Oliver Wyman - How to Catch US Mass Affluent Customers

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Financial Services

Hook, line and sinker
How to catch US mass affluent customers

Contents

Executive summary Who are the mass affluent? The opportunity and challenge of the mass affluent segment How to succeed: Fishing for business Checklist: How effectively is your company competing for mass affluent customers? Conclusion

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Executive summary

Mass affluent customers represent a tremendous opportunity for financial services firms. In the US, households with between $250 K and $3 MM in investable assets – Oliver Wyman’s working definition of mass affluent – control one-half of all deposits and investments, and more than one-fourth of all mortgages. That makes these customers valuable for both banking and wealth management players. Yet, the strategies that providers have adopted thus far – “one size fits all” models in particular – are too vague and poorly targeted to be effective. Banks cannot simply cast a net for mass affluent customers as they do for mass-market customers, nor is it worth the effort and expense of paying them the personal attention afforded to high-net-worth (HNW) individuals. Since a number of variables – notably wealth and age/life stage – drive the behavior of mass affluent customers, they vary substantially in their financial wants and needs. We therefore believe that the current emphasis on broad-based offerings does not adequately meet these demands. Rather, the mass affluent population should be grouped into sub-segments according to their specific requirements. Providers should then seek to understand the characteristic needs of customers in these sub-segments, develop defined value propositions and targeted product sets for them, and use delivery models that appropriately balance the needs of costeffectiveness and competition. With many customers looking for “one-stop shopping,” both banks and brokers have extended their core product sets as they aim to win greater shares of the mass affluent wallet. Some wealth management (WM) providers have begun to integrate traditional banking products into their offerings at bargain rates in an attempt to lure customers away from their banks. Incumbent retail banking players will need to find ways to retain customers without resorting to destructively low pricing across the board; otherwise, they stand to see margins earned on important businesses, particularly deposits, permanently rebased at lower levels. However, banks also have much to gain if they can grow their share of wealth management profits. A solid majority of the mass affluent households who do not have sufficient retirement assets to fund their retirement will benefit by using reverse mortgages or by

Copyright 2008 © Oliver Wyman

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unlocking small business equity to finance their retirements. Given that traditional providers of investment advice and products are illequipped to serve these needs, banks have a unique opportunity to win back customer assets that were lost to investment firms during the accumulation phases of customers’ lives. Both the opportunity and the challenge of the mass affluent are too significant to be ignored. No longer can banks expect these customers to simply hand over their business by default – the time to act is now.

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Who are the mass affluent?

The term “mass affluent” was coined in the 1970s to describe households whose income was high and whose assets were growing, but who were not “wealthy” in the traditional sense. Rather than benefiting from inherited wealth, they were drawn from the swelling ranks of the middle class: well-paid professionals and small business operators. Such customers represented an entirely new segment in terms of purchasing patterns: while they did not have to settle for entry-level products, they did not trade up indiscriminately, either. Mass affluent customers pay extra only when they perceive added value, making them the target market for premium brands offered by consumer goods companies, such as Procter & Gamble. Over the past decade or so, the term “mass affluent” has become widely used by US financial services firms, including retail banks, lenders and wealth managers. In general, the term is understood to refer to households in the top quartile of the US wealth distribution, who collectively control just over one-half of all US household financial assets (see Figure 1). Figure 1: Distribution of US financial assets
Percent of total US financial assets by wealth profile 40% 35% 30% 25% 20% 15% 10% 5% 0% Financial asset range Total financial assets Number of HHs Percent of HHs Mass market <$250 K $5.1 TN 96 MM 85 Emerging affluent <$250 K-1 MM $8.7 TN 13 MM 11 Affluent $1-3 MM $6.0 TN 3 MM 3 High net worth >$3 MM $9.1 TN 1 MM 1

Source: Oliver Wyman Consumer Profitability Model

Precise definitions vary from firm to firm, with the lower limit being set between $100 K and $500 K, and the upper limit at $1-3 MM. HSBC, for example, targets its Premier Banking offering at clients with $100 K-2 MM in assets, while UBS refers to the wealth tier between $250 K and $1 MM

