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• W2190742 abstract "One fruit of high-yield markets, the play, was widely touted in the late 1990s. With the potential to be stickier for banks and more valuable to customers, it seemed especially useful for the underserved group--generally defined as those with $100,000 to $1 million to invest. At the time, broad agendas were shot through with possibility. Better branch layouts, web tools, and sales talk that encouraged sit-downs would increasingly be the norm. So would newer products aimed at the mass affluent group, which would complement the asset management account typically offered today. But as experts take pause in 2004, most of those plans have yet to be realized as banks still struggle with both the business model and the backlash from the only recently quelled recession. The sector is still underserved and banks are still largely pushing limited product, says Alvi Abuaf, vice-president, securities industry practice with the consulting firm CapGemini, New York City. Bill McCracken, CEO of Synergistics Research Corp., Atlanta, agrees. In his recent research of the mass affluent segment, the group was huge and growing at the fastest clip. And yet, many banks seemed obsessed with targeting private banking clients in the smaller, lower-growing higher tiers of the market, he explains. are also mischaracterizing the mass affluent, he explains, targeting, say, yachting publications instead of those that reach a demographic who doesn't believe themselves to be wealthy or generally pursue the leisure activities of the very rich. They are boaters, in other words, not yachtsmen. Do want management lite? To Jaime Punishill, principal analyst at Forrester Research, Cambridge, Mass., there's no mystery here. It's not yet been proven profitable for banks to present fee-based advisors to the mass affluent--the guy with $50,000 or even $75,000 to invest, says Punishill, using a lower market floor. few have tried it over the years and those providers are mostly swimming upstream now, he explains, citing Wachovia's acquisition of Prudential and Bank of America's hiring of ex-Dean Witter brokers as examples. Matt Schott, senior analyst, retail brokerage and investing with TowerGroup, Needham, Mass., agrees that management lite, is a floundering space. I'm not sure that most banks will position themselves to go after the advice play after all, he asserts. Instead, he sees the notion of the premium retail-banking customer. That is, a who has certain product recommendations pitched in his direction with some trust and brokerage services thrown in for good measure. This isn't necessarily a bad way to go. To Schott, the gold customer approach represents an effort to drum up the same effect of management lite without the sweeping organizational and technological changes required to succeed. Forrester's Punishill predicts something different: the emerging model of advice giving will revolve around extensive use of salaried financial planners based in call centers--a critical element of Charles Schwab's plan. Product still the crux of it Yet for the time being product is king, says Bill Banks, senior vice-president, sales and marketing, with Advisor Software, Lafayette, Calif. He points out that open product architecture is still relatively scarce. As a solution provider, we adjusted our offering over the last 15 months because we had 'too much solution' for what many banking clients needed, Banks explains. A product focus is still evident despite the prevalence of television ads and glossy posters that continue to proclaim the willingness of brokerages, banks, and you name to help ordinary consumers solve some of life's problems by sorting out finances, notes Michael Neff, president and CEO of Monetaire, New York, a web-based, wealth management software platform provider that has Citigroup and People's Bank among its list of customers. …" @default.
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• W2190742 date "2004-07-01" @default.
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• W2190742 title "Slow Buildup for Mass Affluent Success: While Many Believe the Industry Is Still More Talk Than Walk, New Tools and Methods Are Starting to Gain Use" @default.
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