these meant that HNWIs were early investors firms an initial advantage in comparison in such areas as private equity, venture to the specialized pure play private banks capital, and emerging markets. What and wealth managers. Also, developing these asset classes all have in common multichannel capabilities which span the is that they are less liquid, less well web, service center, and advisor experi- understood, and therefore have higher ence is crucial to cost-effectively seg- returns for the increased risk. For wealth menting and servicing clients. managers these trends highlight the increased imperative to accept product If the provision of basic retail banking complexity, geographic diversification, services gives an insight into potential and product innovation as the cost of client needs, investment banking opera- staying in the game. tions offer an advantage in giving wealth managers access to both new products, Another challenge comes from the low- Complexity is an opportunity: as well as a wide range of investment cost replicator funds. These tracker funds As the duration of higher opportunities to offer to clients. Given can generally match, or even outperform, these products and services are some of many active funds’ performance for a returns for new product the most demanded, and highest margin, fraction of the fees. For wealth managers, contracts, firms need to that wealth managers can offer, this this means a migration away from a stock harness geographic and market advantage can not be underestimated. picking mentality to that of an asset complexities to deliver high allocation or overlay manager. returns via new and differenti- Changes to the Fund Under-performing fund managers have ated product offerings Management Industry been forced out of the market, but this trend is far from over. The UK’s Financial Despite the current demand for reduced Services Authority estimates that risk and increased liquidity, in the long approximately 20% of all shares on the term, Accenture believes that the London Stock Exchange continue to be demand for financial products continues held in under-managed (and generally to grow more rapidly than traditional poorly performing) “zombie” funds, most supply.7 This will place considerable of which are managed by insurers. The downward pressure on investment yields result is that HNWI wealth managers generally, presenting lucrative opportu- must prove they add value to justify nities for those financial service firms the fees they charge. 6 Barclays Wealth Insights, Volume 3, Risk, Return and Reward, 2007. 7 ”Investment Banking 2012: Clear Vision, Hazy Horizon”, Accenture, Oct 2007. 9
  • 10. Operating Models Operational models must Accenture believes that the operating From Relationship Manager model used by private banks and wealth to Trusted Advisor change: High performance is managers for the last twenty years is going to be determined by the increasingly unsuitable. Private banks Accenture’s belief is that wealth man- ability to scale the business to have long wished to tie clients to the agement services are already following ride the wave of wealth corporate brand rather than the individ- a pattern set by investment banking ual relationship manager but, so long as brokerage services: Their services are the latter controlled access to clients, increasingly being unbundled and, in sold them products, and helped them the process, pricing is becoming far with strategic stock and fund selection, more transparent. As has been the case this was difficult, if not impossible. elsewhere in financial services, such However this is changing; not only transparency is leading to lower margins are clients demanding an ever broader for low value-added services. Unbundling range of products, there is the equally also offers the ability to segment the Relationship managers remain important need to expand business market more effectively, competitively the key to client satisfaction … operations in order to make the most pricing basic services, but charging of opportunities presented by the rising premiums for those services which are levels of wealth. These demands, along particularly high-touch or in greater with an already apparent shortage of demand. professionals within the industry, are placing a considerable strain upon the For wealth managers this is a significant scaling up of the traditional relationship challenge to where they add value, and and operating model. we are seeing evidence of a shift to assets under management (AUM) or managed money fee structures, rather than transaction fees. Already a minority of the AUM accounts for a dispropor- tionate amount of wealth manager earnings. In future we expect that … reforming relationship Figure 5: Transition of Wealth Management Industry models and enhancing institutional knowledge will complement your From To investments in retaining • Product sales force • Value-added solutions old, and developing new, • Secrecy and asset preservation • Trusted wealth advisor • Proprietary products • Open architecture talent • Investment focus • Full client balance sheet • Stocks and bonds • Wide range of alternative • Transactional pricing products • Offshore dominant • Annuity pricing • Fragmented • Onshore dominant • Research as a bundled service • Consolidated • Unbundled services Source: Accenture Research 10
  • 11. wealth managers will be making serious This transformation of a relationship Wealth is becoming ever more efforts to discern where value is being manager’s role is necessary for three segmented: Wealth managers created, where clients perceive, and are reasons: willing to pay for, that value. We believe • Talent is stretched: In the past, there must cost-effectively deliver that this will result in the majority of was a more limited set of options and tailored services to existing accounts being shifted towards AUM offerings, allowing relationship man- clients, while attracting the payments, with an element of transac- agers to have an adequate knowledge new rich tional pricing. of the range of products clients demanded. Today, there are simply too many products for any relationship The Hunt for Talent manager to effectively master more than a portion of what is on offer. In many ways we see significant • Talent is retiring: Within the next five changes to the role and duties of a rela- to ten years, a significant proportion tionship manager. Accenture believes of relationship managers are going to they will increasingly move away from be retiring, so managing the provision direct selling and investment selection of ongoing service is a necessity. to become responsible for advice and • Talent must be multiplied: Growth strategic direction, with clients receiving in the wealth management industry recommendations from a wide range of is leading to a shortage of talent; deeply skilled experts. The result will be however, simply hiring more relation- that relationship managers will, in future, ship managers to handle a larger have more in common with those who group of clients does not offer the make asset allocations in the family desired economies of scale. This offices of ultrahigh net worth individuals requires firms to build new capabili- than they do with stock-picking fund ties to discover, define, develop, and managers. deploy new talent. Figure 6: New Operating Model for Wealth Management Restructuring of a business model is the ideal time to do Client Client Client Client Client away with the rigid distinc- tions between front, mid, and Relationship manager back offices Alternative investment analyst Health and welfare advice Equity and debt analyst General administration Legal and trust advisor Portfolio construction/ Fund of fund analyst Wider wealth advice (property, art, etc.) Financial product/ derivative analyst asset strategist Source: Accenture Research 11
