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1、When volatility causes complexity,how can wealth managers create opportunity?2023 EY Global Wealth Management Research ReportSetting the scene 041 Navigating complexity 122 Empowering clients 203 Delivering value 31Conclusion 42Methodology 44Key contacts 45Contents Welcome32023 EY Global Wealth Mana

2、gement Research ReportAmericasAsia-PacificEMEIAGlobalWealth managers like their clients are facing a complex and uncertain world.Economic and geopolitical instability is heightened,investment strategies are evolving at pace and industry practices are being rapidly transformed by technology.The resea

3、rch shows that volatility and complexity are having a profound impact on investors needs and behaviors.Clients of all types are seeking out additional advice and investment strategies.Theyre hungry for support and expertise and are increasingly willing to work with new providers.Engagement preferenc

4、es,influenced by the pandemic and social media,are changing too.There is much greater appetite than before for virtual interactions such as video calls.The rapid pace of innovation is creating opportunities to prioritize hybrid models,introducing new collaborative features that will help to educate

5、clients and involve them in the management of their own wealth.These trends are particularly marked in fast-growing regions and,above all,among younger investors.Millennials and those expecting to inherit wealth feel a greater sense of uncertainty,have an above-average appetite for advice and educat

6、ion,and show heightened willingness to try new ideas and to switch providers.Gurdeep Batra EY Americas Wealth&Asset Management Consulting LeaderSinisa BabcicEY Americas Wealth Management Business Consulting LeaderMark WightmanEY Asia-Pacific Wealth&Asset Management Consulting LeaderValerie NottPartn

7、er,Global Wealth&Asset Management,Ernst&Young LLPUrs PalmieriWealth&Asset Management and Digital Transformation Leader,Ernst&Young AG SwitzerlandOlaf Toepfer Banking&Capital Markets Leader,Ernst&Young AG SwitzerlandMike LeeEY Global Wealth&Asset Management LeaderJan BellensEY Global Banking&Capital

8、Markets LeaderTo explore these themes in depth,EY surveyed over 2,600 wealth management clients in 27 geographies.This report sets out our key findings,grouped under three priority areas for wealth managers:Navigating complexity:Clients are changing their investing approach in response to uncertaint

9、y.The need for a trusted advisor is high,and clients plan to work with more providers than before,seeking out the options and expertise they need to navigate complexity.Providers need to“do more for less,”creating challenges and opportunities.Empowering clients:Personalized engagement,especially at

10、key moments,remains crucial to building client confidence,but how it is delivered is rapidly evolving.Refreshed hybrid models enhanced with digital collaboration tools will strengthen accessibility and interactivity,boosting client empowerment.Delivering value:Strengthening product choice and educat

11、ion,creating closer connections with clients,strengthening tax and succession planning and providing greater clarity over costs and benefits will not only increase transparency,but they will also play a critical part in building greater client satisfaction,trust and value.Helping clients achieve the

12、ir goals amid growing complexity holds the key to lasting success in wealth management.We hope youll enjoy reading the key findings and recommendations on how this can be achieved.Alternatively,please visit to learn more.Setting the sceneThere are few certainties in life,but the last year has seen u

13、nprecedented instability.The world still emerging from the biggest pandemic in our lifetimes was further shocked by war,continued supply chain disruption,an energy crisis,a sudden surge in inflation,and attendant challenges in the banking industry.This additional impact compounds the preceding event

14、s,affecting markets,investors and wealth managers in different ways.These events continue to have a direct impact on financial markets,the investment environment and the actions of investors and wealth managers.We begin the report with a brief overview of six key trends that illustrate how the event

15、s of recent years have affected the experience,sentiment and intentions of wealth management clients around the world.These important themes underpin the rest of the report and provide the backdrop for the key findings.42023 EY Global Wealth Management Research ReportMarket volatility and complexity

16、 are making wealth management feel harder for clientsForty percent of clients think that managing their wealth has become more complex over the last two years,while only 14%say it has gotten easier.This sense of complexity is not only in response to the political and economic shocks of recent months

17、.It also reflects the rise of new investment products such as digital assets and the growing availability of online and hybrid offerings and the increasing complexity of the wealth management industry itself as FinTechs and other new entrants expand,and incumbents adapt their business models.Among c

18、lients who feel either unprepared or somewhat unprepared to meet their goals,a majority(57%)view market volatility as a reason for their lack of financial security.This rises to 69%among Boomers,who are more likely to have retired or are close to retirement.52023 EY Global Wealth Management Research

19、 ReportComplexity in the last two years0%25%50%75%100%Financial planning for inheritance/wealth transferFinancial planning for retirementManaging my wealthMy investing needsPercentage of clientsSameMore complexLess complex45%40%34%31%12%14%16%16%43%46%50%53%Setting the scene62023 EY Global Wealth Ma

20、nagement Research ReportComplexity around investing needs0%25%50%75%100%SameMore complexLess complex32%55%13%Accomplished54%30%16%Mixed47%40%13%Somewhat/well43%47%10%Execution only48%44%8%Not at all39%44%17%Discretionary38%50%12%Boomer47%42%11%Gen X55%30%15%Millennial68%23%9%Latin America43%39%18%Mi

21、ddle East42%39%19%Asia-Pacific48%40%12%Europe40%53%7%North America45%43%12%Global47%42%11%Advisory46%33%21%Ultra-high net worth52%32%16%Very-high net worth44%45%11%High net worth44%45%11%Mass affluentRegionGenerationInvestable assetsFinancial preparednessManagement stylePercentage of clientsInvestor

22、s financial goals remain defensive,but with less emphasis on purposeful financial legaciesThe volatility and uncertainty of recent years have reinforced the defensive focus of wealth management clients financial goals.Investors three leading goals are now protecting against inflation,strengthening i

23、nvestment returns and ensuring financial security.Over the past two years,there has been a 30%decrease in the importance placed on purposeful financial legacy goals,such as transition of wealth to family and charity.These are universal priorities,with limited variation between different age groups o

24、r levels of wealth.Its also notable that clients need for protection and security is increasing their desire for expert advice on emerging threats to their portfolio and on opportunities for recovery and growth.72023 EY Global Wealth Management Research ReportTop financial goalsProtect wealthGrow in

25、vestment returnsEnsure adequate incomeReduce taxesFinancial freedomProtect wealthReduce taxesProtect wealthDiversify wealthSave to meet goalsDiversify wealthEnsure adequate incomeDiversify wealthEnsure adequate incomeReduce taxesWealth transitionSave to meet goalsWealth transitionSave to meet goalsW

26、ealth transition43%32%25%40%51%49%38%42%43%20192021202341%28%44%37%36%23%23%25%23%21%16%DefensiveOffensivePercentage of clients Interaction preferences are evolving fast,with clients increasingly drawn to virtual channelsThe research confirms that clients have a heightened appetite for advice at tim

27、es of market volatility,but also highlights changing contact preferences.When it comes to the type of interaction that clients want,there are key moments in their financial journey such as opening a new account or creating financial plans when face-to-face consultation with advisors remains highly v

28、alued.However,the pandemic years have had a clear impact on client behavior,with appetite for virtual advisor interactions including via video call increasing dramatically over the past two years.In fact,virtual collaboration is now preferred for a number of key”in-flight”advisor interactions such a

29、s receiving financial advice and account management.Wealth managers need to ensure they can meet client expectations for increasingly frequent and more virtual interactions.Setting the scene82023 EY Global Wealth Management Research ReportSatisfaction with traditional asset classes is high,but less

30、apparent for newer investment types encouraging clients to seek more adviceOverall levels of client satisfaction with traditional asset classes and strategies such as actively managed funds and passive investments are relatively high,despite the impact of recent market volatility.In contrast,clients

