The survey found that when interaction levels dip below this level, clients are more likely to give a negative review of their experience and were likely to cite ‘good’ or ‘very good’ satisfaction levels when they were hearing from their key contact 11 and 12 times annually.
The survey was based on the views of 3,113 investors 3,113 individuals with an average wealth of $2.7m.
The survey also revealed cultural influencers over the contact strategy. In the Americas, communication with a specialist occurs roughly four times a year. This rises to five interactions in Europe and bounces up to ten times a year in Asia Pacific.
The results also show that almost 60% of the most financially invested clients (those with at least three-quarters of their assets at a wealth management firm) prefer all product and service discussions to happen with their relationship manager.
By contrast, just 9% of those with less than a quarter of their wealth at a firm want to interact with a relationship manager, instead choosing to engage with specialists or a digital platform.
“The research highlights that experts enhance the relationship because they deliver access to new opportunities, as well as technical knowledge and informative content,” said Marc Stevens, chief executive officer of NPG Wealth Management.
Traditional relationship prospers
According to the survey research the rise of robo-advice, which has left many industry commentators questioning the relevanc eof the relationship manager, had not impacted the traditional contact strategy among highly engaged clients.
The results showed that almost 60% of the most financially invested clients (those with at least three-quarters of their assets at a wealth management firm) prefer all product and service discussions to happen with their relationship manager. By contrast, just 9% of those with less than a quarter of their wealth at a firm want to interact with a relationship manager, instead choosing to engage with specialists or a digital platform.
“For those who are most deeply invested in their wealth management relationships, the human interface is still the ballast of a communications strategy. This isn’t simply about having good people on the front line but about understanding the nuances of a good conversation from the perspective of the global wealthy,” said Sebastian Dovey, Managing Partner of Scorpio Partnership.
Brett Williams, managing mirector of SEI Wealth Platform, U.K. Private Banking added: “Wealth management firms need to identify the optimum level of contact between relationship managers and their clients, and strike a balance between technological enablement and established ways of working. Our research is clear in that it is important not to overlook traditional face-to-face contact as a key relationship-building tool for wealth managers, even when new technology is introduced.
