Capgemini Report 2024: High Net Worth Individuals Seek Expanded Advisor Services

Greetings,

We are pleased to share key insights from the Capgemini World Wealth 2024 report, which presents strategies for excelling with ultra-wealthy clients. The current wealth management environment presents several challenges. Despite rising prosperity among high-net-worth individuals (HNWIs), geopolitical uncertainties, market fluctuations, and intense competition continue to impact industry profits. This report emphasizes the importance of integrating the strengths of wealth management and family offices to drive growth.

Key Findings from the Report

• Market Recovery and Wealth Growth: In 2023, global HNWI wealth increased by 4.7%, and their numbers grew by 5.1%. The ultra-HNWI segment, comprising individuals with investments exceeding USD 30 million, experienced the most significant wealth gains.
• Enhanced Client Understanding through Behavioral Finance and AI: Wealth management firms are employing behavioral finance principles and artificial intelligence to better understand and meet HNWI client needs. Generative AI, in particular, enhances the personalization of interactions and experiences between relationship managers and clients.
• Collaboration with Family Offices for Ultra-HNWI Engagement: To effectively engage with ultra-HNWIs, traditional wealth management firms must balance competition and collaboration with family offices. Building a collaborative network of partners to offer comprehensive services is essential for success in this high-value client segment.

Value-added services are crucial to win ultra-HNWIs

With complex lifestyles and sophisticated needs, ultra-HNWIs prioritize value-added services, with 78% considering them essential to their wealth management firm relationships. (LINK TO REPORT)

The Growing Importance of Trust Management

As ultra-high-net-worth individuals seek personalized financial services, trust management becomes increasingly important. The demand for comprehensive financial and non-financial services presents a significant opportunity for wealth management firms to offer specialized trust management solutions. These solutions ensure secure and efficient asset growth and transfer, meeting the evolving needs of HNWIs.

At Independent Trust Company, we are dedicated to providing tailored trust management services that cater to the unique needs of ultra-high-net-worth individuals. By integrating innovative strategies and leveraging our expertise, we aim to help our clients achieve their wealth growth objectives while ensuring their assets are managed and transferred securely.

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