ReportsnReports - Social Media Market in Wealth Management

This report is a detailed study that explores the potential of Web 2.0

• Provides insight into social media practices
• Details the demographics of current social media users
• Examines different platforms and methods of engaging with customers
• The report reviews case studies of banks that have employed Web 2.0 tools and identifies the best practices that have maximised their success

The increasing number of wealthy individuals from diverse backgrounds means that traditional providers of services to high-net-worth individuals (HNWIs), from luxury goods companies to private banks, must adapt if they are to succeed. Today, the majority of HNWI wealth worldwide is self-made rather than inherited and private banks and wealth managers need to target a new type of client. Although inherited wealth is set to play a smaller role, the transfer of wealth from the ‘Baby Boomers’ to Generations X and Y is a crucial factor, with these generations set to become the beneficiary of the largest global wealth transfer in history. For banks looking to capture this sector, the challenge is to adapt their communication and marketing strategies to meet the needs of the younger generation rather than provide service offerings designed for their parents and grandparents.

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Report Details:
Published: August 2012
No. of Pages: 148
Price:Single User License:US$3800          Corporate User License:US$7600



Scope

This report provides an extensive analysis on the impact of social media in wealth management

• It examines how social media tools such as networking sites, blogs, online communities, virtual worlds, and interactive online tools can be used by banks to improve areas such as product development, marketing, marketing research, customer services and customer engagement
• It details the social media strategies adopted by various banks
• It examines the future use of social media in financial services, as well as prospective trends

Key highlights

• Despite the rapid growth of social media marketing, its effectiveness at promoting customer engagement is doubted
• Despite having numerous advantages over online focus groups, online communities have not fared well in most financial institutions
• Though blogging is an effective Web 2.0 tool, most institutions find it inconvenient to maintain
• Financial services institutions have been somewhat slower than other industries in embracing Web 2.0

Reasons to buy

• Ideal for understanding the potential of Web 2.0 tools and how they can be effectively employed in wealth management firms
• Extensive case studies that detail the positives and negatives of Web 2.0 tools
• Suggests potential tools and strategies for promoting customer engagement through Web 2.0 tools
• Suggests contemporary methods for measuring customer engagement through Web 2.0 tools