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as Core Affluent. (See Figure 2.) This lack of unanimity reveals the comparative immaturity of attempts to target the mass affluent – and hints at the fact that this is not, in fact, a single, homogenous segment. In this paper, we outline the characteristics of mass affluent clients, as well as the opportunities they present to financial services players. Our findings are based on analysis of the Federal Reserve Bank’s 2004 Survey of Consumer Finances, as well as data from a proprietary survey of US households. Our own working definition of “mass affluent” is households with between $250 K and $3 MM of investable assets under management (AuM). Figure 2: Varying definitions of the “mass affluent” segment Most players segment clients primarily by AuM tiers – however, breakpoints vary
>$100 MM $10 MM $1 MM $100 K <$10 K

Wirehouse/ full-service brokerages

Morgan Stanley

UHNW

HNW

Affluent

Not offered

Merrill Lynch

Private Wealth

Advisory Division

Financial Advisory Center

Citi PB/Citibank Citi Smith Barney UHNW

Citi PB HNW

Not offered Financial Life Services/myFi

Citigold

Retail/ private banks

JPMorganChase

Private Bank

Private Client Services

Chase Investment Services

BofA/U.S. Trust1

U.S. Trust, BofA PWM

Premier Banking1

Retail

Wachovia WM Wachovia Wachovia Securities External brokerage

Calibre

Wealth markets HNW

Private banking/ISG Affluent PCG/FiNet

Not offered General Bank/ISG

Wells Fargo2

The Private Bank

Wells Advisor

Retail

Discount brokerages

Charles Schwab

Advisor Network

Private Managed Client Account

Managed Portfolio

Not offered

Fidelity3

Private Access

Premium

Private Advisory

Not offered

Private Portfolio TD Ameritrade Advisor Network TD Ameritrade Apex $250 K-3 MM TD Ameritrade

1 BoA uses AuM and mortgage values as alternative bases for segmentation 2 Alternative segmentation for Wells Fargo takes into account both AuM and other Wells Fargo

relationships 3 Fidelity uses trading activity and AuM Source: Company websites, company disclosures, Factiva, Oliver Wyman analysis Note: All segmentation information is based upon publicly disclosed company information

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Copyright 2008 © Oliver Wyman

The opportunity and challenge of the mass affluent segment
The concentration of assets among mass affluent households makes this a valuable segment for both retail banks and brokerage firms. Currently, most customers use multiple institutions for their various financial needs, but nearly one-half say they would rather do most of their financial business at a single institution that brings together specialist products and knowledgeable staff. One-third say they would like to take care of all their cash management needs at the same firm that handles their investments. Thus, banks that can offer a value proposition that successfully encourages customers to consolidate their relationships with a single firm clearly will hold a competitive advantage. Figure 3 summarizes the profit pools available in various product categories, first for all US households and then for mass affluent households alone. Wealth management’s share of overall consumer profits is relatively modest – smaller than in Europe, for example. This has been driven by the marketplace’s prevailing dynamics: competition from discount and online brokerage models has suppressed the prices that wealth managers can realize. Meanwhile, higher-margin offerings, such as fee-based wrap accounts and structured products, have yet to make much headway. Figure 3: Profit pools ($BN) available in various product categories
Product category Consumer deposits First mortgage Home equity Consumer credit Wealth management Retirement products After-tax profit pool (All households) 50-55 25-30 6-8 20-25 25-30 30-35 After-tax profit pool (Mass affluent households) 20-25 6-8 2-3 2-3 10-15 15-20

Source: Oliver Wyman Consumer Profitability Model

Although banking products dominate the overall profit pools shown in Figure 3, retail banks are underrepresented among the top ten financial institutions when it comes to servicing the mass affluent. Full-service brokerage firms, registered investment advisors and discount or online brokers have been more in the running when it comes to winning investable assets.

