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  1. Wealth
June 29, 2009

PwC report shows industry struggling to regain trust

By Spear's

Private banks and wealth managers face enormous challenges as they try to redefine their role and regain “trusted advisor” status in the wake of unprecedented financial turmoil, investment scandals and decline in world wealth, according to a new report published by PricewaterhouseCoopers.

Private banks and wealth managers face enormous challenges as they try to redefine their role and regain “trusted advisor” status in the wake of unprecedented financial turmoil, investment scandals and decline in world wealth, according to a new report published by PricewaterhouseCoopers.

The report, “A new era: redefining the way to deliver trusted advice”, identifies significant changes affecting wealth managers, how they are responding with changes in their business and what senior private bankers and wealth managers see happening in the industry in the future as well as the qualitative impacts of the financial crisis over the first quarter 2009.

Clients have raised the bar and are now demanding more from their wealth managers, including peace of mind, said PwC which drew on insight from nearly 240 private banks and wealth managers in the global survey that started in 1993.

More than half (53 percent) of high net worth clients surveyed say that their primary source of financial advice is now their own research capabilities and independent knowledge, an indication of their scepticism about the quality of the advice they actually have been getting.

Click here to download a PDF of the survey

For further details, visit thewealthnet

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