By Rob Starr, Big4.com Content Manager
Capgemini and RBC Wealth Management have been awarded the Best PR Program Award at the Family Wealth Report Awards 2015. The award is in recognition of the highly successful PR campaign to launch the collaborative 2014 World Wealth Report and Karen Schneider, Global Marketing Director, Capgemini Financial Services, answered some questions for Big4.com via email recently about both the recognition and the report.
Can you supply a history of the World Wealth Report?
· The World Wealth Report from Capgemini and RBC Wealth Management is a leading and comprehensive industry report that identifies and analyzes the key trends and behaviors of high net worth individuals (HNWIs – individual with over US$1 million in investable assets) around the globe.
· Currently in its 19th year, the World Wealth Report has been viewed as the global
benchmark for sizing the number and wealth of high net worth individuals.
· The report covers three main areas Market Sizing, HNWI Behavior, Spotlight/Key Trends and is based on in-depth research from a secondary and primary research perspective.
· The primary research is conducted through couple of avenues including:
o Capgemini, RBC Wealth Management, and Scorpio Partnership Global HNW Insights Survey which represents the largest and most in-depth surveys of HNWIs ever conducted, querying more than 4,500 HNWIs across 23 major wealth markets in North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa.
o Numerous interviews with the key executives (such as CEO, COO, CTO) of the wealth management and other related firms across the globe to get the perspective of the industry.
What set Capgemini’s and RBC Wealth Management’s collaborative efforts apart?
· Our collaboration has had many unique benefits. For example, both partners have been highly committed to leverage their unique market positions to contribute to enhancing the World Wealth Report family of thought leadership products including:
o creating a more expansive research base of 4500 HNWIs across 23 countries with the Global HNWI Insights Survey done in collaboration with Scorpio Partnership. This survey provides leading insights into HNWI needs, investments and behaviors
o access to some of the best Wealth Management expertise with RBC’s Wealth Management leadership team
o strong reach with additional markets represented particularly in Asia with outstanding PR showings in Hong Kong and Singapore
o a mutually advantageous appetite for marketing the report via digital assets and channels including social media, videos, and infographics
What does getting the Best PR Program Award at the Family Wealth Report Awards 2015 mean to Capgemini?
· For consulting companies in particular, our most important assets are our people and our intellectual capital. The fact that we’re about to deliver our 19th edition of the World Wealth Report, and we can continue to excite the market with the depth of our Wealth Management domain expertise is simply a win-win. It’s extremely rare, to launch a program that’s highly relevant and exciting for our clients and the media, year-after-year. What’s most promising for us is that we’ve adapted and grown with our market and the loyal following behind the World Wealth Report including the emergence of millennials. By being able to attract and stay relevant to both millennials and the media with new interactive websites, social media and digital assets is a rewarding and important milestone for Capgemini.
What were some of the highlights of the report?
· Number of HNWIs and their wealth levels again reached record highs in 2013, with North America and Asia-Pacific neck-and-neck in the growth race.
o HNWI ranks expanded by nearly 2 million, marking a 15% growth rate and the second largest increase since 2000.
o HNWI wealth grew by 14% to reach a second-consecutive record high of US$ 52.62 trillion in 2013, building on strong five-year trend.
· HNWI wealth forecasted to reach US$64.3 trillion by 2016, representing 22% growth over 2013 and approximately US$12 trillion in new wealth.
· While HNWIs continue to hold high levels of confidence in wealth managers and firms, there are opportunities for the industry to improve its overall performance and address unmet needs.
o HNWIs expressed clear preferences in how they are served by wealth firms, with HNWIs preferring to seek professional advice, work with a single firm, have direct contact with wealth managers, and receive customized services.
· Digital has become the new wealth management industry mandate for meeting client expectations, providing integrated client experiences, reducing flight risks and increasing profitability.
o Regardless of age, wealth level, geography and need for advice, HNWIs are demanding digital capability from the wealth management industry and two-thirds would consider leaving their wealth management firm if an integrated experience is not provided.
o HNWIs prioritize digital capabilities that keep them informed and that enable transactions. While direct/personal interactions are favored to engage with firms for advice, this is likely to change given high demand from HNWIs under 40 for digital capabilities in all their firm interactions.
o In order to unlock ROI, firms need to adopt a transformative mindset that engrains digital throughout the client experience.
· The vast majority of HNWIs feel it is important to give time, money or expertise to make a positive social impact and are looking to WM firms to play a greater role.
o While driving social impact is important to the vast majority of HNWIs, it is most important to HNWIs in emerging markets.
o Health, education and children’s causes are the top priorities for global HNWIs among a wide range of causes favored.
o HNWIs are looking to wealth management firms to play a greater role in support of their social impact efforts.
Are there future plans?
We are always investigating new opportunities for our collective family of Capgemini World Reports. This year we made investments to improve our online properties and published a new FS Insights application to make our thought leadership even more accessible on ITunes. As we look forward to publishing our 19th annual World Wealth Report later this year, we’ll continue to seek out new innovations to help take our thought leadership to the next level.