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To compound matters, banks’ deposit businesses are coming under attack from the targeted banking programs offered by providers such as Merrill Lynch (whose Total Merrill incorporates credit cards, deposits and other retail banking products), Charles Schwab (Schwab Bank) and E*TRADE (E*TRADE Bank). This is particularly bad news for the banks, whose best customers typically are drawn from the mass affluent segment and account for a disproportionate share of their profits. As shown in Figure 4, more than 80% of profits come from 20% of households, the majority of whom are in the mass affluent segment. Erosion in this segment significantly threatens banks’ profitability, which is skewed heavily toward deposits. Figure 4: The skewed profitability of household deposits
Share of after-tax profits
$3,369 average profit (11.2 MM HHs) $784 average profit (11.2 MM HHs) $261 average profit (33.6 MM HHs) ~$0 average profit (56.1 MM HHs)

100% 80% 60% 40% 20% 0% 0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Share of HHs
Source: Oliver Wyman Consumer Profitability Model

If brokers can win over the mass affluent by offering commodity banking products, banks should be able to win back the mass affluent by offering brokerage services. In fact, some banks have tried: Bank of America and Wells Fargo, for example, have both offered 25-30 free trades per month to customers holding $25 K in deposit balances. However, such efforts are incremental on the parts of both banks and brokers, while the big question remains unanswered: Why have providers failed to convince customers to act on their stated desire to consolidate their financial relationships? We believe there are three major reasons:
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Mass affluent customers are hard to spot. Because most customers today disperse their products across multiple firms, it is hard to identify those who qualify as mass affluent based on their total holdings – especially for institutions that only see customers’ deposits. Providers may fail to offer these customers

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Copyright 2008 © Oliver Wyman

the combination of products, pricing and channels that their needs warrant. Much the same difficulty arises when it comes to highnet-worth individuals
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The need for advice is not well served. Many clients are wary of nontransparent pricing and the conflicts of interest that the traditional brokerage-commission compensation model creates. Banks and brokerages therefore are moving away from transactional pricing and are beginning to emphasize fee-based accounts instead The behavior of mass affluent customers is not well understood. For instance, a critical, and somewhat unusual, feature of the US retail financial services market is that the potential profits in taking deposits and lending money are significantly larger than in investment advisory services. Incoming European wealth managers – and even some US retail banking players – often fail to appreciate this fact

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Following, we have set out a response to this challenge.

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Copyright 2008 © Oliver Wyman

How to succeed: Fishing for business
Until recently, banks had not made a concerted effort to attract the mass affluent. Rather, banks used the same approach that they applied to mass-market retail customers: casting a wide net to catch clients in large numbers, but indiscriminately. The danger of this approach, of course, is that a rare catch may go unnoticed. Highnet-worth individuals, meanwhile, are entrusted to relationship managers who expect to win their business only after protracted and intense toil, much as a sports fisherman might struggle to land a prize marlin. To date, most banks have hoped that mass affluent customers would simply turn up in their nets and remain with them thereafter. This has proved unrealistic, however, as the underwhelming performance of most banks demonstrates. Though mass affluent customers want premium offerings, they do not expect the personal service offered to HNW customers, which would not be worthwhile for relatively small mass affluent customers. Still, they are willing to pay extra for propositions that do add value. How does this work in practice? Catching mass affluent customers is like traditional rod-and-line river fishing. Just as there are many species of fish, so are there many different types of mass affluent customers. To catch a particular type of fish repeatedly, successful fishermen vary their bait and equipment, as well as when and where they fish. Attracting and retaining different types of mass affluent customers requires that banks find the right combination of marketing, products and delivery models. We believe that the ideal strategy is composed of three components: hook, line and sinker.
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The hook: Sub-segmentation and client needs. Banks need to group mass affluent customers according to their needs and preferences – in sub-segments that are big enough to be operationally viable, yet small enough to be distinctive. Only when this is done can they be confident about the marketing and product design decisions that will successfully attract customers The line: Targeted products and services. Once baited, customers must be kept engaged. As noted above, they are eager to consolidate their relationships. A provider needs to define client

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value propositions with targeted sets of products and services that ensure customers remain connected to that firm, rather than having to piece together solutions from offerings scattered around the marketplace
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The sinker: Differentiated delivery models. Attracting and retaining customers is obviously a prerequisite, and so is making sure that the provider can reach customers and turn a profit from the resulting business. Properly used, a sinker allows the line to be thrown farther and reach fish faster. Bankers need to use different delivery models to reach different customer segments. Yet, care must be taken to ensure that these approaches strike an appropriate balance of cost-effectiveness and competitiveness. Developing these differentiated, appropriate-cost delivery models will be a major challenge, particularly for banks.

