Wealth Management
Industry Study
The opportunity for bank wealth management organizations to increase their fee-based income while improving the client experience has never been greater. To capitalize on this opportunity, however, we believe that these organizations need to embrace, adopt, and implement significant changes.
1
Common traits of high-performing bank wealth
management organizations
During the spring and summer of 2012, Wealth Management Solutions conducted a survey of senior leaders from a diverse group of North American wealth management firms to better understand how the industry is approaching these challenges.
What the research tells us
Our research indicates that firms are struggling with ways to unwind decades of incremental process improvements and technology enhancements that have led to cumbersome, costly infrastructures with little buy-in and adoption from financial professionals. Portfolio managers and investment advisors have resisted evolving their roles in ways that would enable them to spend more time—and higher-quality time— with their clients. Business leaders’ aspirations for their investment professionals to allocate more time to clients are massively out of line with the current way of operating at most wealth management organizations.
While there’s no silver bullet—it’s not just technology, it’s not just training, and it’s not merely evolving how portfolios are constructed—leading wealth management organizations have several ultimate traits in common. They are developing a clear vision for the future; they are developing a plan to get there; they are creating a strong sense of urgency within the organization; and they are implementing metrics that help them monitor and adjust along the way.
The surveyed participants shared the belief that the status quo and complacency are no longer acceptable. The survey’s findings revealed a series of common traits of wealth managers that addressed the key issues related to driving more profitable growth, as well as the consistent ongoing challenges standing in the way of business progress. We have summarized the common traits in five discrete themes:
Connecting people, process, and
technology
Creating a more ideal client
experience
Delivering consistent
advice
Integrating the
platform Evolving roles and responsibilities
Priorities Representative survey observations
Sales and training • Growing recurring revenue, controlling client retention, and new client acquisitions
• Increasing marketing, client appreciation events, and proactive client communications
• Adding to sales staff and greater portfolio manager involvement in the sales process
• Consultative training to institutionalize the client experience
• Cross-selling and referrals among wealth, insurance, and commercial banking groups
Growing market share • A combination of organic and inorganic buildout of underserved client segments, including family office, private wealth/ultra high net worth, and institutional consulting
• Competitive recruiting via smaller firm acquisitions and wealth team liftouts
Leveraging technology • Investing in new portfolio management platforms, integrating disparate toolsets, and building scalable infrastructure that can enable growth and improve productivity
• Capturing full client wealth picture via customer relationship management (CRM), data aggregation, and mobility tools
Enhancing the investment offering
• More reliance on open architecture solutions
• Incorporating retirement income solutions
Delivering consistent advice • Leveraging the firm’s modeled investment solutions in more client portfolios
• Better alignment of portfolios with the firm’s best thinking
Top priorities
A focus on sales, training, and improving market share were the top priorities identified to improve the opportunity for profitable growth. Leveraging technology, building out open architecture, utilizing the firm’s investment strategy resources, and creating better ways to consistently deliver advice were other important and common strategic initiatives.
n Sales and training
n Growing market share
n Leveraging technology
n Enhancing the investment offering
n Delivering consistent advice n Evolving pricing structures
Top priorities to improve the opportunity for profitable growth
38% 23% 15% 11% 10% 3%
Connecting people, process, and technology
Growing—and doing so profitably—requires a comprehensive and coordinated
effort to develop talent, improve investment process consistency, and embrace a
common value proposition across a firm’s wealth management business.
“If I could wave my magic wand, I could significantly impact
profitable growth within my firm by solving for... Priorities Representative survey observations Improved sales
productivity
“ Change compensation plans, with a greater emphasis on direct sales results”
Better technology and workflow
“ Consolidated profiling, proposal, account opening/setup, portfolio management, and reporting technology solution that bridges line of businesses and channels to better serve clients and share information.”
More consistent service model
“ A means for leveraging the firm’s ‘best thinking’ across channels and custody platforms.”
Growth and capacity
• Over half of respondents expect between 10–15% annual revenue growth.
• Comparatively, a recent Wise Gateway, LLC study found only 25% of firms expect annual revenue growth to exceed 10%.1
• 90% of respondents believe their operating platforms can support a 10%–20% increase in accounts without adding additional costs.
