The number of high net worth individuals has grown rapidly. As a result the Wealth management market has become increasingly attractive to a wider range of service providers. Traditional players have come under threat from overseas banks and IFAs, some using aggressive marketing to help them carve a niche in the market.
Clients have grown more sophisticated, demanding products and services that meet their specific requirements. While some have little time to manage their investments, others want only to be helped to explore a wider range of options - for themselves. The result is a more competitive and complex market, with providers continuing to develop an ever-growing range of products and services to tempt investors.
Not surprisingly wealth managers find it hard to handle such a broad portfolio and even more difficult to meet the needs of such a broad range of high net worth clients. Wealth managers can no longer rely on their technical expertise and excellent service. They also need a range of professional, consultative selling skills, in particular the skills to explore and influence clients' needs and match them to appropriate products.
Huthwaite has long experience of working with wealth managers to develop the skills to sell to high net worth clients. We also understand the issues of working with other investors where trust levels are low. We have been involved in projects to help wealth managers sell to and through introducers, and as a team, where the relationship manager diagnoses the client's needs and introduces the relevant product specialist to meet them.
