Objective:
A leading multinational professional services company wanted to study the wealth management market of APAC. Their objective was to understand the current behavior and needs of individual investors. The needs of financial advisors who provide financial/investment advice and/or planning services to HNWI or UHNWI.
High-Net-Worth Individuals (HNWI) are those who have at least US$1 million in financial assets, excluding primary residence, collectibles, consumables, and consumer durables. Ultra-High-Net-Worth Individuals (UHNWI) are those who have at least US$30 million in financial assets, excluding primary residence, collectibles, consumables, and consumer durables.
Approach:
Phronesis Partners assisted the client in drafting the questionnaire. We were in discussion with the client from a very early stage, understanding the key topics to be covered, laying down the different sections of the survey, and defining the questions within each section.
- The survey was programmed in Confirmit and fielded by Phronesis in 10 countries, with a total of 3400 individual investors (mix of Mass Affluents, Affluents, HNWIs, and UHWNIs) and 580 financial advisors participating in the research.
- Hard quotas were applied for both the segments i.e., individual investors and financial advisors on country target and wealth bands as per client’s requirements.
- The results were presented in the form of pivot tables/charts applying various cuts for both the segments.
- The Results for some questions were shared in the form of average/mean tables for ease of analysis and to draw comparisons.
Phronesis was in regular engagement with the client for sharing fieldwork updates, observations on the data, and discussing the next steps over the weekly calls.
The research results outlined different assets where the investors have invested their wealth. Their requirements came from financial advisors, and they featured a variety of touchpoints. The quantitative surveys with financial advisors outlined their satisfaction with their firm.
Outcome:
As a result, the company’s financial advisors were able to become well-versed in their clients’ requirements, weekly activities, and capabilities. A number of digital tools were also developed by Phronesis to enable advisors to provide different types of advisory services to investors for digital assets and ESG investment.
Phronesis Partners’ Project team
- Sourabh Bajaj, Director – Primary research
