咨询将如何定义亚洲的财富管理-80页

The future is calling How advisory will define wealth management in Asia The Future of Asia Wealth Management Series Contents Summary Foreword 4 8 1. Asia presents an enormous wealth opportunity, but seizing it will be difficult 11 11 Asia is the key wealth management battleground Why capturing the opportunity will be hard Growing dissatisfaction means money in motion 13 18 2. Advisory will define the evolution of wealth management in Asia 21 22 Clients, firms and relationship managers all agree that advice is important How to build an advisory proposition 23 3. Why firms struggle to deliver next-generation advisory 28 There are gaps between how clients and firms perceive next-generation advice 31 33 35 37 Early Look Digital assets: Unclaimed territory Early Look Good to grow: The rise of ESG investing in Asia Four keys to next-generation advisory provision The progress so far in Asia 39 42 Reimagining the client journey 4. Rigorous business transformations are needed Remember, most business transformations fail 45 48 Robust transformation management can enable successful move to next-generation advisory 50 52 Early Look Empowering relationship managers: The tools they need to succeed 5. Winner takes all 58 61 Why advice will be crucial to clients in Asia Acknowledgements 64 66 Appendix 1 – The Advisory Board Appendix 2 – Accenture’s Next-Generation Advisory Framework: Illustrated Examples 71 2 The future is calling: How advisory will define wealth management in Asia 3 The future is calling: How advisory will define wealth management in Asia Summary k Asia is the battleground for wealth management Wealth management firms are ramping up their focus on capturing the wealth management opportunity in Asia. They expect assets under management (AUM) to nearly double from 2021 to 2025 and revenue to grow about 60 percent, according to our research. k Realizing wealth managers’ growth plans will be extremely challenging... Achieving those ambitious growth targets will be difficult, given the need to retain and acquire clients who are increasingly looking to switch providers, and the need to increase massively the hiring of relationship managers (RMs) at a time of industry-wide talent shortages. k ...particularly as markets over the next three years may be much less kind Additionally, the market environment is likely to be less favorable than it has been in recent years, given a return of volatility that was evident even before Russia’s invasion of Ukraine in February 2022, and linked particularly to the consequences of the COVID-19 pandemic as well as rising inflation and the Federal Reserve’s decision to hike interest rates. This is putting even more emphasis on firms to differentiate their proposition beyond simply delivering market returns. Summary continued over. 4 The future is calling: How advisory will define wealth management in Asia k Against the stereotype, most k Transformation management is key investors in Asia in fact want advice Out of those four, transformation management stands out as a major impediment. Many firms know “what to do” yet struggle over “how to do it”. For instance, nearly half of firms treat transformation as an extension of business- as-usual, and less than 20 percent have a dedicated transformation function running a holistic suite of programs. One immediate action that firms should take is to set up a transformation management office oriented around structuring, monitoring and steering programs, as well as building Investors in Asia can no longer be categorized primarily as self-directed. Our research shows that today it is the advice-seeking persona who prevails in the region. Delivering a true advisory proposition that is goals-led, integrated across advisory and investment management, digital-first and evolves the fee model would be crucial for firms to realize their ambitious growth goals. k Wealth management firms are struggling to provide next-generation advisory and implementing program-and organization-wide communications around transformation. There are advisory propositions in the market, but most firms are struggling to deliver true next-generation advisory. While some progress is being made in taking a portfolio-led approach more systematically, and in offering clients more innovative product suites and investment insights, firms are underplaying the importance of RM selection, k Winning in advisory means winning overall Delivering a satisfactory proposition to the advisory persona in Asia has a significant bearing on retaining clients and being considered their primary wealth management firm. Assets held with the primary wealth firm are respectively personalization and insight automation. more than double and seven times l