SEI Quick Poll: Bank Wealth Managers Say Clients Are Confused About Goals
Poll Respondents Say Wealthy Clients Are Unsure of What They Want and What They Need
OAKS, Pa., July 29 /PRNewswire-FirstCall/ -- Wealthy clients planning for retirement don't know what they want or how much they need, according to a new Quick Poll conducted by SEI (Nasdaq: SEIC). According to the survey, 42 percent of bank wealth managers say their clients' largest concern is uncertainty about their retirement goals. Sixty-one percent said their clients have a "number" in mind for retirement, but that it isn't enough to achieve their goals.
The bank wealth managers surveyed said their clients also have concerns over their saving and spending levels during the retirement years - 26 percent said saving levels were their clients' biggest concern; 16 percent said spending levels were the biggest source of worry. Increasingly, bank wealth managers are finding that they must continually discuss client goals and how their retirement plan is working to meet those needs - 84 percent said they frequently discuss the status of clients' portfolios in relation to their goals.
Wealth managers surveyed also indicated that the down economy is impacting their clients' approach to investing. Forty-two percent of wealth managers said their clients are "extremely" concerned about downside risk. Fifty-two percent said their clients are somewhat concerned about downside risk.
"It's quite clear from these survey findings that investors have a difficult time identifying what their retirement is going to look like and how they're going to pay for it," said David Campbell, Senior Vice President for SEI's Private Banking Group. "Mere accumulation isn't enough. Wealth service firms need to address this concern with investment approaches that are strategic and focused. As a result, they will be better able to serve clients by identifying life goals and focusing consistently on them."
SEI polled 31 wealth managers who attended recent Private Banking Asset Management Symposiums in Houston, TX and Oaks, PA. The symposiums are the continuation of a series of regional asset management events. Participants in the symposiums included the heads of wealth management from over 40 banking institutions. The series is the latest development in a broader program to communicate SEI's recent innovations in their investment strategies with the bank wealth market.
About SEI's Private Banks Segment
SEI's Private Banks business segment delivers investment management and wealth processing services through its Global Wealth Services solution to private banks and wealth management organizations. SEI enables wealth managers to meet the rapidly evolving business and investment needs of their clients by helping them grow and protect revenue, minimize cost and allocate capital effectively, enable risk management and help manage transformation. SEI's solutions are used by over 290 clients in 9 countries. For more information, visit http://www.seic.com/banks.
SEI (Nasdaq: SEIC) is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of June 30, 2008, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $420 billion in mutual fund and pooled assets and manages $178 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations, from more than 20 offices in over a dozen countries. For more information, visit www.seic.com.