• With respondents indicating the need for improved sales productivity, better technology integration, and more consistent service models, firms’ confidence in growth and platform scalability appears overstated.
Waving the “magic wand”
When asked about initiatives to significantly impact profitable growth, respondents would solve for “improved sales productivity,” “better technology,” and a “more consistent service model” across client segments and business lines.
1 Source: WISE Gateway, LLC, May 2012 presentation, By The Numbers: Leveraging Operational Benchmarks to Drive Profitable Growth 39% 33% 24% 4% improved sales productivity better technology and workflow more consistent service model regulatory requirements 6% 14% 25% 44% 11%
Annual revenue growth projections
Stock market impact notwithstanding, what are your organization’s revenue growth projections for this year?
Confidence in current operational capacity
If your firm grows accounts by 10%–20% over the next two years, do you believe it has the capacity and operational efficiency to bring those accounts on without adding commensurate costs? 10% 90% n Yes n No 0–5% 6%–7% 8%–9% 10%–15% 16%–20%
Creating a more ideal client experience
To deepen client relationships, firms need to be more consultative and enable
investment professionals to spend more meaningful time with clients.
Spending more time with clients
Firms believe that improving the client experience begins with increasing the time investment professionals spend with clients. However, investment professionals also require training to ensure that this time is spent productively. Even with excess capacity and better training, firms seek to improve technology to supply their staffs with tools to proactively communicate with clients at key points in the relationship life cycle.
• While respondents recognized the correlation between increased client activity and growth, their financial professionals spend only about one-third of their time in front of clients and prospects.
A commitment to training
• Training financial professionals was cited as the most valuable use of a firm’s budget, with a focus on financial planning and improving client-facing skills.
• Training proved to be a critical process rather than a once-a-year or twice-a-year event. Allocation of investment professionals’ time
Top opportunities to use budget dollars*
33%
26% 22%
19%
n Client services & business development
n Portfolio construction
n Portfolio implementation
n Administration / compliance
*Not intended to total 100%. Respondents had an opportunity to provide more than one response.
Training Performance reporting Portfolio management & trading Research Other 59% 44% 41% 34% 22%
Representative survey comments
“ An integrated solution that enables our high-value personnel to extricate themselves from lower-value activities.”
“ More focus on efficiencies for client-facing professionals to spend time on growth and retention.”
“ Evolving portfolio managers to become more engaged with clients and less focused on stock and bond selection.”
Representative survey comments
“Improve client-profiling skills and effectiveness.” “Improving presentation skills to better tell our story.” “ We are cross-training the portfolio management staff on
the firm’s full range of investment-related products and offerings.”
Gaps between the “ideal” and actual client experience
Best practices of top investment professionals
33%
24% 19%
24%
n Improved client reporting
n Consistent advice delivery
n Better client communicator
n Integrated advisor tool set
Employing an investment consulting approach More effective client
communication Improving client profiling skills Implement a segmented service model Better sales effectiveness 29% 29% 29% 9% 4%
Bridging the gap
• Even with more client-facing time and a better trained team, gaps must be closed to improve the client experience. These gaps include a lack of robust reporting, inconsistent delivery of advice, and reactive communication combined with disparate systems.
Representative survey comments
“ My vision of the ideal client experience is one where client interaction is much more proactive as opposed to today’s reactive and non-systematic approach.”
“ Ability to show clients that we have helped them achieve their individual goals and providing attribution for what we have or have not delivered.”
Learning from the best
• Firms look to their top advisors to set the bar for their broader teams in terms of productivity and effectiveness.
• As demonstrated by these role models, firms seek to consistently replicate best practices across their entire advisor base.
Representative survey comments
“ Our top advisors have developed detailed business plans, while our lesser performers are not as sophisticated or strategic about their business.”
“ It’s more about knowing everything there is to know about the client and being their trusted advisor.”
“ Movement toward investment relationship manager (manager of managers) versus portfolio manager (customizing every portfolio with their own thoughts).”
Slightly more than half believe there is consistent advice delivery…
“ We have a consistent investment value proposition and deliver portfolio management consistently across our sales and investment staff.”
Approximately 70% indicate a gap between the firm’s advice and actual portfolios…
To what degree do you feel that there is a gap between your Investment Committee’s/CIO’s best thinking on portfolio construction and the actual portfolios across your account base?
