Wealth management continues to be the bright spot in financial services.
Q1 WM revenues are up 9.4% on average for ten firms that reported Q1 earnings. Bank of America’s Private WM and USTrust groups led the way with 47%.
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NorthStar Introduces First Wealth Manager Quiz
The NorthStar Wealth Manager Challenge Quiz(TM) is now available at northstar.com. Using this free diagnostic tool, you and your team can:
- Benchmark yourself against best-in-class wealth management processes
- Determine where you are ahead
- Determine where you are behind
- Determine what to do about it
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The New Rules of Engagement for Wealth Managers
Wealth managers control twice as many client assets and make three times higher annual income than traditional financial advisors, according to a CEG study. Find out the new rules of engagement for wealth managers in 2008 including which attributes clients think wealth managers must have.
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Targeting the Emerging Wealthy
Mass affluent individuals with net worth of $50,000-$1,000,000 represent “the biggest single mother lode of new, profitable customers,” according to a VRL KnowledgeBank study. Are you effectively targeting this emerging wealth segment of middle-class millionaires?
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Using Technology to Boost Margins
The high cost of serving the ultra-wealthy is limiting profitability, reported the Family Office Exchange after conducting a survey of 80 multi-family office firms. In 2008-2009, this margin pressure trend is likely to continue and extend to other types of wealth management firms. See how technology can help boost margins.
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