31、 are less satisfied with more innovative asset classes,including digital assets and alternative investments such as private equity or real estate.Self-directed investors,those drawn to FinTechs by their ability to deliver specialized services at relatively low cost,and investors with significant exp

32、osures to innovative asset classes,exhibit above-average appetite for more advice from their wealth management providers.92023 EY Global Wealth Management Research ReportClients looking for more adviceFinTechDigital assets/crypto trading platformAlternative investment firmFamily officeCommercial or

33、retail bankFull-service institutionPrivate bankAsset/fund managerIndividual financial advisory firmBrokerage firm/platformAnnuityOther72%52%57%50%67%52%54%48%63%52%54%23%61%44%53%38%57%43%44%40%56%42%46%24%68%52%56%52%63%52%53%49%59%50%51%40%65%50%53%46%63%48%52%44%59%48%48%8%Investment servicesBank

34、ing and insurance servicesFinancial planning servicesSpecialized servicesNewer providers/asset classesTraditional providers/asset classesPercentage of clients looking for more advice in each type of servicesCurrent use of product(s)by clientsTypes of services Appetite to work with multiple providers

35、 remains high,especially among younger investors Setting the sceneDespite their defensive goals,almost half of all clients(44%)plan to add a new provider(14%),move money to another provider(21%)or switch altogether(9%)over the next three years.As in prior years,North American clients are less likely

36、 to make some kind of switch than average(25%),but when they do move,they are likelier to transfer more than half of their portfolio compared to other regions.It is remarkable that a majority of clients are planning some sort of switching in Asia-Pacific(57%),the Middle East(59%)and Latin America(62

37、%).Overall,however,the dominant theme is not outright switching but an increasing desire to spread assets between multiple providers.The research shows an anticipated increase of 12%in the average number of providers that clients expect to work with over the next three years.In particular,Millennial

38、 investors are more than twice as likely to switch(73%)than Boomers(29%),with almost one in five expecting to add a new provider.They are also more likely to shift a larger slice of their assets.0%25%26%50%51%75%76%100%Percentage of portfolio45%44%8%4%Percentage of clientsSwitching by closing a rela

39、tionship with one provider and moving assets to anotherAdding a new provider NoneMoving a portion of money from one provider to another56%14%21%44%9%of clients plan to add a new provider,switch or move some proportion of assets in the next three years.102023 EY Global Wealth Management Research Repo

40、rtPercentage of clients who plan to switch,move or add new providers in the next three yearsProportion of portfolio that clients are planning to switch or move in the next three yearsVolatile markets make a behavioral lens important to understanding clients:are they“Maximizers”or“Satisficers?”This y

41、ear,we added a behavioral science approach to the research in order to emphasize the importance of psychological factors in economic decision-making.By measuring behavioral traits,wealth managers can glean powerful insights into client motivations and preferences that are otherwise hidden in traditi

42、onal segmentation models.As providers continue to seek opportunities to improve acquisition,engagement and retention,behavioral-based segmentation will increasingly drive new paradigms of personalization in the industry.To measure client decision styles,we constructed a scale based on theories and r

43、esearch from the fields of behavioral science and personality psychology.According to the Nobel prize-winning social scientist Herbert Simon,people tend to make decisions by either Maximizing or Satisficing(“sufficing”plus“satisfying”).Maximizers exhaustively examine every available option before ca

44、refully choosing the highest utility choice.Satisficers tend to make decisions by choosing the first option that is“good enough”to meet their basic criteria.The research found that 59%of wealth management clients worldwide are Maximizers,while 41%are Satisficers.Of particular interest highlighted in

45、 this report to providers,we found significant differences between how these two groups perceive complexity,their propensities to switch providers,and their preferences for engagement frequency.The research found that Maximizers prefer monthly advice on their financial plans twice as much as Satisfi

46、cers(28%vs.14%).Additionally,Maximizers are 72%more likely to seek a new provider when faced with overload and 55%more likely to switch providers than Satisficers.Therefore,wealth managers should prioritize offering frequent advice to Maximizers and simplify their investment options and financial pl

47、ans to reduce overload.Failure to do so could result in losing assets to another provider.112023 EY Global Wealth Management Research Reportmore likely to switch providers than Satisficers.Maximizers are55%122023 EY Global Wealth Management Research Report1Navigating complexityProduct complexity and

48、 market volatility are increasing client appetite for stability and guidance.Clients need a trusted advisor in this ever-evolving landscape,and many plan to work with multiple providers to enhance and manage their expanded portfolios.Under growing pressure to”do more for less,”there are opportunitie

49、s for providers that can develop a strategic approach to helping clients navigate complexity.Investors react to volatility and complexity in different ways.Understanding the nature of their responses is crucial to providing the right support.The exceptional market swings of 202022,and the possibilit

50、y of further adjustments,are having a clear impact on investing behavior:One-third of clients(34%)have taken a tactical approach to market volatility by increasing allocations to active investments.In the event of future volatility,even more clients(42%)would switch additional assets into active inv

51、estment strategies.Asia-Pacific clients are far more likely(44%)than North American ones(20%)to take this approach during volatile markets.Ultra-high-net-worth(UHNW)(46%)and Millennial(50%)clients are more inclined than most to respond pursue active investments.In addition,another 33%of clients soug

52、ht safety in the shape of savings and deposits.Millennials again showed above-average responsiveness,and were more likely to have de-risked(47%)than Gen X(34%)and Boomers(24%).Perhaps unsurprisingly,mass affluent clients were also more likely(36%)than all categories of high-net-worth(HNW)clients(an

53、aggregate figure of 29%)to seek safety.If volatility continues,a greater proportion of clients(43%)would further increase their exposure to savings and deposits.132023 EY Global Wealth Management Research ReportActions taken by clients in the past couple of years in response to market volatility0%25

54、%50%75%100%Doing moreNo changeDoing lessSeeking out independent professional financial adviceInvestment in alternative investment products(e.g.,cryptocurrencies,real estate)Allocation of net investable assets to riskier investmentsMovement of assets holding to a country other than that of my main re

55、sidenceContribution of portfolio/net investable assets to savings and deposits Contribution of portfolio/net investable assets to active investmentsFinancial plan reviews with advisor34%33%33%27%23%21%48%46%46%54%56%42%63%13%20%21%13%17%35%16%Percentage of clients39%142023 EY Global Wealth Managemen

56、t Research Report Chapter 1:Navigating complexityWealth management clients have access to an increasing range of novel asset classes.Investor demand and the opening of private markets by regulators are democratizing private markets and other alternative assets including cryptocurrencies.1 This growi

57、ng complexity of the investment landscape presents unique challenges for different client demographics.Wealth management providers need to recognize the range of investor perspectives,behavioral traits,experiences and abilities.That will allow them to help clients navigate complexity by tailoring th

58、eir advice and education,equipping clients with the support they need.Clients are divided over the impact of growing product complexity:On one side,27%say that the new range of options has made them money.Millennials,typically with 1 The future of Private Equity:embracing the retail revolution?a hig

59、her risk appetite,are more likely to report investment gains(34%)than Boomers(24%).Broader choice is empowering clients,too,helping 21%to invest more sustainably and 26%to feel more confident in attaining their financial goals.On the flipside,more than a quarter of clients(27%)see more investment op

60、tions as exposing them to greater market volatility,rising to 46%among Middle Eastern investors.Meanwhile,66%of clients do not believe that the increased investment choice is improving risk diversification,illuminating an opportunity for providers to shift their focus away from simply providing an a

61、bundance of options and toward creating more personalized solutions tailored to each clients specific needs.The upside and downside of growing product complexityMade client money(upside of complexity)Exposed client to market volatility(downside of complexity)GlobalMiddle EastMillennialGen XBoomerMas

