MDRC, a management consulting firm specializing in wealth management recently finished it’s 14th annual UK HNW Report. The survey covers multiple aspects of the UK High Net Worth sectors, including defining and measuring the size of the HNW market,growth prospects, financial analysis, client expectations and other developments.
More than 5,000 High net worth individuals and 750 Ultra High Net Worth Individuals were surveyed. One interesting fact that came out of the survey is that many HNW clients state that their wealth managers have failed to effectively communicate recent regulatory changes to them. For example, 40% of the individuals surveyed say that new regulations regarding payment for advice were not clarified to them by their managers or advisors.
This failure in communication comes in a period when HNW clients are actually seeking more information in order to have a better understanding of their investments. Although the survey showed that 55% of the HNWIs do not desire active involvement in their wealth management, 65% of them do want to be informed and want a clear understanding of the strategies and decisions which their wealth managers make on their behalf. This is a 4% rise from the previous year, thus showing that in today’s volatile and ever changing marketplace, High Net Worth Individuals are seeking more information regarding their assets.
Source – citiwire.co.uk.