…and portfolio managers tend to follow the firm’s advice about 50% of the time
Where on the continuum do you consider your investment professionals?
…but only one-third consistently use firm model portfolios
Percent of client portfolios (asset-weighted) in a firm model/ guided portfolio: 6% 12% 52% 24% 6% 43% 57% n True n False 43% 31% 19% 7% 1/3 n 0–25% n 26–50% n 51–75% n 76–100%
n 1. Driven by stock pickers/ portfolio manager
n 2.
n 3.
n 4.
n 5. Driven by firm’s “best thinking”
25% 66%
6%
n No gap
n Very little gap
n Somewhat of a gap
n Significant gap
Balancing consistency with customization
While firms strive to capitalize on the resources they have devoted to promote their unique investment strategy, a disconnect exists between the perception of consistent portfolio management and the reality of how client portfolios are managed. Better education and communication, as well as overcoming a firm’s legacy culture, are the key ingredients required for greater portfolio management consistency.
• Implementing consistent portfolio management is important but remains a challenge. Only a little more than half (57%) of respondents indicated that portfolio management is being delivered consistently.
• Only one-third of portfolios consistently utilize a firm’s model portfolio.
• These results can be attributed to clients’ “need for” and portfolio managers’ “bias toward” customization, and they highlight the importance of adhering to a client’s investment policy and monitoring that process.
• These results also prompt further inquiry as to why model portfolios are not used more consistently and how and when portfolio customization is appropriate versus when it’s not.
Delivering consistent advice
Firms have made commitments—both financially and philosophically—to deliver
their distinct investment advice across their client base. By leveraging centralized
resources, adopting consistent processes, and closely monitoring customization,
firms are delivering their “best thinking” in managing client portfolios.
3% Approximately
Convergence of “best thinking”
• Progress exists, albeit gradual, toward greater consistency and use of the firm’s “best investment thinking.”
• The chart on the right plots how participant firms are progressing toward greater firm-enabled delivery of advice and use of a consultative approach.
Top hurdles to more consistent portfolio management
Inconsistent client experience Firm culture & business model Better education &
awareness Lack of an integrated tool set 34% 26% 24% 16% 2012 Average 2011 Average Higher Firm-enabled advice delivery Portfolio management approach Portfolio
manager consultantPortfolio
Lower
Addressing the hurdles
When hurdles to consistency exist, they center around an undefined approach to the client experience, a legacy “stock picking” culture among portfolio managers, lack of support communicating the value within model portfolios, and difficulty enforcing and monitoring activity.
Client experience Firm culture/business
model
Education and awareness Integrated tool set
• Too much independence and autonomy among portfolio managers
• Inconsistent investment process across footprint
• Better articulation of value proposition to clients • Lack of management oversight • Compensation not aligned with results or use of firm’s advice strategy
• Merging cultures from multiple acquisitions
• Lack of clarity among roles and responsibilities
• Consistent promotion and support of firm’s investment strategy “message” and “results”
• More emphasis and training on financial planning
• Disparate systems do not readily share information; difficult to monitor activity
• No uniform proposal, investment policy statement, and reporting tools
• Consolidating accounts onto one platform; managing households better
Integrating the platform
Integrating disparate technologies remains a challenge but is seen as an
opportunity to increase capacity, manage risk, reduce cost, and improve
operational efficiency. Many firms have begun or are making significant progress
to evaluate how to adopt a more end-to-end technology solution that connects all
stages of the client life cycle and enables better information sharing across the
organization.
Finding the right solution
Firms want a more comprehensive toolset that enables a more seamless workflow from “front to back” across client segments and multiple lines of business. However, the challenges of legacy platforms, availability of financial and human resources, and managing large-scale organizational change have an impact on most firms’ ability to evolve technology.
• Firms are looking more and more toward third-party providers for help, not just for technology but also for consulting on organizational structure, investment professional training, and support for investment offerings, especially alternative investments and retirement income solutions.
• Integrated technology solutions represent a top priority but remain the most challenging to implement given legacy solutions and short-term disruption.