  • 12. Complexity is a challenge: Accenture believes client satisfaction will It is our belief that top performing firms rest upon how a wealth manager imple- will implement systems and operations Business models must ments a new business model to provide that are nimble and designed to deliver recognize that the myriad a broader team of resources including: a wide variety of offers and experiences. products demanded by clients product experts, market experts from This will require flexibility, utilizing mul- are too complex for existing differing geographies, estate planners, tiple channels which bridge Web, service charitable-giving experts, and tax center, and advisor experiences. This back offices, and too extensive advisors. allows next-generation clients to inter- for an individual relationship act with the firm on their terms and also manager or financial advisor Any new model must also meet the needs ensures the type of collaboration neces- to master of wealth management firms’ clients sary to have a seamless team-oriented though enabling relationship managers approach to wealth management. While to draw upon outside advisors, whose this implies that the traditional roles of expertise in areas will range from legal a relationship manager will lose some and trust issues to health care solutions, of their value, there is also an increase to the wider range of alternative invest- in the value of knowledge systems that ments such as property or art. enable a wealth management firm to track a client’s preferences, investments, In constructing this new operating and attitudes accurately. model, wealth managers must separate value-added activities (advice) from basic service activities (balances, reports, etc.), a trend which will be reinforced by the move away from transactional pric- ing. For those operations once termed the middle and back office, there is a need to ensure that the functions follow the needs of the new operating model. This will mean focusing upon bundling and structuring solutions which span asset classes on behalf of clients, rather than the servicing of specific trades of specific instruments. Figure 7: Components of a Wealth Management Solution Front Office - Advisor and Client Middle/Back Office - Advisor Client prospecting/sales tools CRM/contact management Compliance (alert system) Financial planning/advice Central data repository Portfolio construction/ Model administration Data consolidation Document storage asset allocation Wealth Management Platform Source: Accenture Research 12
  • 13. High Performance in Wealth Management High performance is about identifying a natural outcome of the wide variance Asset managers’ key process and measuring those aspects of a busi- in asset management business models, indicators show far greater ness operation that delivers value to but more important is the remarkable shareholders through consistent out- degree of variance by asset managers variance than has been found performance. Accenture believes that with ostensibly similar business models, within investment banks the top performing wealth managers will or even within the same organisation. anticipate market developments, under- This variation represents a huge opportu- stand their client needs, and put in place nity to improve productivity. Working out the right operating model to efficiently why such differences exist is the first step deliver those needs. to putting in place measures which will ultimately lead to a top performing oper- ational business model. When looking at Measuring Success cost income ratios it is notable that asset managers show a considerably greater Building a new relationship and operat- degree of variance than investment banks. ing model is a serious challenge. Not only are there significant managerial and Accenture believes that much of this human resources issues, but knowing variance is due to the asset management what sort of costs are acceptable and industry having undergone significant the efficiencies that can be expected is revenue growth in the last decade, allow- crucial in building and managing a top ing operations to expand without consid- performing business. Accenture has used ering where efficiencies might be found. a broad range of public data to put Looking to the next ten years, it seems together key performance indicators clear that the competitive pressures on (KPIs) for the wealth and asset manage- asset managers will be similar to those ment industry as well as hedge funds. found within investment banks, namely Even basic measures, such as “revenue to improve cost efficiency through a high- per headcount,” vary dramatically across performance operating model. our benchmarked universe. In part this is Figure 8: Asset Manager Cost Productivity (2007, $000) 2,500 2007 average 2,000 High and low 2006 average performance 1,500 1,000 500 0 Rev/headcount Cost/headcount Staff cost/headcount Non staff cost/ headcount Source: Company Annual Reports, Accenture Research S Figure 9: Asset Manager Cost Income Ratios (2007) 1.0 2007 average 0.8 2006 average 0.6 High and low 0.4 performance 0.2 0.0 Cost income Staff cost income Non staff cost income Source: Company Annual Reports, Accenture Research 13
  • 14. Conclusion The rewards for winning new Wealth management as an industry is High performing wealth managers at an important crossroads. It faces will offer their clients multichannel business are considerable, a series of significant opportunities, access to expert knowledge and complex but so, too, are the challenges but opportunities which also present products, all supported by the imple- significant challenges. mentation of a new operating model. The new wave of wealth is bringing new expectations about wealth manage- ment; providing good client experience is less about secretive banking than it is about the ability to meet these new expectations. Figure 10: SWOT Analysis of Today’s Wealth Managers Strengths Weaknesses • Knowledge of clients • Present model not scalable • Strong position to win • Products offerings are limited intergenerational clients by knowledge of relationship • Brands can inspire trust manager • Legacy clients can be expensive to service Opportunities Threats • Rising global wealth • Market is concentrating rapidly • Complexity is needed to achieve • Low-cost fund managers providing out-performance, advice is needed market returns to understand complexity • Talent shortage Source: Accenture Research 14
  • 15. About Accenture Accenture is a global management consulting, technology services and outsourcing company. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. With 178,000 people in 49 countries, the company generated net revenues of US$19.70 billion for the fiscal year ended Aug. 31, 2007. Its home page is www.accenture.com.
  • 16. Copyright © 2008 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.