SEI Study: Banks and Financial Firms Most Improved in Establishing Personal Connections

SEI Study: Banks and Financial Firms Most Improved in Establishing Personal 
According to Futurewealth Report, Wealth Managers Have Made Strides
but Still Trail Luxury Brands in Effectively Using Digital
OAKS, PA -- (Marketwired) -- 05/02/13 --  When it comes to
effectively using and leveraging digital technology to create "brand
love" and loyalty among clients, wealth management firms are
significantly lagging behind other luxury brand industries --
including luxury cars, luxury retail, and luxury travel, says a new
study released today by SEI (NASDAQ: SEIC), Scorpio Partnership, and
Standard Chartered Private Bank. According to the study, "The
Futurewealth Report: The Digital Future of Client Relationships,"
which surveyed 3,477 respondents globally with an average $1.9
million in net worth, financial services improved the most amongst
luxury brand industries in establishing personal connections, up 7.2
percent over the past year, but more must be done in the digital
realm. While regulations complicate how financial services companies
can utilize digital technology, the report concludes that financial
firms must find ways to connect, keep in touch, provide insights, and
build reputations online, or risk being left behind. 
"Based on the collective findings of all four of the Futurewealth
reports, it's obvious the banking and wealth management industry is
making strides in using technology and digital communications, but
not yet meeting the demands and interests of its clients," said
Joseph P. Ujobai, Executive Vice President, SEI. "Technology
integration and workflow management features available through
today's wealth management platforms are certainly helping, but it's
personal and online relationships that will close the gap between
financial services and other industries. Wealth management providers
need to recognize and concentrate on what drives the up-and-coming
wealthy to select and commit to certain brands." 
Interacting online is even more important for wealth management firms
looking to reach and build stronger relationships with the higher end
of the up-and-coming wealthy. The report asked for respondents'
opinions of 16 elite global firms that are renowned for their
approaches to digital marketing in their industries. Of those
respondents with more than $4 million in net worth, when buying a
service or product from a financial services firm, online tools
influence this high-net-worth group nearly as strongly as their
previous experiences with the firm. While the up-and-coming wealthy
still ranked "previous experience" first, with a 7.4 out of 10 score,
website, ratings, and reviews (7.1); online marketplace (6.9); search
engines (6.8); and social networking (6.7) all ranked nearly as high. 
"In all industries, but especially financial services, developing
personal relationships with clients is paramount. However, in order
for wealth management professionals to have the time to foster these
relationships, they must have tools in place to streamline business
practices," said Al Chiaradonna, Senior Vice President, SEI Wealth
Platform(SM). "At the heart of this lies innovation, especially in
the technology space. Wealth management organizations need to
evaluate the platforms they're currently using to determine how they
can institute efficiencies such as aggregating client information and
financial planning strategies, and ultimately reinvest that time
savings back into their client relationships." 
Among the elite brands measured in the Futurewealth Report, luxury
car brands received the highest scores (88 out of 100) on the "Brand
Love Index," which measures the excitement, warmth, and commitment
that firms inspire in their up-and-coming wealthy customers. Close
behind were luxury retail (86 out of 100) and luxury travel (82 out
of 100) brands. Banks and financial firms ranked substantially lower,
with a rating of only 71, illustrating that these firms are behind
other consumer sectors in forming crucial, lasting personal
connections via online channels. 
"Building strong relationships are one of the keys to lasting success
in the financial services industry. When those interactions were
solely face-to-face, the industry was very successful, but digital
communication is changing the game. It is vital for financial
advisors to connect with clients and prospects through both digital
and traditional mediums in order to become a more influential and
valued provider," said Kevin Crowe, Head of Solutions, SEI Advisor
Network. "Digital communication is also one of the best ways to
generate ongoing excitement about the client-firm relationship as
well as strengthen that connection over the long term." 
This report is the fourth in a four-part series delving into the
findings of the Futurewealth Project, which aims to better understand
the ambitions and consumer attitudes of the world's up-and-coming
wealthy. Each report focuses on a different theme around how
technology and digital communications can be used to engage the next
generation of wealthy. For more information, please visit 
About the SEI Wealth Platform(SM)
 The SEI Wealth Platform (the
Platform) is an outsourcing solution for wealth managers encompassing
wealth processing services and wealth management programs, combined
with business process expertise. With the Platform, SEI provides
wealth management organizations with the infrastructure, operations,
and administrative support necessary to capitalize on their strategic
objectives in a constantly shifting market. The SEI Wealth Platform
supports trading and transactions on 104 stock exchanges in 45
countries and 33 currencies, through the use of straight-through
processing and a single operating infrastructure environment. For
more information, visit 
About The SEI Advisor Network
 The SEI Advisor Network provides
financial advisors with turnkey wealth management services through
outsourced investment strategies, administration and technology
platforms, and practice management programs. It is through these
services that SEI helps advisors save time, grow revenues, and
differentiate themselves in the market. With a history of financial
strength, stability, and transparency, the SEI Advisor Network has
been serving the independent financial advisor market for more than
20 years, has over 5,400 advisors who work with SEI, and $36.3
billion in advisors' assets under management (as of March 31, 2013).
The SEI Advisor Network is a strategic business unit of SEI. For more
information, visit 
About SEI 
 SEI (NASDAQ: SEIC) is a leading global provider of
investment processing, fund processing, and investment management
business outsourcing solutions that help corporations, financial
institutions, financial advisors, and ultra-high-net-worth families
create and manage wealth. As of March 31, 2013, through its
subsidiaries and partnerships in which the company has a significant
interest, SEI manages or administers $495 billion in mutual fund and
pooled or separately managed assets, including $206 billion in assets
under management and $289 billion in client assets under
administration. For more information, visit 
Company Contact: 
Dana Grosser 
+1 610-676-2459  
Media Contact:
Alex Dalgliesh
Braithwaite Communications
+1 215-564-3200 x116 
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