Top unmet needs that solution providers should focus on…
Integrated advisor desktop Reporting & aggregation Organizational consulting & training
Alternative investments Retirement income solutions CRM Manager research 27% 24% 14% 11% 11% 8% 5%
Representative survey observations Investments and research Education and awareness
• Integrated advisor desktop – End-to-end solutions – Profiling/proposal/CRM – Portfolio management – Reporting
• Multiple custodian, cross-channel support
• Data aggregation
• Alternative investments
• Manager due diligence
• Private-labeled research
• Capital markets inputs
• Unified managed accounts
• Organizational structure
• Cross-channel solutions
• Advisor education
• Compliance and regulatory
• Operational workflow and account opening process
• Compensation programs Representative survey observations
Technology priorities
• While firms more commonly assessed tools separately in the past, there is now a much greater demand to review integrated technology solutions that connect all steps of the client advisory life cycle.
• A majority of firms (69%) are evaluating multiple or integrated solutions while some (15%) are not evaluating anything.
• Portfolio management and reporting represent the most important single technology solution being evaluated, enhanced, or implemented.
Top technology spending over the next year
Technology implemented or improved over the past two years
Technology in the process of evaluating or implementing now
Approach to reviewing technology solutions
43% 15% 16% 26% n Multiple tools n None n Single tools n Integrated tools Portfolio management
& trading Reporting & aggregation
None or reviewing
options Portfolio management & trading
Reporting &
aggregation Integrated tools & review
Proposal/IPS
generation Open architecture & tools
Integrated tools &
review Compliance & workflow
CRM & mobility None
Open architecture &
research Proposal/IPS generation
Compliance &
workflow Fee engine
CRM & mobility 34% 19% 19% 17% 17% 9% 6% 6% 4% 3% 13% 11% 11% 9% 9% 8% 5% Integrated tools &
review CRM & mobility Online client access
Conversions Reporting &
aggregation Open architecture &
research Portfolio management & trading None Fee engine Financial planning Compliance & workflow Proposal/IPS generation 21% 18% 13% 8% 8% 8% 8% 5% 5% 3% 3% 3%
How is your portfolio management organization evolving?
Improving capacity via technology More involvement in
the sales process Adopting a consultative approach Expanding open architecture Leveraging centralized portfolio management Other 32% 24% 18% 12% 9% 5%
How have you evolved roles over the past three to five years?
Employing and Investment consulting approach Greater specialization Leveraging centralized
investment strategy More client-facing
activity & service Increased compliance responsibilities Use of alternative investments Assume a larger account load 44% 20% 14% 12% 6% 2% 2%
How will you further evolve roles over the next two years?
Employing an investment consulting approach
Segmentation More specialization & team approach Leveraging centralized investment strategy Training Greater focus on business development 38% 17% 14% 14% 10% 7%
Topic Representative survey comments
Improving capacity via technology “ More focus on efficiencies for client-facing professionals to spend time on growth and retention.”
More involvement in the sales process
“ We have found the portfolio manager role is absolutely crucial as far as retaining business and improving the new business ‘closing’ percentage.”
Adopting a consultative approach “ We are trying to get them to provide broader advice beyond just the portfolio management service they deliver.”
Expanding open architecture “ We have evolved from a proprietary, securities-picking organization to an investment strategy delivery firm.”
Leveraging centralized portfolio
management “ We are attempting to leverage our ‘best thinking’ and research across multiple business channels (e.g., institutional, brokerage, private wealth, and international.”
Transforming the portfolio manager
The survey’s findings suggest that firms seek to transform portfolio managers into portfolio consultants. While portfolio managers still have control over the portfolio, the focus has shifted toward greater involvement with sales and service and less focus on trading and implementation. Firms are counting on improved technology, more use of centralized resources, and greater access to open architecture to aid in this transition.Evolving roles and responsibilities
Firms are investing in training, revising performance metrics, and updating
compensation programs in an effort to promote a more consultative approach to
managing portfolios and client relationships.
Metrics Representative survey comments
Sales and productivity measures “ We are changing percentages of incentives being driven by revenue verses non-revenue sources.”
“ We have a greater emphasis on measuring penetration of our target client segments.”
“ We are evaluating new metrics for individual and team profitability.”
“ We’re developing more robust sales pipeline reports and associated metrics (e.g., number of opportunities, probability of close/sale, anticipated days to close/sale, and hit ratio).”
Investment policy adherence “ Asking portfolio managers to evolve sophistication of their portfolios measured by alignment to asset allocation guidelines.”
