SEI conducted two surveys in 2007 to identify the most important factors influencing a firm’s ability to attract and retain high performing Relationship Managers. The first study targeted top executives within wealth management organizations, while the second study sought the opinions of RMs themselves. The responses in the two studies are consistent in some ways, but there are important differences that highlight the challenges wealth managers face. Please click on the link above to access the complete report.
Primary and secondary research conducted by SEI has shown that this emerging wealthy segment want and need advice beyond traditional wealth management. They see wealth as an enabler for their lives and want objective advice that addresses life's events, not just products.
2007 Q3 Relationship Manager Quick Poll Results - The War for Talent
2007/10/25
SEI recently conducted a Private Banking Quick Poll that indicates Relationship Managers are more strongly motivated to stay at their current job based on their employer’s culture versus their compensation. The purpose of this Quick Poll was to better understand the key drivers of attracting and retaining Relationship Managers (RMs) at wealth management organizations. The study also found that 83% of respondents indicated that a significant compensation package would be needed to entice them to move to another organization.
SEI to Bank Wealth Managers: Meeting Client Needs Requires Business Model Transformation
2007/10/01
SEI recently delivered a presentation which discussed how unmet needs among the emerging wealthy present a tremendous opportunity for bank wealth management organizations; however, capitalizing on this opportunity will require a transformation of the private banking business model. SEI delivered this recently in a presentation titled "Client Needs Discovery: A Powerful Tool to Improve Your Results" at SourceMedia's Seventh Annual Wealth Management Forum in Chicago.
SEI Executive Quick Poll Verifies that the War for Relationship Management Talent Exists Globally
2007/10/01
SEI released an Executive Quick Poll today that shows increased relationship management turnover and compensation expenses in 2006, particularly in countries outside the United States. Poll respondents indicated that brand, culture, and strategic business direction were critical to recruiting and retaining talent.
SEI Executive Quick Poll Shows Bank Wealth Managers Rapidly Embracing Open Architecture Investment Solutions
2007/10/01
SEI released an Executive Quick Poll today that shows bank wealth managers are rapidly moving toward implementing open architecture investment solutions in their quest to meet evolving client needs. An overwhelming majority of poll respondents (85 percent) indicated that within the next twelve months the decision to offer open architecture investment solutions and expertise will be a top priority for bank wealth management institutions.
SEI Delivers Presentation on Open Architecture to California Bankers Association
2007/10/01
At the recent California Bankers Association's Investment and Wealth Management Conference, SEI delivered a presentation that discussed why open investment architecture is critical to growing wealth management practices and keeping pace with a highly competitive market. SEI's Ron Albahary, Managing Director for the Private Client Asset Management Group at SEI, discussed the opportunities and challenges of open architecture for banks, its historical place in the industry and the rationale for both wealth managers and clients.
Do Banks have to Reinvent Wealth Management to Win?
10/01/2004
For bank executives, increasingly complex regulatory and privacy concerns only add to the difficulty of achieving their main objective - organic growth at a reduced operating cost. Our research was undertaken to better understand how bank wealth management executives plan to win.
Some bank executives have started to think very differently about their customers and businesses. For many others, the conclusions presented by SEI will challenge conventional wisdom. These findings are the result of SEI proprietary research and the thinking of others who predict significant, Boomer-driven change for wealth management. All of this is meant to spark thinking and debate.
Topics explored in this study were grounded in extensive primary research conducted by SEI, secondary wealth management industry research and our own experience in serving the wealth market.
This new report entitled Discovery: A Fresh Approach to Building Relationships with Wealthy Boomers examines the need for wealth managers at banks and trust institutions to transform their business in order to successfully meet the needs of the emerging baby boomer wealth market.
Read the Whitepaper - pdf