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Persistent industry challenges and needs of younger HNWIs are changing the role of wealth managers, finds World Wealth Report 2015

17 Jun 2015

Opportunity for wealth managers to better understand needs of younger HNWIs

Globally, 73% of HNWIs are satisfied with their wealth managers. HNWIs in North America recorded the highest overall satisfaction rates (82%) while HNWIs in Japan recorded the lowest (56%).  While wealth managers are delivering satisfactory service to most HNWIs, the report reveals that they misjudge the degree to which younger HNWIs feel their needs are understood, with 76% of wealth managers saying they understand the needs of younger HNWIs, while only 61% of younger HNWIs agree. Globally, HNWIs are most concerned about their health and that of their family (68.7%), whether their assets will last throughout their lifetime (66.2%), the rising cost of health care (63.8%), and the ability to afford the lifestyle they want in retirement (62.8%).

A greater percentage of younger HNWIs express high levels of concern about all aspects of their financial lives (59%) than older HNWIs (51%). That contrasts with less than half of wealth managers (48%) who express concern over the key financial aspects of their clients’ lives.

This disconnect is leading to further challenges for wealth managers and their firms as younger HNWIs also expressed a greater need for support and professional advice from wealth managers (54% vs. 49% for older HNWIs), lower satisfaction levels (70% vs. 73%), and a higher propensity to leave their firm and/or wealth managers in the event their wealth needs are not fulfilled (83% vs. 79%).

[1] High Net Worth Individuals (HNWIs) are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables

[2] Automated advisory services refer to online-only firms (or divisions of traditional wealth firms) that offer automated portfolio management services (i.e. client inputs result in automated portfolio management recommendations). However, they are not typically equipped to offer more holistic and detailed wealth planning and solutions.

About Capgemini

With more than 145,000 people in over 40 countries, Capgemini is one of the world’s foremost providers of consulting, technology and outsourcing services. The Group reported 2014 global revenues of EUR 10.573 billion. Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organisation, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and draws on Rightshore®, its worldwide delivery model.

Capgemini’s Global Financial Services Business Unit brings deep industry experience, innovative service offerings and next generation global delivery to serve the financial services industry. With a network of 24,000 professionals serving over 900 clients worldwide Capgemini collaborates with leading banks, insurers and capital market companies to deliver business and IT solutions and thought leadership which create tangible value.   Learn more about us at and Connect with our wealth management experts in the Financial Services section of Capgemini Expert Connect at:   The World Wealth Report 2015 and other Capgemini thought leadership is available for your iPad through Capgemini’s Financial Services Insights app. Download it through iTunes here.

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About RBC Wealth Management

RBC Wealth Management is one of the world’s top five largest wealth managers*. RBC Wealth Management directly serves affluent, high-net-worth and ultra-high net worth clients globally with a full suite of banking, investment, trust and other wealth management solutions, from our key operational hubs in Canada, the United States, the British Isles, and Asia. The business also provides asset management products and services directly and through RBC and third party distributors to institutional and individual clients, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$747 billion of assets under administration, more than C$481 billion of assets under management and approximately 4,100 financial consultants, advisors, private bankers, and trust officers. For more information, please visit

*Scorpio Partnership Global Private Banking KPI Benchmark 2014. In the United States, securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, a wholly owned subsidiary of Royal Bank of Canada. Member NYSE/FINRA/SIPC.

About RBC

Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalisation. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis. We employ approximately 78,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 39 other countries. For more information, please visit

RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2014, we contributed more than $111 million to causes worldwide, including donations and community investments of more than $76 million and $35 million in sponsorships.