Where's the money in wealth management?
Sales & Marketing for Professional Services & Strategic Issues

Where's the money in wealth management?

July 21, 2014

by Tony Vidler

We are often led to believe that the demand for advisers specialising in wealth management primarily comes from those who are already wealthy.

“Wealthy” is a relative concept of course and there are plenty of households with $150,000 p.a. income that feel anything but wealthy.  So talking about the ‘wealth management” covers quite a bit of ground, and like beauty, wealth is in the eyes of the beholder.

Historically most wealth management specialists have focussed upon those who do already have investable funds, which is a bit of a no brainer I suppose.  There is no doubt that those clients with investable funds will remain prime business prospects for advisers in the wealth management space.

For advisers working in this area there is some suggestion that perhaps a great area of opportunity is those clients in the accumulation phase.  The study by JP Morgan in the UK showed that those clients in 50,000-150,000 (pounds sterling) household income range are where the greatest opportunity gap lies. That is the space where there are more clients who have not yet taken advice, but are willing to do so in the future.

take up of advice copy

This final graph reinforces the suggestion that the area of greatest opportunity lies in providing advice to those in the accumulation phase, as opposed to those already managing investment portfolios.

It looks to be where the future money is in wealth management advice.

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