A new survey by KPMG UK into wealth managers’ attitudes to customer experience, finds customers are not yet the clear winner with many firms still unsure about who their current or future customers are.
KPMG believes that wealth managers should focus on targeting their most likely future clients - HENRYs - High Earning Not Rich Yet. This comprises largely of Generation Y and Millennials who have thrown off the brand loyalty of previous generations and have far higher expectations of customer experience. But, successful targeting will require a rethink of business model, including how and what to charge for.
Commenting, Martin Rumsey, author and Director, Wealth & Asset Management KPMG UK, says:
“Eighty-five percent of respondents have a customer experience agenda, with the remainder being in the process of developing one. Customers are high on the priority list for wealth managers but the current customer experience is geared to existing clients. As wealth changes hands, HENRYs gain economic power, brand loyalties wane and customer expectations rise, wealth managers need to increase their efforts to change in order to remain relevant to existing and future customers.”
Notes to editors
Find the report here: https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2018/06/Customer-experience-V9.pdf
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About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.