What Are Clients Looking for?

In the race to capture a larger share of the UHNW (Ultra High Net Worth) and HNW (High Net Worth), banks often overlook a fundamental question:

What are clients actually looking for?

Our recent in-depth interviews with UHNW and HNW clients in the EMEA region uncovered valuable insights. Five key areas emerged as their top priorities, and so we delved deeper into the most significant gaps between client expectations and reality.

 Here is what we found:

1. Authentic Curiosity and Care for the Client

Clients expressed concerns about private bankers being overly fixated on sales targets and product promotion. Even when a semblance of genuine care is displayed, it often rings hollow. The immediate shift from sincere inquiry to aggressive selling without proper questioning leaves clients feeling unheard. Building trust requires a genuine interest in understanding the client's unique needs and concerns.

2. Transparent and Effective Communication

Transparency emerged as a crucial factor, with clients expressing concerns, particularly regarding fees and investment risks. They yearn for clearer, more honest communication to foster a trustful advisor-client relationship. Open and transparent discussions about financial matters are integral to building lasting trust.

3. Sustained Delivery of Value

While private bankers showcase proactive efforts at the onset of the relationship, many clients sense a gradual decline in enthusiasm over time. Consistent, sustained value delivery throughout the client journey emerged as a significant expectation. Clients value advisors who prioritize their long-term success over short-term gains.

4. Knowledge and Etiquette

Clients emphasized the importance of private bankers possessing in-depth knowledge of the markets and exhibiting professional etiquette. This extends to timely responses to emails and calls, underlining the significance of a seamless and respectful relationship building.

5. RM-Client Consistency

Consistency in the relationship between Relationship Managers (RMs) and clients emerged as a crucial priority. Many clients expressed dissatisfaction with high turnover among RMs in some banks, where they find themselves starting anew with each transition.

Understanding and addressing these client priorities is fundamental to delivering exceptional wealth management services.

At Qyro Partners, we are dedicated to bridging the gaps between client expectations and reality.

For more insights and tailored solutions, get in touch with us today.