62、s affluentHigh net worthVery-high net worthUltra-high net worthNot at allSomewhat/wellAccomplished27%29%39%29%29%29%19%25%23%24%RegionGenerationInvestable assetsGlobalLatin AmericaMillennialGen XBoomerMass affluentHigh net worthVery-high net worthUltra-high net worthNot at allSomewhat/wellAccomplish

63、ed27%42%34%28%28%28%24%26%25%32%46%14%Percentage of clientsPercentage of clientsFinancial preparedness0%10%20%30%40%50%0%10%20%30%40%50%46%45%152023 EY Global Wealth Management Research Reportgreater likelihood to seek a new wealth provider than Satisficers when faced with overload.Maximizers exhibi

64、t a72%As mentioned earlier in the report,maximizers,who carefully weigh their choices before selecting the best option,found their investing needs to be more complex and tend to prefer more advice than Satisficers,who make decisions quickly by satisficing.The increased complexity of investment optio

65、ns has an outsize impact on Maximizers,who have a tendency to suffer from decision paralysis.Maximizers exhibit a 72%greater likelihood to seek a new wealth provider than Satisficers when faced with overload.Advisors equipped with this behavioral client data will be in a position to develop more per

66、sonalized models,allowing them to offer consistent advice that reduces Maximizers decision paralysis by reminding them of their goals and priorities.Worldwide,the overwhelming majority of clients(73%)change their investment approach in response to decreasing portfolio values.However,there are wide v

67、ariations in loss aversion.While 45%of those in North America would resist making such a shift,that number falls to 12%in Latin America and to just 4%in the Middle East.Younger investors and wealthier groups are more responsive than the average,too for example,only 9%of UHNW clients would not change

68、 their approach,compared with 29%of the mass affluent.Clients who will not change investing behavior in response to decreasing portfolio valuesPercentage clients who would not change investing behaviorAsia-PacificNorth AmericaLatin AmericaMillennialGen XBoomerMass affluentHigh net worthVery-high net

69、 worthUltra-high net worthEuropeMiddle East30%29%33%12%4%9%RegionGenerationInvestable assetsPercentage of clients0%10%20%30%40%50%16%45%26%15%21%17%Seeking more advice including from new providers is a key trend,and calls for a strategic response.One-third(33%)of clients worldwide have sought additi

70、onal advice in response to market volatility,though regional and demographic responses vary from just 19%in North America to 51%in Latin America,and from 23%among Boomers to 49%of Millennials.162023 EY Global Wealth Management Research Report Chapter 1:Navigating complexityIt is also striking to see

71、 the extent to which future volatility would trigger demand for advice including from new providers.More than half of all clients(53%)will seek out independent professional financial advice in the face of future volatility.Appetite for a second opinion in this future scenario is especially high in t

72、he Middle East(77%),Latin America(64%)and among HNW clients.Investors who sought additional advice in response to past market volatility0%25%50%75%100%No changeSought more adviceDid not seek more advice51%40%9%Latin America48%43%9%Middle East23%66%11%Boomer33%50%17%Europe34%53%13%Gen X39%49%12%Ultra

73、-high net worth43%45%12%Very-high net worth30%56%14%High net worth30%57%13%Mass affluent42%43%15%Asia-Pacific19%73%8%North America33%54%13%Global 49%33%18%MillennialRegionGenerationInvestable assetsPercentage of clients172023 EY Global Wealth Management Research ReportFar from encouraging consolidat

74、ion,volatility and complexity seems to be encouraging clients to seek out more providers and support in order to access the capabilities they need.Globally,28%of clients plan to work with more providers in three years time,and the appetite for more providers is shared across every region,wealth brac

75、ket and age cohort.Those In Europe and Asia-Pacific(both 33%)and Middle East(39%)are particularly keen to add new advisor relationships.Millennials(36%),Gen X(34%)and UHNW(30%)also report an above-average desire to diversify their providers and spread their assets more widely.These findings are both

76、 positive and negative for wealth managers,and could have far-reaching implications for the industry.There is a clear risk of declining wallet share,with greater client breadth of relationships tending to reduce revenue per client and squeeze profitability.To differentiate themselves among multiple

77、providers,many providers will need to change from offering a one-stop shop to becoming a seamless element within clients wider investment environment,playing a focused role as platform,provider or orchestrator.The good news is that every category of wealth firm will have opportunities to capture new

78、 clients,either as a primary provider or as secondary provider forming part of clients wealth management ecosystems.Most notably,the number of clients working with FinTechs is expected to double from 9%to 18%over the next three years.182023 EY Global Wealth Management Research Report Chapter 1:Navig

79、ating complexity20232021In three years time0%50%40%30%20%10%Asset/fund managerBrokerage firm/platformCommercial/retail bankPrivate bankAlternative investment firmFinTech(Robo Advisor,Neobank)Family officeOtherAnnuity providerDigital assets/crypto trading platformIndependent financial advisory firmFu

80、ll-service institution39%34%36%25%20%20%29%8%13%N/A6%1%40%38%34%27%23%23%21%9%13%11%7%1%41%38%35%28%27%26%24%18%16%15%9%1%Percentage of clientsUse of wealth management providers in the past,present and future192023 EY Global Wealth Management Research ReportWealth managers have a valuable opportunit

81、y to help clients navigate complexity,but will need innovative thinking to overcome the associated operational challenges.Clients have a strong desire to consult advisors with the expertise to interpret economic,market and political shocks.That is especially true for younger investors,the wealthiest

82、 clients,those less prepared to attain their financial goals and clients in Asia-Pacific,Latin America and the Middle East.This appetite for guidance and stability gives providers a valuable opportunity to reassure and inform clients more frequently not only at moments that matter,but also proactive

83、ly,helping clients to feel more secure when volatility strikes.Volatility and market dynamics also give advisors the chance to review and update financial plans with their clients.On average,39%of clients have taken this step,although there were significant variations:Regional:North America(27%)vs.L

84、atin America(65%)Generational:Millennials(50%)vs.Boomers(33%)Wealth level:UHNW(59%)vs.Mass Affluent(34%)It is worth remembering that reviewing financial plans does not always lead to plans being changed.These are moments of opportunity for advisors to increase client engagement and reinforce the val

85、ue of strategies in place.Worldwide,62%of investors would review their financial plans in response to future volatility,with the percentage rising to 83%in the Middle East and 72%in Latin America.These findings reinforce the growing importance of frequent connections that deliver client education ov

86、er time.The greater the market disruption,the greater the need for clients to understand how volatility is affecting their wealth and how product choices can provide new and flexible ways to achieve financial goals.The need for education is greatest among Millennials and Mass Affluent clients,who ty

87、pically perceive attaining their financial goals as a more daunting prospect than other investor groups.Complexity is creating opportunities for wealth managers to help clients navigate uncertainty,but it poses operational challenges,too.On one hand,providers need to step up the quality,frequency,an

88、d availability of investor advice and education;on the other,clients intentions to work with more advisors in the future mean that providers also need to reduce their costs to serve.A failure to square this circle will see the benefits of client retention and acquisition rapidly eroded by falling le

89、vels of efficiency.As well as focusing on their own capabilities,providers should consider how they can work effectively with other specialists,playing different roles and delivering holistic wealth management as part of an ecosystem.In the next two chapters,we explore how providers can harness new

90、tools and techniques to increase client empowerment,satisfaction and value.202023 EY Global Wealth Management Research Report2Empowering clientsPersonalized advice and engagement,especially at key milestones,is crucial to helping more clients fulfill their financial aspirations.For maximum effect,we

91、alth managers should further enhance hybrid models,using innovative collaboration tools to leverage clients growing appetite to mix in-person advice with virtual interactions and self-service capabilities.Frequent,consistent technology-enhanced interactions including with product experts will streng

