Choosing the right wealth manager to help maintain and grow wealth can boil down to many personal factors that are accustomed to each individual. However, according to French technology consulting firm Capgemini, their 2019 World Wealth report revealed that one aspect that every HNWI values and looks for in a wealth manager are good customer service.
The research took results from 2,500 HNWI worth over one million all around the world.
Despite this being the ninth edition of the World Worth Report Capgemini has only factored in customer service for the past 3 years. Over 90% of those who were surveyed reported that they valued and assessed how they were treated by potential wealth managers when marking a decision.
The aspect of customer service ranked above all else to HNWI including fees, recommendations, past performance and location. It is clear that wealth management comes down to a personal connection and how that connection is valued and maintained.
Due to these findings management firms have made an effort to reduce administrative tasks and allow for agents to focus on their customers, increasing the time spent and overall service provided.
Peter Mallouk, the chief investment officer of Creative Planning, the largest wealth management firm in the US attributes his success to tailor each client’s portfolio to their specific needs. It is reported that Mallouks clients frequently request him to diversify their portfolios while reducing their tax bills.
The majority of HNWI are successful in picking their wealth managers with 79% reporting they are satisfied with their managers.
When choosing Wealth management, it is also important to reflect on the following aspects:
- Investment management
- Wealth management
- Services and products provided
- Reputation and track record of a firm