Even private bankers, serving the High Net Worth Individuals (HNWIs), apparently need to open up their ears to their clientele.

This is one of the conclusions drawn in the 13th Annual World Wealth Report 2009, released by Capgemini and Merrill Lynch.

It turns out that in the past year, over 25% of the HNWIs withdrew their assets from their wealth management firm. Although most admitted this due to a loss of confidence or trust in their banker, it became apparent that a lot of them have seen their expectations remain unfulfilled. Clearly, even the most personal flavor of banking seems to have lost touch with their customer base.

Personal v.s. online
Interestingly, while many customers with a more average net worth would like a more personal and familiar approach, HNWIs find this fairly less important than their personal bankers would imagine. The biggest gap however emerges in online access and support capabilities: 66% of the HMWI clients find this very important, while only 34% of their bankers appreciate this. So it seems that in the private banking sector, too, there is much room for improvement.

Still, despite the economic crisis, wealth management fared a lot better than other financial services. Many bankers still confess that the success of their wealth management divisions played a big role in the sustainability of their organizations. You can download the entire Annual World Wealth Report for free here (registration required).

Source: Capgemini Analysis, 2009