92、then client empowerment and satisfaction.Tech-enabled personalization across discovery,onboarding,planning,investment management and account maintenance is key to differentiation and client empowerment.In the 2021 survey,we found that 49%of wealth management clients were willing to pay more for pers

93、onalized products and services.The latest research shows that personalized engagement plays the most important role in client satisfaction.Getting engagement right starts with initial client contact.Clients generally prefer to be contacted directly by an individual advisor but self-discovery and dig

94、ital options remain important.A quarter of clients(24%)prefer not to be contacted,but among those open to provider outreach,a call or email from an individual advisor is most preferred.Furthermore,openness to digital marketing(25%)is growing and is relatively high in Asia-Pacific(34%),Europe(32%)and

95、 among Millennial clients(39%).Its also striking that a third of Millennials are almost twice as happy(36%)to use third-party advisor-matching services(e.g.,SmartAsset,Zoe)as the average client(19%).212023 EY Global Wealth Management Research ReportEmpowering clientsPreferred methods to be contacted

96、 by a new wealth management providerCall or email from providerDirect mailCall or email from advisorRegionGenerationInvestable assetsManagement styleFinancial preparedness37%29%26%37%37%38%38%38%38%39%39%39%29%29%28%22%32%32%31%30%31%22%23%23%20%20%26%22%18%18%21%21%21%21%19%19%19%24%24%22%22%Adviso

97、r matching service provider20%20%10%16%16%33%18%20%20%21%13%12%14%14%36%8%25%19%25%22%12%20%35%35%35%39%37%33%34%32%27%31%40%42%42%36%36%26%31%Asia-PacificNorth AmericaLatin AmericaMillennialGen XBoomerMass affluentAdvisoryHigh net worthDiscretionaryVery-high net worthExecution onlyUltra-high net wo

98、rthMixedEuropeMiddle EastGlobalNot at allSomewhat/wellAccomplishedPercentage of clientsDigital marketing27%27%22%23%32%32%15%28%31%20%26%36%21%14%22%32%39%34%9%25%Note:respondents could select all methods that applied.A clear digitally-led onboarding experience is important for all clients,but human

99、 support is critical,too.Clients value a clear and easy onboarding process,including the ability to track their account status digitally,clear onboarding steps and the ability to share account setup documents digitally.However,personal contact is vital,too.To fully personalize the onboarding experie

100、nce,wealth managers should consider both making introductions to members of the advisory team and personalized welcome messages.222023 EY Global Wealth Management Research Report Chapter 2:Empowering clientsNearly a quarter of clients(24%)prefer not to be contacted,but among those open to provider o

101、utreach,a call or email from an individual advisor is most preferred.24%0%25%50%75%100%Client indicated very important or important activitiesTrack status digitallyClear onboarding stepsAbility to share setup documents digitallyIntroduction to the wealth management teamAbility to initiate fundingPer

102、sonalized welcome experiencePrefilled data entry based on submitted accountsPrefilled linked data from external accounts74%72%69%68%67%60%57%52%Percentage of clientsAccount opening activities most important to clients232023 EY Global Wealth Management Research ReportMoving forward,clients value pers

103、onal advice at key stages in the financial planning cycle.The three most important milestones are seen as monitoring the progress of the plan;creating a financial plan to achieve desired goals;and taking advice on how external variables may affect the plan.Providers should therefore consider how to

104、capitalize on client preferences during these key stages of the planning process and ensure they are able to systematically provide a differentiating value in every interaction.That could include providing ready access to an advisor,briefing clients on current events affecting markets,or making scen

105、ario modeling available to apply what if analyses to client portfolios after all,65%of clients value the ability to simulate portfolio strategies.This and other forward-looking insights will encourage proactive client interactions and enhance the quality of advice.As they move into portfolio constru

106、ction,72%of clients also highlight the importance of advisors using a good understanding of their goals and values to inform product selection.Client indicated very important or important activitiesAdvice on how external variables impact planDiscussing how values are reflected in and impact the plan

107、Creating a holistic plan using data from other providersCreating and maintaining financial plan82%Monitoring and reviewing progress to goals85%76%66%59%0%25%50%75%100%Percentage of clientsFinancial activities most important to clients 242023 EY Global Wealth Management Research Report Chapter 2:Empo

108、wering clientsClients also want to receive more investment advice when making portfolio choices and receiving financial guidance.That is especially true for younger clients and those who feel unprepared to meet their goals.As expected,Maximizers have a significantly higher propensity to seek advice

109、across banking and insurance(72%higher),planning services(30%higher)and specialized services(30%higher)compared with their Satisficing counterparts.0%25%50%75%100%Client indicated very important or important activitiesPortfolio performance reviewsChanges to my investment portfolioInvolvement in inve

110、stment model and product selectionAbility to simulate portfolio strategiesIncorporating investments that align with my valuesAdvice on market trends/access to market knowledge or expertiseAbility to understand my purpose and values Access to product specialistsAdvice on environmental,social and gove

111、rnance(ESG)and sustainable investing81%77%68%65%62%76%72%68%46%Conducting portfolio managementReceiving investment advicePercentage of clientsInvestment management activities most important to clientsFinally,when managing their account,investors want a complete online view of their financial positio

112、n(77%felt it was important).They also want to be able customize how they receive and view reporting(65%)a finding that underscores the importance of providing personalized reporting experiences that put clients in control of engagement.Personalizing performance review processes are essential,too,as

113、most clients(81%)believe it is very important for their advice provider to offer some type of portfolio performance review capability.Technology has a crucial role to play in making client connections more meaningful,equipping advisors with the insights they need to enable greater personalization.Fo

114、r example,AI could be used to generate more timely and accurate insights for portfolio managers,making advisor interactions more proactive and specific.These kinds of capabilities are key to leveraging the power of rapid innovation while keeping human contact at the heart of client experiences.25202

115、1 EY Global Wealth Management Research Report0%25%50%75%100%Swift responses to queriesUpdate risk suitability profile so that it is more accurate and up to dateAccess to senior team members or specialistsComplete online view of financial positionCustomize how I receive and view reportingReceive pref

116、erential/invitation-only products or pricingRegular/periodic contactSchedule and change ways to communicate with providerEvents to meet and socialize with wealth provider and other customers84%72%65%77%65%55%71%61%46%Client indicated very important or important activitiesGeneral account updatesAccou

117、nt managementReceiving/discussing exclusive offeringsPercentage of clientsOngoing account management and maintenance activities most important to clients Enhanced multi-channel models harnessing innovative digital collaboration tools can deliver frequent,flexible advisor interactions meeting client

118、needs at a sustainable cost.Client appetite for virtual meetings with advisors has been transformed by the pandemic and the rapid evolution of social media.In the 2021 survey,just 12%of clients identified virtual consultations as their preferred channel for advice.This figure now stands at 46%,creat

119、ing a valuable opportunity for wealth managers to build on existing use of chat apps and video calls to provide the human touch remotely and at lower cost.At the same time,advisor accessibility and responsiveness remain essential to clients.The majority(71%)want regular or periodic contact from thei

120、r advisor,and 84%value swift responses to their inquiries.For instance,48%of clients expect the option to conduct financial planning with their wealth manager at least once a year and 30%would prefer to be contacted every three months.Millennials,self-directed clients,and those exposed to digital or

121、 alternative assets are most likely to value frequent interactions.These results are indicative of the overall trend for clients to want to control how and when their wealth manager interacts with them.Collaborative multichannel models that balance in-person,virtual and digital experiences through s

122、hared resources make it easier to reach individual clients in personalized ways while helping providers control the costs to serve.Providers that cannot track,manage and enable omni-channel experiences and interactions will risk losing client relationships.At key points,the use of virtual collaborat

123、ion tools will help to offer good advisor availability,enabling providers to seamlessly integrate remote interactions with face-to-face meetings.That takes advantage of clients growing desire to initiate action and their increasing willingness to use digital and virtual channels for in-flight intera

