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Report criticises quality of wealth management

Many wealth management companies are failing to target the right customers, understand their needs or offer them the proper services, claims a report by IBM.

The report, co-authored by Professor Merlin Stone and IBM, suggests that many wealth management firms are simply “window dressing” basic financial products.

It claims firms are too often content to see wealth management as an opportunity to push more one-size-fits-all products rather than offering a tailored portfolio reflecting clients&#39 attitudes to risk and return.

As a result of these shortcomings, the report claims wealthy clients are often left frustrated at low levels of adviser knowledge and sceptical about the quality of service offered.

Professor Stone says: “One of the biggest problems facing the mass affluent is that they have built up portfolios of financial products, many of which no longer meet their needs. Many have a ragbag of investments and some of today&#39s wealth management services just add to this problem.”

IBM global services wealth management head Rohitha Perera says: “The current position of many wealth managers leaves customers feeling that they are not valued and that they have more sophisticated needs than providers acknowledge.”


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