Scope
Sizing and forecasting of mass affluent and high net worth individuals from 2000-9, generated from Datamonitor's proprietary Global Wealth Model
Data presented for 10 liquid asset bands, from EUR50K-75K to EUR3m+
18 Spanish wealth managers were surveyed during Datamonitor's Wealth Management Market Leaders Survey 2005
Highlights
The wealth management market in Spain is greater than the European average and is set to grow by more than many other European countries.
The wealth management market is seeing increasing levels of competition as more foreign players enter the market.
Mass affluents currently comprise 6% of the population of Spain, and hold EUR271,7bn in liquid assets, while high net worths account for 1% with EUR282.1bn of liquid wealth.
Reasons to Purchase
Assess market attractiveness by reviewing size and growth forecasts up to 2009
Formulate strategies to increase market share by gathering intelligence on level of competition
Learn strategies to enhance share of wallet from client base |
INTRODUCTION
What is this report about?
Who is the target reader?
How to use this report
Note to readers
CHAPTER 1 SPANISH MASS AFFLUENTS AND HIGH NET WORTHS
Spanish affluents are among the fastest growing customer segments in Europe
Liquid assets held by Spanish mass affluents grew by 4.4% over the last five years
Liquid assets held by Spanish high net worths grew by 8.5% over the last five years
2,503,600 mass affluent individuals
Mass affluent individuals hold EUR271.7bn in liquid assets
332,000 high net worth individuals
High net worth individuals hold EUR282.1bn in liquid assets
Data tables
CHAPTER 2 COMPETITIVE BACKGROUND
The Spanish wealth management market is characterised by growth and increasing competition
Competitive developments during 2004-5
The shape of the market
Products and service trends
CHAPTER 3 OPPORTUNITIES AND THREATS FOR WEALTH MANAGERS IN SPAIN
Increasing cross sales are the best source for revenue growth over the next two years
Spanish wealth managers will look to build the business by improving relationship management, while continuing to develop distribution channels
IT and CRM system costs cause the greatest concern for cost base management
Changing market conditions will be the biggest threat to Spanish wealth managers
Increasing competition from domestic and foreign players poses a significant threat
Staff and clients are not seen as problematic areas
Data Tables
CHAPTER 4 WEALTHY CLIENTS
Client acqusition is heavily reliant on reputation and personal recommendation
Existing clients are the best channel for acquiring more clients
Spanish clients base their choice of wealth manager on brand image and reputation
Clients are loyal but retaining clients is now highly dependent on attention to detail and accurate service
Clients remain loyal to their wealth managers and maintain a relationship for over 10 years
Errors and small mistakes can be costly for Spanish wealth managers
Maximising returns is now key in the growing market
Business owners and landowners offer the greatest potential for future business
Wealth managers should concentrate on gaining a bigger share of wallet
Currently wealth managers are not maximising their wallet share
Spanish wealth managers control less than half of their average client’s wealth
Data Tables
CHAPTER 5 FUTURE MARKET SIZE
The Spanish wealth management market is set for strong growth
Wealth managers believe that financial planning and tax planning have high potential in the future
Resources will be focused on developing lending and finance
Coverage of emerging markets will be extended in investment offerings
In the future market growth will be considerably affected by external factors
Spanish wealth management offering sizes are set to grow
Market forecasts
Data Tables
CHAPTER 6 APPENDIX
Methodology
Survey methodology
Definitions
Further Reading
Datamonitor Global Wealth Service SPP: Reports
Datamonitor Global Wealth Service SPP: Insight Reports
Datamonitor Wealth Management Competitor Tracker
Datamonitor Asia Pacific Wealth Management SPP: Reports
Datamonitor Savings & Investments SPP: Reports & Briefs
Datamonitor Savings, Investments and Protection SPP: Interactive Models
SPP writing team
LIST OF TABLES
Table 1: Europe & Spain: Comparative growth of mass affluents and their liquid assets
Table 2: Spain: Number of mass affluent individuals, segmented by liquid asset band, 200 - 2004
Table 3: Spain: Value of mass affluent liquid wealth, segmented by liquid asset band, 2000 - 2004
Table 4: Spain: Number of HNW individuals, segmented by liquid asset band, 2000 - 2004
Table 5: Spain: Value of HNW liquid wealth, segmented by liquid asset band, 2000 - 2004
Table 6: What will most determine revenue growth in the Spanish market in the next two years?
Table 7: What strategic initiatives are you considering or implementing in the next year?
Table 8: What are your main areas of concern in controlling your cost base?
Table 9: What are the most pressing concerns for your business at present?
Table 10: In your experience, what are the most effective customer acquisition techniques in the Spanish market?
Table 11: In your experience, what are the key influences that determine a Spanish client’s choice of wealth management service?
Table 12: How long has your client base, on average, been with you?
Table 13: In your experience, what are the most likely reasons for clients to leave a wealth management service?
Table 14: To what extent to you agree with the following statements?
Table 15: What are your clients most interested in today?
Table 16: What client types offer the greatest potential in the next five years?
Table 17: On average what proportion of your clients would you estimate have their primary wealth management relationship with you?
Table 18: Approximately what share of your clients’ wallet do you think you have on average?
Table 19: Please rate the following product areas in terms of their business potential among wealthy clients in your market during the next two years
Table 20: Which three product areas will your company be focusing most resources on in the next two years?
Table 21: How are you planning to develop your investment offering in the next two years?
Table 22: Spanish mass affluent forecasts
Table 23: Spanish hnw forecasts
LIST OF FIGURES
Figure 1: Spanish mass affluents and the liquid assets they hold grew faster than the European average over five years
Figure 2: Spain outperforms the European average growth in this segment
Figure 3: The number of Spanish mass affluents is growing
Figure 4: Mass affluent liquid assets are growing by 4.4%
Figure 5: The majority of Spanish high net worth individuals are in the lowest asset band
Figure 6: Those in the highest and lowest high net worth asset bands hold more liquid wealth than other high net worth individuals
Figure 7: Spanish wealth managers believe increasing their share of existing clients’ wallet will be the primary driver of revenue growth
Figure 8: Improving CRM is a key initiative for Spanish wealth managers
Figure 9: IT and CRM costs are a concern for Spanish wealth managers
Figure 10: Market conditions and increasing competition are worrying Spanish wealth managers
Figure 11: Referrals from existing clients are effective in acquiring new clients
Figure 12: Brand, image and reputation are important influences on a client’s choice of wealth management service
Figure 13: Spanish wealth management clients are extremely loyal
Figure 14: Minor errors were most likely to prompt a client to leve their wealth manager
Figure 15: Clients of Spanish wealth managers are most interested in achieving higher returns today
Figure 16: Business owners are an important target segment for Spanish wealth managers
Figure 17: Spanish wealth managers have a primary wealth management relationship with 43% of their clients
Figure 18: On average Spanish wealth managers control 45% of their clients’ wealth
Figure 19: Wealth managers’ resources will largely be focused on areas with potential
Figure 20: Emerging markets will be the focus of Spanish wealth managers’ investment offering development
Figure 21: Spanish liquid wealth owned by wealthy Spaniards is set to grow
Figure 22: The number of Spanish wealthy individuals will slowly increase
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