124、ctions such as reviewing financial plans with an advisor,or asking questions about the impact of market volatility while preserving the option to see someone in person when desired.0%10%20%30%40%50%60%48%38%21%29%23%42%44%45%30%25%21%34%Account openingFinancialplanningInvestmentmanagementAccountmana

125、gementIn-person or face-to-faceVia virtual collaboration such as video chat or emailVia digital platforms such as app or website262023 EY Global Wealth Management Research Report Chapter 2:Empowering clientsPreferred methods of interaction during each investment lifecycleThe growing importance of le

126、veraging technology to provide virtual interactions alongside human advice is further illustrated by a number of specific findings,including:Preferred engagement channel during account opening48%23%29%In-person or face-to-facePercentage of clientsVia virtual collaboration such as video chat or email

127、Via digital platforms such as app or website60%40%20%0%When building or maintaining their financial plan,the bulk of clients prefer human support,either via in-person interactions(44%)or by connecting with their advisor virtually(37%).The remaining one in five clients would choose a fully digital ex

128、perience,if possible.When it comes to receiving advice on the impact of external variables such as market conditions or retirement contributions on their financial plan,the strongest client preference is for interactions using virtual collaboration tools(48%).Virtual advice is less effective during

129、onboarding,when clients seem to prefer fully in-person or fully digital,self-directed,processes.When opening an account,48%of clients prefer to do so in-person and unsurprisingly this is higher among those who primarily use advisory investment management(59%)or discretionary investment management(56

130、%)styles.272023 EY Global Wealth Management Research ReportDiscussing how values are reflected in and impact the planCreating a holistic plan using data from other providersAdvice on how external variables impact planMonitoring and reviewing progress to goalsCreating and maintaining financial planPr

131、eferred channel interactionPreferred frequencey of activities44%37%38%48%43%43%19%31%16%17%21%32%36%40%37%11%6%8%16%18%48%29%36%44%47%30%42%44%30%27%10%22%13%10%8%In-person with my advisorWith my advisor via virtual toolsBy myself through digital toolsLess than once per yearEvery yearEvery three mon

132、thsOnce a month or morePercentage of clientsPreferred engagement channel and frequency for financial planning activities Virtual advisor interactions enabled by phone or video are the channel of choice for most investment advice activities.It is striking that advisory(52%)and discretionary(57%)clien

133、ts show the strongest preferences for advisor-led virtual interactions.Lastly,it is important that wealth management providers are thoughtfully considering when and where are the best places to more proactively provide access to human support throughout the clients financial journey.Despite the pote

134、ntial to leverage rapid evolution in Web 3,the metaverse and artificial intelligence(AI),advisors should sit at the heart of digital transformation.Preferred engagement channel for investment management and advice29%46%25%In-person with my advisorPercentage of clientsWith my-advisor via virtual tool

135、sWith my advisor via virtual tools60%40%20%0%That includes making relationship managers available virtually,and equipping advisors with the tools,training and incentives to provide more proactive,contextual interactions.Incorporating innovative technology into digital collaboration tools will enable

136、 advisors to provide more personalized engagement,increasing the value of client facetime.282023 EY Global Wealth Management Research Report Chapter 2:Empowering clients292023 EY Global Wealth Management Research ReportGreater interactivity,along with enhanced expert support,can further improve clie

137、nt satisfaction and empowerment.Clients face growing product complexity and are less satisfied with product performance than with other elements of wealth offerings(see Chapter 3).Enhanced hybrid advice models must integrate specialized guidance into in-person,digital and virtual channels to create

138、holistic,high-quality support.A large majority of clients(76%)value access to market experts such as industry analysts or teams focused on macro-economic research when taking advice at key planning milestones,and 72%want advisors to have a good understanding of their goals and values to inform produ

139、ct selection.Making product specialists accessible to clients across a range of channels something that 68%of clients view as important when discussing investments will help to increase personalization,strengthening engagement and client satisfaction.RegionGenerationInvestable assetsManagement style

140、Financial preparednessAsia-PacificNorth AmericaLatin AmericaMillennialGen XBoomerMass affluentAdvisoryHigh net worthDiscretionaryVery-high net worthExecution onlyUltra-high net worthMixedEuropeMiddle EastGlobal86%70%78%66%72%78%69%64%62%64%93%57%56%68%72%73%72%76%83%63%Not at allSomewhat/wellAccompl

141、ishedPercentage of clientsVery important/important to have access to product specialists Very important/important to have access to market experts77%72%75%76%75%77%78%83%83%67%80%90%73%78%75%88%83%75%93%72%Percentage of clientsClients indicate that its very important to have access to different type

142、s of specialists0%0%25%25%50%50%75%75%100%100%302023 EY Global Wealth Management Research Report Chapter 2:Empowering clientsThe need for enhanced investor education around product complexity,especially for younger,less wealthy and less well-prepared clients,gives providers an additional satisfactio

143、n lever to pull.Digital collaboration tools that help advisors or product specialists to explain complex concepts to clients either in-person or as part of virtual interactions will allow providers to maximize the impact of hybrid models.For example,these tools could provide graphic illustrations of

144、 risk or simulations of long-term performance,helping advisors to walk through their projections and making clients more comfortable with new products.The value that clients place on having access to the right expertise underlines that wealth managers not only need to personalize their engagement an

145、d make advisors available both virtually and in-person.Providers also need to ensure that clients can contact the right person at the right moment whether that is an advisor or a specialist,such as an insurance broker,a tax expert,a certified financial planner or a political analyst.Access to expert

146、ise is an important element of empowerment,making clients feel confident about meeting their goals.3Delivering valueBetter product deployment and education,greater client involvement,enhanced tax advice,a strong understanding of investors values,and clarity over costs and charges all have a role to

147、play in delivering greater client satisfaction,trust and value.312023 EY Global Wealth Management Research Report Performance,fees,product access and brand are the primary drivers of manager selection.A strong track record of performance,a competitive fee structure,a wide range of investment product

148、s and services and brand reputation are clients leading drivers of wealth manager selection.For younger investors,a strong digital offering(such as a well-designed digital platform or the ability to transact online)is also a key driver,while UHNW clients and Maximizers value access to investment res

149、earch highly.Maximizers are also 50%more likely than Satisficers to value sustainable investment options,underscoring the value of behavior-focused personalization in the design of wealth management offerings.Investment performanceCompetitivefeesRange ofproductBrandreputationDigitalofferingPersonalc

150、ontactreferralAccess toresearchIndependentreviewsSustainableinvestmentoptionsProfessionalreferralDiverseteamOther46%50%40%30%20%10%0%43%36%31%19%17%17%12%12%10%10%2%What matters most when selecting a wealth manager Top drivers322023 EY Global Wealth Management Research Report Chapter 3:Delivering va

151、luePercentage of clients332023 EY Global Wealth Management Research ReportThere is an opportunity for greater specialization and personalization to improve satisfaction with product performance especially for newer asset classes.Investment performance is the leading driver of manager choice selectio

152、n(46%),and clients who plan to switch providers or add a new relationship cite performance as their leading motivator.Even so,many clients see room for improvement when it comes to product performance.It is encouraging to see that,despite recent market volatility,clients are relatively satisfied wit

153、h the performance of core investment products such as actively managed funds(68%)and passive funds like exchange-traded funds(ETFs)or index trackers(57%);these results hold true across all distribution channels.In contrast,there is a clear opportunity to improve satisfaction with”newer”asset classes

154、,including alternatives such as hedge funds or private equity;digital assets like cryptocurrencies or non-fungible tokens(NFTs);and ESG investments.Alternatives:Despite the continuing popularity of the asset class,and the outperformance of many alternative assets versus volatile public markets,only

