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PWC survey of global wealth managers points to growth in lifestyle services
July 2009 - According to the Global Private Banking and Wealth Management Survey 2009 just released by PricewaterhouseCoopers, 37% of respondents indicated they are developing products and services tailored to family offices.
In addition to core advice processes wealth managers employ to achieve trusted advisor status, many are offering an array of supplementary services. Targeted at specific segments of clients, these offerings aim both to improve trust and to create additional revenue streams.
Furthermore, to address family hierarchies and the importance of catering to beneficiaries, some wealth managers are offering "softer services" such as family education, succession planning and "lifestyle management". In terms of execution, only 7% of respondents have partnered with family office technology vendors but this trend is likely to increase.
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