The hook: Sub-segmentation and client needs
As we saw earlier (Figure 3), deposit profits are heavily concentrated among the most affluent households and small businesses, while lending profits are concentrated toward the lower end of the wealth spectrum. The key to maximizing profits from these businesses, therefore, is appropriately understanding the skew and target offerings. The same applies within the mass affluent segment. Customers at the lower end of the wealth spectrum (~$250 K in AuM) differ significantly in their appetites from those who are closer to the top (~$3 MM). The largest skew is in investments, and the smallest in debt, with deposits falling somewhere in the middle. These skews have immediate ramifications for pricing and profitability. The effective pricing on lower-balance wealth management products can be up to two and one-half times higher than in high-balance accounts, while lending product pricing and profitability tend to have minimal correlation with both balance size and overall wealth. Most important, skews must be well understood, and products must be designed and marketed accordingly. While a number of institutions have developed one-size-fits-all solutions targeted at average mass affluent customers, such customers can never be more than hypothetical. The market reality is far more complex, and successful strategies in this area must acknowledge that complexity.
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Tiering customers by wealth is one approach that is already being adopted – sometimes implicitly, as the varying definitions adopted by different firms suggest. A variety of other factors – including age/life-stage, wealth, income, employment and family situation – have significant effects on the financial behavior of

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mass affluent customers as well. Figure 5 illustrates the significant consequences of changes in just one of these factors – age/life stage on investment goals, asset allocation, service preference and level of account activity Figure 5: Age as a determinant of customer behavior and preferences Key customer needs and preferences
Investment goals Impact of age on objectives, $1 MM+ % response 80% 60% 40% 20% 0% <40 Increase retirement savings 40-49 50-59 Age Service preference Primary channel usage by age % response 100% 50% 0% 60-69 70+ Checking CDs Directly held stocks Increase overall wealth Protect current wealth Liquid financial asset allocation $250 K-1 MM segment, by age % response 100% 75% 50% 25% 0% <35 35-54 Age MMDA/Savings Mutual funds Bonds 55+

Account activity Active trading vs. buy-and-hold % response 80% Buy-and-hold 60% 40% 20%

Active trading <40 40-49 50-59 Age 60-69 70+

<35 Branch

35-54 Age Online

55+ Mail/Other

0%

Telephone

Sources: Wealth in America 2007, Northern Trust; 2004 Survey of Consumer Finances, Oliver Wyman

analysis; ABA/Ipsos Poll, July 10-12, 2006

Despite the influence of these multiple variables, most financial institutions have established breakpoints along only one dimension – financial assets. Either they do not further differentiate their offerings to meet specific customer needs, or they leave the tailoring of the offerings to individual advisors and salespeople in the field. Our client experience and research suggest that:
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The optimal policy for a player with investment, deposit and lending offerings is to define breakpoints using a combination of both investable assets and liabilities, such as mortgages or home equity debt Other metrics, such as age/life stage and attitude toward financial advice, are important criteria for sub-segmentation within the broadly defined mass affluent segment. Because these subsegments will vary significantly in both the level and composition of their wealth, distinct business models may be required to serve them

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Winners will build delivery models that can support different value propositions and product sets for various combinations of the above variables, recognizing that profit opportunity, channel usage and cost of service will vary by sub-segment

Most of this advice is applicable to bankers and brokers, since both are trying to gain greater shares of the mass affluent wallet, frequently by combining investment advice with banking products, such as deposit accounts, credit cards and mortgages. Although their starting points differ, their paths are converging – and bringing them into direct competition with one another.