155、48%of clients are satisfied with alternative product performance although this increases in the Middle East(62%)and Latin America(69%),and among UHNW clients(69%)and Millennials(63%).Alternatives are already a mainstay of asset allocation for many UHNW and very-high-net-worth(VHNW)investors,and are

156、increasingly in demand from HNW and mass affluent investors seeking diversification and long-term yields.Wealth managers seeking to capitalize on this opportunity could partner with external asset managers and fund providers specializing in creating secondary market liquidity,giving clients access t

157、o buy and sell private assets previously restricted to institutional investors and the very wealthy.Digital assets:Millennials are three times more likely to use a digital wallet than older generations,and twice as likely to buy alternative assets in response to market volatility.Millennials(55%)and

158、 clients with digital wallets(61%)are also far more likely to be satisfied with the performance of digital assets than the average wealth management client(29%),implying a greater level of comfort with digital-first financial products among younger clients.This suggests that emerging innovations suc

159、h as the fractionalization of financial securities and the tokenization of physical assets or legal titles may be more attractive to Millennials and emerging Gen Z clients.Adding fractional investments to product offerings could help providers to increase recruitment and satisfaction among younger i

160、nvestors.ESG investments:Nearly one in two clients(46%)believe advice on ESG and sustainable investing is important,with stronger views in Latin America,EMEIA and Asia-Pacific.Millennials are also twice as likely as Gen X or Boomers to select a wealth manager based on their range of sustainable inve

161、stments.In response,wealth managers are embedding ESG criteria into plan strategies,investment management,benchmarks and reporting across all asset classes.Implementation techniques include portfolio weightings,socially responsible funds,separately managed accounts and impact funds.Despite these ach

162、ievements,average levels of satisfaction with ESG investment performance stand at just 36%.The relative underperformance of many ESG investments in 2022,due to heavy tech exposure and limited investments in energy and mining,may be a factor.Even so,there is a clear opportunity to boost satisfaction

163、by aligning products with client values especially among younger investors.Tailored reporting on sustainability and stewardship,customization,transparency and accountability are crucial.Applying smart analytic techniques to the screening of complex or contradictory disclosures could be a potential d

164、ifferentiator.342023 EY Global Wealth Management Research Report Chapter 3:Delivering valueOverall,clients who primarily rely on professional investment management(whether advisory or discretionary)tend to be more satisfied with performance than self-directed investors.Interestingly,clients who bala

165、nce professional services with self-directed investing show the highest average satisfaction with product performance.This points to the potential value of a co-development approach that involves both advisor and client in portfolio management cultivating a mutual discovery of client goals and leadi

166、ng to joint involvement in planning.Clients want transparent investment approaches,tailored to their needs,that achieve their long-term performance objectives;generic strategies with the promise of relative performance are not enough.Percentage of clients Looking for more advice in investment servic

167、es Client satisfaction rate for each investment services productSatisfaction rate:active fundsSatisfaction rate:passive fundsSatisfaction rate:sustainable investments(ESG)Satisfaction rate:alternative investmentsSatisfaction rate:digital assetsWould like more investment services adviceRegionGenerati

168、onInvestable assetsGenderManagement styleAsia-PacificNorth AmericaLatin AmericaMillennialGen XBoomerMass affluentHigh net worthVery-high net worthUltra-high net worthEuropeMiddle EastGlobalAdvisoryDiscretionaryExecution onlyMixedMaleFemale48%48%48%48%32%49%38%37%48%59%63%56%50%66%68%57%62%36%40%56%5

169、6%47%59%65%50%49%45%54%57%62%63%53%61%57%69%69%29%18%27%36%31%38%33%40%55%28%39%37%31%31%47%56%58%38%24%34%38%34%32%14%26%15%49%69%44%53%70%69%72%62%63%67%68%69%75%66%71%44%56%50%38%28%71%42%50%54%19%34%73%73%50%57%35%29%47%66%44%33%54%19%25%54%64%67%66%56%55%79%47%36%25%52%58%75%Percentage of clien

170、ts352023 EY Global Wealth Management Research ReportData and technology can support this process by establishing a detailed,evolving picture of investors preferences and behaviors.Automating product and service recommendations can also save time on research;for instance,AI can use historical data to

171、 predict which products are most likely to suit a particular client.Building portfolio construction,and market simulation tools for”smart investors”willing to invest side-by-side with professional investors should also be a point of interest for providers moving forward.Beyond the investment space,c

172、lient satisfaction with protection and banking products is relatively high,although foreign exchange services with a satisfaction level of 47%are one notable exception.Client adoption and satisfaction are also relatively low when it comes to other specialized services offered by wealth managers incl

173、uding financial education and training(49%of clients satisfied,unused by 24%)and concierge or luxury services(37%satisfied,unused by 38%).Percentage of clients Looking for more advice in specialized services Client satisfaction rate for each specialized service productRegionGenerationInvestable asse

174、tsGenderManagement styleAsia-PacificNorth AmericaLatin AmericaMillennialGen XBoomerMass affluentHigh net worthVery-high net worthUltra-high net worthEuropeMiddle EastGlobalAdvisoryDiscretionaryExecution onlyMixedMaleFemale46%49%54%37%34%43%43%19%54%51%58%45%45%50%56%44%55%44%48%52%60%69%78%59%65%67%

175、65%54%49%51%55%40%30%38%47%27%45%44%49%29%47%50%51%35%46%55%64%52%34%53%83%74%37%41%62%44%46%67%60%46%67%46%27%57%45%49%51%33%47%48%55%36%45%50%53%38%Would like more specialized servicesSatisfaction rate:private healthcare servicesSatisfaction rate:concierge/luxury servicesSatisfaction rate:financia

176、l education servicesPercentage of clients 362023 EY Global Wealth Management Research Report Chapter 3:Delivering valueThere is a growing opportunity to help wealthy clients and their families navigate the increasing complexity of tax and succession planning.It is not only market volatility and prod

177、uct innovation that are making wealth management more complex for clients.The tax environment is growing more complicated,too,as wealthy families lead increasingly mobile,cross-border lives involving multiple generations and jurisdictions.Clients appetite for actionable advice on the tax liabilities

178、 of their global footprint is increasing.Reducing taxes,including inheritance taxes is a primary financial goal for one in four investors,and proportionally for VHNW and UHNW clients this is even higher.Wealth managers have an opportunity to help clients navigate tax complexity.This includes using d

179、igital tools to construct an aggregate family-wide view of tax liabilities and obligations across all relevant jurisdictions,as well as having systems in place to identify and manage tax changes and their implications.Succession planning represents another opportunity for wealth managers.The topic i

180、s often thought of,but typically only comes into focus in response to life events,external crises,or shifts in the political landscape.The global pandemic has made many family principals think more about succession planning and wealth transition;84%of clients view wealth transfer planning as equally

181、 or more complex than two years ago.To capitalize,advisors should help wealthy families to establish procedures that avoid conflict;set a roadmap for wealth transition;and create a framework for decision-making.This generally involves trusts,private trust companies and foundations offered in various

182、 jurisdictions.Client satisfaction with planning services is relatively strong:estate planning(60%),retirement planning(67%)and tax planning(61%)all reflect favorable results.However,only two in every five clients feel that advisors have provided the right level of planning advice to them(44%).This

183、is a significant opportunity;the research shows that 50%of clients would benefit from more advice in areas like estate planning,trust administration,retirement planning or tax planning.Tax and succession planning provide an emergent opportunity for wealth managers to reinforce and grow client relati

184、onships,building satisfaction and value;only 28%of clients believe their advisor has engaged their children or family adequately in planning activities,and only 27%of clients children believe that their needs are heard and met by their families current wealth provider.of clients view wealth transfer

