Investors Have Specific Demands for Wealth Management Services


Investors have a varied opinion on what they should receive when a financial provider or advisor offers “wealth management’’ services.

According to Spectrem’s Ezine Defining Wealth Management, most investors believe a wealth management package should include investment planning (87 percent), comprehensive financial planning (84 percent), tax information and advice (84 percent) and investment management (82 percent). Investors with a net worth of over $5 million are not as interested in the tax information (79 percent to the 84 percent overall response).

Three-fourths (76 percent) of investors believe a wealth management package should include “access to a wealth manager to assist with administrative tasks regarding my investments”.  Male investors are less interested than female investors in that kind of assistance (74 percent to 79 percent).

Just under two-thirds of investors (65 percent) think wealth management should include “access to unique investment products”, and 61 percent believe it should include “trustee information and advice” The trustee advice splits at the $1 million net worth mark; only 57 percent of investors with a net worth between $500,000 and $1 million want trustee information, while 62 percent of investors with a net worth between $1 million and $5 million expect that service.

Two wealth management service suggestions were expected by less than half of investors: checking accounts (41 percent) and access to credit (39 percent).

The opinion about what wealth service means has changed significantly in just the last five years. In 2008, 78 percent of investors thought “comprehensive financial plan’’ was a key component of wealth management services, but in the 2013 report that was up to 84 percent. “Tax planning” was an expectation of 64 percent of investors in 2008 and in 2013 84 percent of investors thought “tax information and advice’’ should be part of a wealth management program.