The line: Targeted products and services
Brokerages are able to offer banking products at far lower margins than traditional banks, as any assets and profits they acquire in this way are considered brand-new business. While this may allow brokerages to destroy the economics of the product, they can still come out ahead due to little cannibalization of their existing business. Banks, on the other hand, face the dicey task of repricing a portion of their business to retain at-risk customers without further eroding their margins than is economically feasible. As noted above, some banks also have tried to take the fight to the brokers by offering cheap trading. Rather than competing on the brokerages’ own turf, we believe that banks will enjoy greater success by fulfilling their customers’ underserved needs, thereby allowing them to respond aggressively to the competitive threat. For example, as baby-boomers exit the accumulation phase of their lives and begin to consume their assets, retirement products will play an increasingly important role for mass affluent customers. Banks are uniquely situated to provide these customers with income replacement and income management solutions. First, many clients will need financing and liquidity solutions to adequately manage their retirement needs. Our analysis, as shown in Figure 6, suggests that nearly one-third of mass affluent households are at risk of not being able to cover their expenses during retirement. Many of these customers will need to utilize real estate or smallbusiness equity to reach reasonable income replacement levels. Though banks are already the leaders in providing these types of solutions, they will need to tailor their products to older customers’ unique needs to capture the opportunity.

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Second, many customers will seek guaranteed income replacement and stable income streams from their assets. Insurers thus far have largely failed to grow the immediate annuity market to leverage this opportunity. With their trusted brands, ubiquitous presence and large balance sheets, banks are ideally positioned to provide these solutions, whether on a stand-alone basis or via a partnership with insurers. However, this is only one illustration of an underserved need that results from not considering the effects on one variable – age/life stage. In the future, creative sub-segmentation of the mass affluent population should reveal other opportunities that will play to the differing strengths of banks and brokers – and to those of individual firms. Figure 6: Mass affluent households and retirement Despite being relatively well off, 31% of mass affluent households are still at risk of not being able to cover their expenses duing retirement
Households aged 40-65 (MM) 14 12 10 8 6 4 2 0

Total

Not "at risk"

Not "at risk" if selling business

Not "at risk" if purchasing reverse mortgage

At risk

Note: Assumes average life expectancy. Source: Oliver Wyman Retirement Risk Model

The sinker: Differentiated delivery models
Understanding the needs of mass affluent customers and providing compelling products comprise only one side of the story – the other side involves making this business profitable. Just as banks develop appropriate delivery models for other customer segments, they also will need to do so for the mass affluent. As we noted above, overdelivering (by using a high-net-worth model) will prove unsustainable, while underdelivering (by using a mass-market model) will prove unsuccessful. Not only must delivery models be tailored to the sub-segment they serve, but they also must be associated with costs appropriate to the profit potential of that sub-segment. We suggest three areas of

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focus: reengineering the advice model; changing the balance of power between providers and advisors; and, for banks, playing good offense and good defense. Reengineering the advice model: Younger mass affluent clients are still accumulating wealth and place an extremely high value on saving for retirement. Many of these customers, particularly at the lower end of the wealth spectrum, are either poorly served or completely overlooked by traditional advisors. However, they are much more comfortable with multichannel distribution than any previous generation, giving banks the opportunity to broaden their customer bases and to escape the constraints of traditional advisory models. By developing an “advice-lite” platform, banks could better serve these customers through a multichannel approach (face-to-face, phone and online) – without relying on traditional commission – or fee-based advisors, who consume an enormous portion of the profits to financial institutions. Banks may selectively choose to treat the assets as incremental, thus radically altering product margins in order to win business – just as the brokers have done with deposits. Brokers are particularly vulnerable when it comes to such core products as no-load mutual funds and commission-based trades, where margins have already eroded. Changing the balance of power by delivering value: Changing the delivery channel, as mentioned above, can help reduce the stranglehold that captive financial advisors (FAs) have on customers – 70% of investable assets typically move with FAs from firm to firm. On top of this attrition come increasing compliance and technology costs, further undermining the efficiencies of scale and profit margins. By offering a compelling suite of products and services that complement FAs, banks could alter this balance of power, even for customers who prefer to use FAs over other channels. If customers perceive value to come from both the bank and the FA, which might they choose, should the two part company? Playing good offense and good defense: Banks cannot afford to sit idly by while brokers steal their best customers. Retaining these customers by repricing their entire deposit books, however, clearly is not the best solution. Effective retention strategies, both proactive and reactive, require a deep understanding of the customer base – including customers’ profitability, their likelihood of switching and the probability of retention given various offers.

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Banks need to develop their infrastructure to offer new, clearly differentiated products – in terms of both pricing and service – to their best customers. As a result, they will need to test and adapt the best ways to deploy these products both before and after customers move money to other providers. Banks also must develop analytical capabilities to perform post-mortem analysis on attriting mass affluent customers. Through understanding the unheeded clues that customers were giving, banks can improve retention going forward, but without giving away the store in the process.