185、 planning as equally or more complex than two years ago.84%372023 EY Global Wealth Management Research ReportPercentage of clients Looking for more advice in financial planning services Client satisfaction rate for each financial planning service productRegionGenerationInvestable assetsGenderManagem

186、ent styleAsia-PacificNorth AmericaLatin AmericaMillennialGen XBoomerMass affluentHigh net worthVery-high net worthUltra-high net worthEuropeMiddle EastGlobalAdvisoryDiscretionaryExecution onlyMixedMaleFemale50%60%67%61%45%58%76%61%53%58%59%58%49%61%63%61%65%70%68%60%56%77%81%69%62%70%65%60%55%54%61%

187、59%38%61%74%62%50%49%57%53%53%60%69%59%46%75%77%73%27%83%84%86%Would like more financial planning servicesSatisfaction rate:retirement planningSatisfaction rate:tax planningSatisfaction rate:estate planning61%71%60%50%60%65%61%50%75%67%45%66%77%68%55%50%71%43%51%63%70%46%74%69%Percentage of clients

188、382023 EY Global Wealth Management Research Report Chapter 3:Delivering valueBetter client support,customization,education and involvement will strengthen the links between products,performance and outcomes boosting client ownership and satisfaction.As they look to strengthen client satisfaction wit

189、h their full range of products and services,the research suggests that wealth managers can optimize their performance by:Playing to their strengths One in two clients indicate a desire for more investment services and more planning services.This,alongside the relatively high satisfaction levels of c

190、lients who use advisory,discretionary and mixed approaches to investment management,implies that many providers may have an opportunity to leverage their investment advisory skills further especially amid the complexities arising from current political and economic volatility.Similarly,with Maximize

191、rs 59%more likely to value access to customized investment research,providers should invest in ways to bring forward proactive investing tools and educational materials that help to highlight their investment expertise and better inform clients on market trends.More nuanced,behavior-based segmentati

192、on models can also help to define personalized strategies for each client.Stepping up product education Financial education tools can support personalization and boost satisfaction,as well as attracting Millennial and Gen Z clients.Providers should ensure that educating investors about the key featu

193、res of different asset classes helps them to better understand risk diversification,asset correlation and how to better align their investments and desired financial returns with specific life goals.Interactive education and gamification delivered via a combination of personal and digital channels c

194、an help to inform clients of their options without creating regulatory concerns.At present only half of clients indicate satisfaction with the financial education and training they receive.Millennial and less advantaged clients have the greatest appetite for education.However,providers should also d

195、o all they can to help HNW,Gen X and Boomer clients harness alternative assets,sustainable investments,and other emerging products.Looking forward,building client knowledge around personal finance and investing could help providers to capture Gen Z clients.Enabling client involvement Clients want to

196、 be involved in portfolio construction and investment management,with 68%saying it is very important to be involved in product selection and 81%seeing portfolio performance reviews as important.A desire for greater engagement during portfolio construction is apparent,regardless of the selected inves

197、tment approach.The fact that clients who combine self-directed and professional investment management show the highest contentedness with product performance,suggests that managers should find ways to better involve clients in planning and portfolio management improving ownership of investment outco

198、mes,irrespective of market behavior.Illustrative tools that allow advisors to explain how different portfolio approaches should perform in specific market scenarios,and self-directed tools offering similar capabilities,are essential to helping clients better understand the“why”behind the“how”their i

199、nvestments are managed,building confidence amid fluid market conditions.392023 EY Global Wealth Management Research ReportClient trust remains high,but concerns over hidden costs show that transparency and a clear value proposition are key to satisfying clients and competing with new entrants.Client

200、 trust in wealth managers remains strong.A majority(71%)believe that providers charge fairly for their services,and most clients continue to understand what their fees pay for(73%).Even so,there is room for improvement.Levels of trust over fair charges have fallen slightly since 2021,and while satis

201、faction with value of money has remained constant(73%),those unhappy with the value they receive have increased slightly from 6%to 10%.Self-directed clients and mass affluent clients are particularly likely to question the value of their service.Looking beyond fees alone,the proportion of clients co

202、ncerned about hidden costs has increased from 42%to 54%since the 2021 survey.Concerns over cost transparency are even higher in Asia-Pacific(62%),Latin America(73%),among Millennial investors(66%)and among clients who mix professional investment management with self-directed investing(62%).It is als

203、o striking that most clients continue to prefer other payment models than standard assets under management(AUM)-based pricing.As in 2021,performance-based fees are most preferred(by 21%),growing to 25%among Millennials and 29%in Asia-Pacific.Fixed fees(preferred by 18%)and combined charging models(1

204、5%)are also more popular than AUM-based fees(13%),although North American clients are slightly fonder of AUM models(18%).Clients who primarily rely on professional investment management(whether advisory or discretionary)have a slightly higher preference for performance-based fees or fixed fees,altho

205、ugh they are also more likely to be happy with AUM-based fees than self-directed or mixed management style clients.Pricing transparency statementsConcerned with hidden costsTrust manager to charge fairlyUnderstand charged feesGet value for charged feesRegionGenerationInvestable assetsGenderAsia-Paci

206、ficNorth AmericaLatin AmericaMillennialGen XBoomerMass affluentMaleHigh net worthFemaleVery-high net worthUltra-high net worthEuropeMiddle EastTotal73%54%71%75%73%73%70%71%73%71%72%66%73%68%67%55%64%76%79%74%67%79%83%70%72%67%68%72%64%64%69%70%81%69%75%82%72%86%81%73%51%45%66%55%62%49%54%54%69%73%71

207、%54%75%70%69%54%73%47%52%55%Percentage of clients 402023 EY Global Wealth Management Research Report Chapter 3:Delivering valueGiven that clients identify competitive fee structures as a top three driver of wealth manager selection,these findings suggest that providers unable to demonstrate a clear

208、value proposition could be vulnerable to competition from FinTechs and other new entrants.There is an opportunity for providers to be more transparent about the expenses of running their business,helping clients to understand the costs they are asked to pay.Investors are clear where they would like

209、providers to focus:reducing cost.However,explaining the capital investments required to continue improving the effectiveness and efficiencies of the service they receive may help more clients to accept the associated charges.A simple charging structure and transparent cost disclosures are part of th

210、e solution,but a broad value proposition is key to strengthening client trust and acquiring new investors.In part,that is about ensuring that wealth managers understand investors values something that 72%of clients want to see demonstrated.In fact,62%of clients believe it is very important for their

211、 investments to reflect their values,and this figure is higher in Latin America(87%),the Middle East(75%),and among Millennials(73%).Clear reporting of product performance,backed up with digital tools that demonstrate the links between the fees clients pay and the value created by their wealth manag

212、er,are also vital to building trust especially for discretionary investment management,where client preferences for performance-based fees are particularly strong.Preferred fee structure202120230%30%20%10%Per hour of support3%4%Subscription7%3%Transaction based12%5%Percentage of assets under managem

213、ent13%6%Combination of fee structures15%3%Fixed fee18%7%Performance based21%15%Percentage of clients412023 EY Global Wealth Management Research Report 422023 EY Global Wealth Management Research ReportConclusionOngoing economic and geopolitical volatility is making wealth management feel more daunti

214、ng for many investors.This disruption,together with the growing complexity of investment markets,is having profound effects on what clients want and expect from their wealth managers.Notable changes identified by the research include clients increased appetite for advice and education;a growing pref

215、erence for virtual advisor interactions;and a greater willingness to work with multiple providers to access the products and services they need.However,the data also shows that clients reactions to events can vary hugely depending on their age,location,wealth levels,financial confidence and behavior

216、al traits.Younger investors,for example,are particularly in need of additional support;but they are also more open than older groups to new engagement channels,new investment approaches and new advisor relationships.These circumstances are creating a moment of flux in the world of wealth management,

