Asia high-net-worth individuals have more bankers than US and Europe
HNWIs have just three or four wealth management relationships each, according to data released by consultancy Scorpio Partnership on Wednesday.
Asian clients have the most relationships on average (4.8), Americans the least (2.1), with Europeans placed in the middle (3.2). Asian clients also tend to screen more wealth managers before making decisions than their European and American counterparts.
The highest percentage of the 3,025 individuals surveyed by Scorpio globally said they chose their wealth manager based on referrals. Almost a quarter said they were introduced to their banker through friends and family, while 17% said they used independent research.
Diversifying assets is the main motivation behind switching private banks, the survey showed.
Asset management is becoming a key strategy for private banks in their bid to win market share.