Affluent Investing and Banking - UK - November 2009
- The equivalent of 6.3 million UK individuals over the age of 21 falls into the target wealth market (those with investible assets of £50K or more). Only 1.4% of the adult population, however, report owning investible assets worth over £500K.
- The increasingly harsh tax treatment of wealthy UK residents will increase demand for specialist tax advice. In order to remain competitive wealth managers and private banks should consider making tax planning a more central feature of their service offering.
- Rising demand for control and advancements in online wrap technology, which allow wealthy investors to view and manage all their assets in one convenient central location, is altering the client-wealth manager relationship. Firms who do not adjust to these changes in the client relationship will increasingly find themselves losing business to firms that do.
- Although the worst of the financial crisis may already have passed longer term economic growth prospects in the UK and other developed economies appear disappointing. With more room to grow in the first place emerging market investments will look more attractive to wealthy investors. It is important wealth managers are properly placed to satisfy this demand.
- While clearly in the minority consumer research data indicates there are at least 280,000 ultra affluent or HNW individuals who can be classified as asset-rich but income-poor. There may be an opportunity to provide so called ‘lifestyle’ financial planning services for wealthy individuals in this type of situation – many of whom are likely to be retired.
- Consumer research has indicated considerably low reported ownership of SIPPs and ETFs among the target wealth market – the equivalent of 380,000 and 60,000 individuals with over £50K to invest respectively. With interest in both these products finally set to grow it would be wise that providers of wealth management services position themselves to take advantage of it.
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.