217、accelerating wallet share erosion while simultaneously inflating client expectations for frequent,tailored engagement and advice.Competitive threats are heightened,and there is a greater need than ever to offer differentiated levels of personalization while also reducing costs to serve.On the upside

218、,providers that can build satisfaction and create value for clients will enjoy greater competitive advantages than ever.Reconciling these competing imperatives while safeguarding profitability will be an increasing challenge for wealth managers.Wealth managers need clear strategies to transform thei

219、r infrastructure,reducing per-client costs while achieving stronger differentiation through tech-enabled,human-led insights and value-added engagement.We now summarize some potential actions for providers to focus on,framed around the three areas of priority we use in this report to frame the challe

220、nges and opportunities facing wealth managers.Navigating complexity:Providing more frequent,specialized and meaningful support and advice,based on a deep understanding of clients goals,preferences and behaviors.This might include:Optimizing the ability to capture new clients,to identify those lookin

221、g for additional advice and support,and to provide them with the help they need to navigate complexity at different times.Redefining personalization to deliver differentiated experiences at every stage of clients financial journeys,especially at moments that matter,but also proactively to prepare th

222、e ground for crises.Harnessing the rapid evolution of AI and other tools,integrating them into new and existing technology in ways that maximize efficiency and scalability while enhancing human-led client engagement.Positioning themselves as agile players within a digitalized marketplace,using a uni

223、fied and scalable platform to expand offerings,collaborate with other organizations and differentiate on both specialization and convenience.Pivoting from a“sole provider”strategy to one that harnesses the depth and reach of wealth management ecosystems,supporting every client uniquely.432023 EY Glo

224、bal Wealth Management Research ReportEmpowering clients:Engaging more closely with clients,using next generation models to deliver meaningful,proactive interactions how and when they want.This might include:Reinventing business models,finding innovative ways to provide operational and technological

225、support to advisors and clients enabling quicker,more efficient engagement.Developing omni-channel hybrid models that deliver virtual contact alongside in-person and digital connections,harnessing collaborative digital tools to make the most of every interaction.Harnessing data analytics and clients

226、 willingness to share data in exchange for greater personalization,helping to anticipate needs and offer proactive,insightful solutions.Integrating new technology tools with human advice,enabling staff to make every interaction differentiated.This could involve using AI to generate personal insights

227、,or using virtual scenario modeling to simulate shocks and prepare clients for volatility.Delivering value:Harnessing education and collaboration to build an aligned view of goals,products,portfolios and performance that creates transparent value.Integrating purpose-driven approaches through buildin

228、g client trust and knowledge around personal finance and investing especially among younger clients and helping advisors to develop personalized approaches that match client values.Providing bespoke services,enabling clients to be a part of the portfolio construction and planning process aligning pr

229、oducts and services with goals,and improving ownership of investment outcomes.Using greater personalization and specialization to boost product performance satisfaction,especially for new asset classes and providing closer expert support on tax and succession planning.Delivering clear value proposit

230、ions,backed up with high levels of transparency,helping clients to understand the links between costs and returns and building client trust.Ultimately,building client satisfaction and trust will depend on wealth managers ability to increase financial well-being.Delivering more proactive,personalized

231、 and meaningful advice will empower clients to navigate complexity and feel more secure in a changing world.442023 EY Global Wealth Management Research ReportMethodologyThe EY organization worked with Savanta to conduct a broad survey of over 2,600 wealth management clients in 27 geographies to unde

232、rstand what they value most in their wealth management relationships across service models,engagement choices and value-aligned advice.2 This year,we also included a behavioral science approach for the analysis to uncover the influence of certain psychological factors in economic decisions.Working w

233、ith our collaborator,Syntoniq,we conducted a secondary analysis of the data from a behavioral perspective to help understand the underlying reasons for investor preferences and choices.The EY team profiled clients not just by traditional segments,such as age,gender,wealth and country of residence,bu

234、t also by risk appetite,life stages,profession,sexual orientation,race and ethnicity,behavioral and psychographic profiles.The EY team also asked respondents to rate their knowledge in managing their finances and divided them into low,average and high categories depending on their knowledge of commo

235、n and complex financial products.ParametersProfileWealth segments(assets)RegionsUHNWVHNWHNWAffluentVaried respondents based on the following categories:Education,occupation,risk tolerence,behavioral and psychographic profilesMillennialsGen XBaby BoomersUS$30m+US$5mUS$29.9mUS$1mUS$4.9mUS$250kUS$0.9m2

236、141 years4257 years58+yearsAgeinvestorsgeographies2,60027North AmericaLatin AmericaEurope and Middle EastAsia-PacificGeographic coverage:North America including the US and Canada;Latin America including Argentina,Brazil,Chile and Mexico;Europe including,France,Germany,Italy,Luxembourg,Netherlands,Sw

237、itzerland and UK;Nordics including Denmark,Finland,Norway and Sweden;Middle East including Qatar,Saudi Arabia and UAE;Asia-Pacific including Australia,China,Hong Kong SAR,India,Japan,Republic of Korea and Singapore.2 This survey was in market from October 2022 to November 2022.452023 EY Global Wealt

238、h Management Research ReportMike LeeEY Global Wealth&Asset Management LeaderLinkedIn profilePhil Hennessey Americas FSO Consulting Senior Manager,Wealth&Asset Management,Ernst&Young LLP LinkedIn profileAlex YoungAmericas FSO Consulting Manager,Wealth&Asset Management,Ernst&Young LLPLinkedIn profileE

239、ric SandribAmericas FSO Consulting Senior Consultant,Wealth&Asset Management,Ernst&Young LLPLinkedIn profileValerie NottPartner,Global Wealth and Asset Management,Ernst&Young LLPLinkedIn profileGurdeep Batra EY Americas Wealth&Asset Management Consulting LeaderLinkedIn profileKey contacts Disclaimer

240、Additional key contributors includeMark WightmanEY Asia-Pacific Wealth&Asset Management Consulting LeaderLinkedIn profileAsia-PacificOur behavioral insights are based on a secondary data analysis.This means that we rely on data that was not originally collected for the purpose we analyze it for.The

241、benefits of this approach include cost-efficiency and the extraction of new and potentially valuable insights.In the process,secondary data analysis can help us formulate hypotheses to be tested in future(primary)research.There are also drawbacks.First,there were some variables or associations we co

242、uld not examine because no data were collected for those purposes.In terms of the data we actually used,the questions or information chosen to represent a variable or hypothesis may only be an approximation and not capture it perfectly(a limitation to validity).Second,available data to represent a g

243、iven concept may only rely on one rather than multiple questions(a limitation of reliability).Future research will be able to collect data in a way that best captures the population and information to be evaluated.GlobalJan BellensEY Global Banking&Capital Markets LeaderLinkedIn profileMoonsun Kim A

244、mericas FSO Consulting Manager,Wealth&Asset Management,Ernst&Young LLPLinkedIn profileAlexander SaponeAmericas FSO Consulting Manager,Wealth&Asset Management,Ernst&Young LLPLinkedIn profileAmericasSinisa BabcicEY Americas Wealth Management Business Consulting LeaderLinkedIn profileEMEIAUrs PalmieriW

245、ealth&Asset Management Consulting and Digital Transformation Ernst&Young AG,SwitzerlandLinkedIn profileOlaf Toepfer Banking&Capital Markets Leader,Ernst&Young AG,Switzerland LinkedIn profile EY exists to build a better working world,helping to create long-term value for clients,people and society an

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249、ion,please visit .2023 EYGM Limited.All Rights Reserved.EYG no.003379-23GblBMC Agency GA 15189521ED NoneThis material has been prepared for general informational purposes only and is not intended to be relied upon as accounting,tax,legal or other professional advice.Please refer to your advisors for specific