Advisory coaches will tell you that the first step toward building a great practice is believing that you can. According to a new wealth management report, reps that serve high-net-worth clients seem unlikely to be crippled by self-doubt any time soon.
Despite increasingly fierce competition for the wealthiest clients, those with practices focused on the HNW segment expect their practices to grow significantly in the coming years, according to the Global Private Banking/Wealth Management Survey 2005, from PricewaterhouseCoopers.
The 130 wealth manager respondents indicate plans to expand their practices mainly by extending their relationships with current clients. Only 45 percent of global participants hold 40 percent or more of clients' wealth, but in the next three years, 64 percent expect to have reached that figure.
| Client segments | % of AUM | % of respondents expecting increase in 3 years |
|---|---|---|
| >$50mm | 19% | 47% |
| $5mm-$50mm | 30 | 69 |
| $500,000-$5m | 32 | 49 |
| $100,000-$500,000 | 19 | 23 |
