According to the "2009 World Wealth Report" issued recently by Merrill Lynch Global Wealth Management and Capgemini, a global consulting services firm, the economic downturn has shaken the trust and confidence of high-net-worth individuals (or HNWIs). The report offers advisors and firms some ways to address this.
Some of the report's suggestions for both advisors and their firms are:
o pursue more open and transparent client communications,
o provide enhanced information on risk factors, and
o increase levels of client service.The report shows more than 25 percent of HNWIs withdrawing assets or leaving their wealth management firm altogether in 2008, illustrating the heightened need for wealth management firms to reassure clients, and focus on increased transparency and simplicity to mitigate any gaps in understanding between clients, advisors and firms.