Futurewealth Hangout Series
marzo 17, 2014
What’s on the mind of the HNW Investor? How do they select wealth managers? What connects them to their wealth advisors? How do they use technology and social media as part of their search process? What are their expectations from their relationships?
The Scorpio Partnership – based in London – has been researching these questions and publishing their findings in a series of groundbreaking papers called The Futurewealth Report. The most recent edition of the report, published in February of 2014, is called The Quest For A Valued Relationship and focuses on HNW investors’ relationships with their advisors – elements that are valued, and areas that need improvement.
Recently, four industry leaders convened via a virtual conference, Google Hangout, to explore the findings and implications of the research more deeply.
What follows are a series of video clips taken from the conversation. Each clip focuses on a distinct topic and collectively they cover topics ranging from the use and role of social media by wealthy investors; how HNW investors select wealth managers; and the role of reputation in the wealth manager selection process and how social media and technology is changing the way investors assess and – how wealth managers build – reputations.
The Google Hangout was moderated by Hannah Shaw Grove, founder of HS Grove, LLC (@hsgrove) a family office consulting firm. Joining Hannah in the conversation were Sebastian Dovey, Managing Partner of Scorpio Partnership (@whatwealthneeds); April Rudin, Founder of The Rudin Group (@therudingroup); and Michael Zeuner, Managing Partner of WE Family Offices (@wefamilyoffices).
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[tab_item title="Part 1″]Technology & Wealth – explores the relationship of HNW investors to technology – how they use it, how many devices they typically have and use on a regular basis, and the implications behind the data. If HNW clients are more connected than everyone else, wouldn’t it stand to reason that social media would be an ideal channel to reach them?
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[tab_item title="Part 2″]Reputation & Social Media – explores how advisors are (as part of a global trend) using social media to build their reputations – not as a separate channel, but rather as another part of their integrated communication plans.
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[tab_item title="Part 3″]Online Role in Wealth Manager Search – explores the link between a firm’s online and social activities and relationship building with HNW investors. This clip delves into specific data that identifies the social media activity of a firm and the firm’s advisors as being a key factor in a HNW investor’s decision on who to use for their wealth management. A firm can now gain or lose a client based on their online reputation, so those firms who choose to ignore the trend and social media as a channel of communication will ultimately miss out on prospective business.
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[tab_item title="Part 4″]Performance – focuses specifically on the metrics that are used to measure a client’s satisfaction in the relationship with their advisor. Groundbreaking data shows that clients focus not only on investment/financial performance but also on communication, interpersonal relationships and overall ‘happiness.
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[tab_item title="Part 5″]Reputation & Selecting A Wealth Manager – focuses on how the client satisfaction data turns into validation points for a client’s decision to either leave a relationship or enter into a new one. Social media has become a critical platform for service providers to express their offering, and consumers who are becoming ever more empowered to research and validate on their own are able to make much more informed decisions about who they are going to work with.
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[tab_item title="Part 6″] Wrap & Synthesis – reviews the key findings of the study including: how wealth advisors can build deeper, more meaningful and longer lasting relationships with clients; and how clients searching for a wealth manager can make more informed decisions. Both advisors and clients are becoming increasingly empowered with expanding capabilities to both publish and attain more robust and dynamic information about who they are working with.
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