“ Adoption of ‘advice-based’ value proposition.”
“ Metrics being enhanced include evaluation of trading activity and attribution analysis.”
Management reporting and communication
“ We’re developing means for sharing client information within our wealth management teams and across multiple lines of business.”
“ Implementing CRM for greater transparency and coaching opportunities.”
Client satisfaction “ Incorporating more customer advocacy metrics (when evaluating service and performance).”
“ We are looking into further analysis on client satisfaction metrics.” How are performance metrics evolving?
20%
80%
n Yes
n No
Are investment professional performance metrics evolving?
Sales and productivity measures Investment policy
adherence Management reporting & communication tools
Client satisfaction Portfolio performance Team-based results 43% 24% 17% 7% 5% 4%
Rethinking metrics and measurements
As organizations devote time and resources to help change the behaviors of their portfolio managers and other key team members, they are increasingly revisiting how to gauge progress and align activity with measures of success.
• Overwhelmingly, survey findings revealed that performance metrics are evolving (80%).
• While traditional sales and productivity measures remain the greatest focus (43%), an emerging trend indicates the desire to closely monitor adherence to a client’s investment policy statement (24%).
• With improved technology, traditional sales pipeline reporting and portfolio adherence measures (e.g., drift and dispersion) become easier to track across the organization.
About the study
Research objectives
This study was designed to gather insights on the following:
• Strategic business objectives, growth expectations, and business drivers
• How investment strategy, advice delivery, and portfolio management are evolving
• Effectiveness of business operating models
• Gaps, hurdles, and key tactics to improve organizational effectiveness and the client experience
• Best practices behaviors of key investment
professionals—what’s working and what needs to be improved
• Priorities and focus on investment in advisory tools, systems, and solution-provider relationships
Methodology
This survey was created based on trends and topics observed during interaction with both existing client firms and prospective client organizations. The survey was distributed to senior executives from leading North American wealth management organizations, and results were collected during the four-month period from April 2, 2012, through July 31, 2012. Results—as illustrated via charts, graphs, and selected responses—are not attributed to any specific respondent or organization.
Profile of respondents
Findings are based on responses from 41 senior leaders from 34 wealth management organizations. Firms include private banks and trusts, broker-dealers, and registered independent advisors across North America. Respondents represented senior leadership managing entire business divisions, chief investment officers, senior portfolio management leaders, and executives responsible for product, strategy, and distribution.
Firm type
Role of respondents
63% 30%
7%
n Private Wealth & Trust
n Brokerage
n RIA
Assets under management
23% 28% 16% 26% 7% n $25bb+ n $10–$25bb n $5–$10bb n $1–$5bb n <$1bb Firm geography 83% 17% n U.S. n Canadian 38% 29% 5% 2% n 51+ n 21–50 n 11–20 n 6–10 n 1–5
Number of portfolio managers
Senior product & distribution executive Senior business executive/ head of wealth group Chief investment officer Director of portfolio management Other executives 33% 33% 20% 9% 5%
Participate in the discussion
We’d like to hear from you
• How is your organization addressing these challenges?
• Are you facing similar challenges?
• What is unique about your wealth management organization’s current state?
• What is your strategy to lead change and improve both top-line and bottom-line growth?
• Where and how are you investing in your people, process, and technology?
• What initiatives are working? Which ones are not? Please contact us to find out how you and your firm can contribute to the discussion. We have several ways to get involved, share ideas, and build your professional network with peers in the wealth management industry.
Respond to our survey
• Please share your thoughts as we continue to gather feedback from additional organizations.
• Access our survey at:
Connect with your peers
• We conduct a series of PeerConnect calls and webinars to explore common traits and other findings in greater detail. Calls are open, interactive discussions moderated by Envestnet Wealth Management Solutions.
• For more information on future PeerConnect calls, please visit www.envestnet.com/wms.
Give us a call
• Please contact Gavin Spitzner, SVP, Business Development at 973.802.7760 or
• We welcome the opportunity to discuss these findings with you and your team and better understand how your organization is approaching similar challenges.