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Checklist: How effectively is your company competing for mass affluent customers?
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Segment definition – Do you have a meaningful definition for your mass affluent customers? Do you have insights into their financial assets held at other institutions? Do you incorporate that information into segmentation and servicing decisions? Customer sub-segments and needs – Do you understand why your customers are mass affluent (e.g. inheritance, compensation, business ownership); what their lifestage-based needs are (e.g. asset growth, asset protection, managing retirement); and what their own particular needs are (e.g. insurance, art or collectibles financing, reverse mortgages)? Product offerings – Do you have offerings to meet all your customers’ needs? If not, why? In the short term, can you partner with complementary firms to fill gaps, or are you giving competitors with a full suite the chance to outcompete you? If you can serve all your customers’ needs, do you give them compelling reasons to actually give you all their business? Delivery channels – Do you understand how your customers want to interact with you (e.g. FA, phone, web)? Can you deliver products and services to them by effectively using these channels? If they prefer FAs over other channels for traditional advice, do you give your customers other reasons to interact with the bank itself, and thus stay if their FA leaves? Can you do all this profitably? Are you over- or under- delivering? How do you know if you are? Retention management – When mass affluent customers leave, what happens? Do customers leave for reasons other than following a departing FA? Should you have been sooner aware of departing customers? If you had been aware, could you have served them differently, while still maintaining the economic integrity of the franchise?

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Conclusion

While mass affluent customers represent a huge opportunity for banks, they are not a single, homogeneous customer segment. Rather, their wants and needs depend on a variety of factors – notably, wealth and age/life stage. Savvy providers will succeed by understanding what affects the behavior of these customers and then designing their offerings accordingly. This complexity partly explains why the mass affluent remain a contestable market – for the time being anyway – and why so many customers act against their desire to have a single financial relationship. We believe that winning strategies will focus on sub-segmenting the market. Some mass affluent niches are large enough to be sustainable in their own right, negating the logic behind a “one size fits all” approach to the entire segment. In addition to current models, new ones are focusing on providing advice, tailoring it to specific client sub-segments and delivering it via servicing models with appropriate touch and cost levels. Banks are not the only firms interested in this segment: brokerages and wealth managers also are courting the mass affluent, often by offering banking services such as deposits or lending. Fending off these attacks will require banks to act aggressively in upgrading and modifying their business models and offerings. Much more is at stake than the wallets of the mass affluent, however. If the brokerages succeed, many of the banks’ best customers may defect, and their core economics will be forcibly shifted to permanently lower margins. Those providers that enable their customers to consolidate their fragmented relationships will enjoy a powerful competitive advantage. Both the opportunity and the challenge are too significant to be ignored: now is the time to act.

Copyright 2008 © Oliver Wyman

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Oliver Wyman is the leading management consulting firm that combines deep industry knowledge with specialized expertise in strategy, operations, risk management, organizational transformation, and leadership development.

For more information please contact the marketing department by email at [email protected] or by phone at one of the following locations: North America
+1 212 541 8100

EMEA
+44 20 7333 8333

Asia Pacific
+65 6510 9700

Copyright © 2008 Oliver Wyman. All rights reserved. This report may not be reproduced or redistributed, in whole or in part, without the written permission of Oliver Wyman and Oliver Wyman accepts no liability whatsoever for the actions of third parties in this respect. The information and opinions in this report were prepared by Oliver Wyman. This report is not a substitute for tailored professional advice on how a specific financial institution should execute its strategy. This report is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accountants, tax, legal or financial advisers. Oliver Wyman has made every effort to use reliable, up-to-date and comprehensive information and analysis, but all information is provided without warranty of any kind, express or implied. Oliver Wyman disclaims any responsibility to update the information or conclusions in this report. Oliver Wyman accepts no liability for any loss arising from any action taken or refrained from as a result of information contained in this report or any reports or sources of information referred to herein, or for any consequential, special or similar damages even if advised of the possibility of such damages. This report may not be sold without the written consent of Oliver Wyman.

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