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Client-centric wealth management

2012

Values, desires and ideals are just as important as age and wealth in shaping the behavior of well-heeled bank clients. Conventional approaches to client segmentation are not enough: a psychographic approach is needed too. Roland Berger has proven tools for precisely this purpose.

Conventional means of client categorization – based on sociodemographic data (age, marital status) and financial criteria (income, wealth) – must at least be complemented by value-based or psychographic segmentation as a secondary or even as primary filter.

Today's wealth management clients are very demanding and play a more active role. They seek out advice more frequently, know more about finance and want to be more involved in the management of their wealth. As a result, banks must deliver on their client-centric value proposition time and again if they are to keep increasingly critical clients from jumping ship. A values-based approach allows wealth managers to reach clients by valuing them more as individuals. Ideally, matching "value types" will create an "emotional agreement" between advisors and their clients.

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