1. Please provide the following information: Firm name: _________________________________________________________________________________________________ Respondent name: __________________________________________________________________________________________ Title: _______________________________________________________________________________________________________ Email: ______________________________________________________________________________________________________ Phone number: ______________________________________________________________________________________________
2. Discretionary assets under management:
<$1bb $10–$25bb
$1–$5bb $25bb+
$5–$10bb
3. Number of Investment Officers/Portfolio Managers:
1–5 21–50
6–10 51+
11–20
4. What investment vehicles are currently utilized in high-net-worth client portfolios (assuming a new client, 100% cash)?
Proprietary separate accounts Third-party separate accounts
Separate account models (e.g., “paper” portfolios) Mutual funds
Exchange traded funds (ETFs) Alternatives
Individual stocks Individual bonds
Other _______________________________________
5. Percent of client portfolios (asset-weighted) in a firm model/guided portfolio:
0–25% 51%–75%
26%–50% 76%–100%
6. Please allocate the percentage (%) of time your investment professionals spend on the following activities:
_____ Portfolio construction and management _____ Portfolio implementation
_____ Client service and business development _____ Administration/compliance
7. What are your organization’s top two or three strategic initiatives for growing the wealth
management business and/or improving profitability this year?
1. ____________________________________________ 2. ____________________________________________ 3. ____________________________________________
8. How is your portfolio management organization evolving in terms of value proposition, tools, processes, roles, etc.?
______________________________________________
9. Revenue growth projections for this year?
0–5% 10%–15%
6%–7% 16%–20%
8%–9% 21%+
10. If your firm grows accounts by 10%–20% over the next two years, do you believe your firm has the capacity and operational efficiency to bring those accounts on without adding commensurate costs?
Yes No
If no, please explain.
______________________________________________
Envestnet Wealth Management Solutions—
11. Fill in the blank: “If I could wave my magic wand, I could significantly impact profitable growth within my firm by solving for...”
______________________________________________
12. “We have a consistent investment value proposition and deliver portfolio management consistently across our sales and investment staff.”
Yes No
If No, what (or who) are the major hurdles that need to be overcome to achieve greater consistency? Is consistency a theme that receives attention at your firm?
______________________________________________
13. Are performance metrics for your investment, sales, and management professionals evolving?
Yes No
If yes, how?
______________________________________________
14. What significant unmet needs do you see at your firm and at your competitors that solution providers should focus on?
______________________________________________
15. Where do you see opportunities to improve your use of budget dollars on either vendors or internal capabilities and services?
Portfolio management and trading Research
Performance reporting Training
Other If other, please explain.
______________________________________________
16. What types of portfolio management technology have you implemented or improved over the past two years?
______________________________________________
17. What portfolio management technology are you in the process of evaluating or implementing now?
______________________________________________
18. What are the top priorities for technology spends for your business unit over the next year?
______________________________________________
19. What gaps exist between your vision of the ideal client experience and the actual experience of your average client?
______________________________________________
20. Which specific advisory best practices, demonstrated by your top client advisors, would you most like to replicate consistently across your entire advisor base?
______________________________________________
21. To what degree do you feel that there is a gap between your Investment Committee’s/CIO’s best thinking on portfolio construction and the actual portfolios across your account base?
No gap Very little gap Somewhat of a gap Significant gap
22. Where on the continuum do you consider your investment professionals?
_____ 1. Driven by stock pickers/portfolio manager _____ 2.
_____ 3. _____ 4.
_____ 5. Driven by firm’s “best thinking”
23. How have your investment professionals’ roles and responsibilities evolved over the past three to five years?
______________________________________________
24. In what ways are you expecting to drive further evolution in the roles and responsibilities of your investment professionals over the next one to two years?
About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and simplify the wealth management process, delivering unparalleled flexibility, accuracy, performance and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent and objective, and fully-aligned standard of care, and empower advisors to deliver better results.
Envestnet’s Advisor Suite® software empowers financial advisors to better manage client outcomes and strengthen their practice. Envestnet provides institutional-quality research and advanced portfolio solutions through our Portfolio Management Consultants group, Envestnet | PMC®. Envestnet | Tamarac provides leading rebalancing, reporting and practice management software.
For more information on Envestnet, please visit www.envestnet.com.
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The information and analysis expressed herein is for general and educational purposes only and is not intended to constitute legal, tax, securities, or investment advice. The graphical illustrations contained herein do not represent any client information or actual investments. The information provided is based on currently
