Citywealth Leaders List – about
Change has become a theme for 2016 and 2017 with Cameron resigning, Brexit and now a surprise election. Citywealth does not like to be behind the times so is adding its own variable to the wealth management and private client industry.
The new site will have reviews which will be controlled by Citywealth
The new site will have reviews and ratings for peers in the industry which will be fully editorially controlled by Citywealth: no content will go live without our authorisation. There are also options for your marketing teams to manage your profile, payments by credit card to save the long process of accounts with auto-invoicing and we have invested in a modern design. We are also including features like “size of operation in terms of offices” and “average client size” to start to reveal more about the industry.
We ask you to consider the following reasons for this development.
On the 1stdibs.com website I can now buy a platinum ring with a green Columbian emerald for £197,299.54
- Research shows that the scale of purchasing on the web has reached summits which were unthinkable two years ago. On the 1stdibs.com website I can now buy a platinum ring with a green Columbian emerald for £197,299.54. This means that purchasing large scale items and eventually professional services offerings online is not out of the question. The commoditisation of professional services work has already started with pre-set costs for work like wills in many firms.
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Charities and UHNW clients reviewing services online
- For the first time ever, UHNW clients and charities are searching online for contacts. In a change that is unprecedented in history, they are now prepared to contact your organisation directly with instructions. We have factual proof of this in our recent Brand Management and Reputation Leaders report. Citywealth was most recently contacted with a £7m instruction to have an investment manager for a three-year investment “check in” to satisfy trustees for a charity.
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UHNW clients, are now spending up to six hours a day on our phones and social media
- Modernisation of life has happened: in our social media seminar in 2016 we found that we, and that includes UHNW clients, are now spending up to six hours a day on our phones and social media.
- I believe that that there is untapped money in the UK that can come online into the industry with some education. For this reason we are giving “case study” options for free on the site to illustrate recent work and open up the understanding of what the industry does more specifically. This will also help modernise the public’s attitude to the wealth industry and IFC’s as we explain, expert by expert, how our recommended professionals are making a difference to people in litigious, difficult circumstances or with succession issues.
We understand objections will include “how do clients buy a trust structure” or “we haven’t seen any evidence for family offices.” However, Citywealth asks you to consider that clients coming direct is not 100% out of the question and that we should all be ready. Nobody wants to be the telex or fax of the wealth world.
We have invested money in security on our website.
Ultimately we wish to bring you more work and solve an age-old problem for the industry which is: how do I grow, find more market share or clients? It is our plan to become an option to bring them to you. We ask that you also consider how you will deal with this new approach. Intertrust, for instance, have developed a phone app, to fast-track documents for clients to onboard them with quick click upload of I.D.
Change is with us and here to stay globally. We wish to embrace it with this site.
Karen Jones, Editor, Citywealth
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