websites for wealth management 2013 - · pdf file · 2013-11-12this has led to many...

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WEBSITES FOR WEALTH MANAGEMENT 2013 Benchmarking - Best Practices – Strategies

November 2013

Zusatz Zusatz

Report Extract

Original Report with 251 pages plus comprehensive

data appendix

WEBSITES FOR WEALTH MANAGEMENT 2013| 2

CONTENT 1 EXECUTIVE SUMMARY 6

¬ A mixed picture of some improvements alongside serious shortcomings 6 ¬ The strengths of the top-ranked wealth managers 7 ¬ Summing up the current state of affairs 8 2 RANKING 9

3 METHODOLOGY 11

3.1 Selection of Websites 11 3.2 Use Cases as Guideline 13 3.3 Evaluation Procedure 14 3.4 Determining the Criteria 14

¬ Navigation and Structure (26 points) 15 ¬ Content (38 points) 16 ¬ Interactivity and Social Media (34 points) 18 ¬ Best Practices (2 points) 19

4 SUMMARY: MISSING WEBSITE FEATURES TRANSLATE INTO MISSED BUSINESS OPPORTUNITIES 20

4.1 Content is Still the Weakest Component of Private Bank Websites but Makes Big Strides Forwards 20 4.2 Navigation and Structure: Encouraging Signs that Most Banks are on the Right Path 22 4.3 Content: Areas of Excellence Alongside Depressing Gaps in Coverage 23 4.4 Contact Information and Options are Slowly Improving but Interactive Features Remain Underdeveloped 25 5 PROFILES 27

5.1 ABN AMRO Private Banking 27 5.2 ANZ 31 5.3 Banco Bilbao VA 35 5.4 Bank of NY Mellon 39 5.5 Banque de Luxembourg 43 5.6 Barclays Wealth 46 5.7 Bessemer Trust 50 5.8 BMO Harris Bank 54 5.9 BNP Paribas 58 5.10 Bradesco 62 5.11 Charles Schwab 66 5.12 Citibank 70 5.13 Commerzbank 74 5.14 Coutts 78 5.15 Credit Agricole 82 5.16 Credit Suisse 86 5.17 DBS Bank 90 5.18 Deutsche Bank 94 5.19 Fidelity 98


5.20 Goldman Sachs 102 5.21 HSBC 106 5.22 ICICI 110 5.23 ING Groep 114 5.24 Intesa Sanpaolo 118 5.25 Investec 121 5.26 Itau Private Bank 125 5.27 J.P. Morgan 129 5.28 Julius Bär 133 5.29 Lloyds Bank 137 5.30 Lombard Odier 141 5.31 Macquarie 145 5.32 Merrill Lynch 149 5.33 Morgan Stanley 153 5.34 Nordea 157 5.35 Northern Trust 161 5.36 Pictet 164 5.37 PNC 168 5.38 Royal Bank of Canada 172 5.39 Santander 176 5.40 SEB Bank 180 5.41 Societe Generale Private Banking 183 5.42 Standard Chartered 187 5.43 SunTrust 190 5.44 TD Bank Group 193 5.45 U.S. Trust 197 5.46 UBP 201 5.47 UBS 204 5.48 UniCredit 208 5.49 Vontobel 212 5.50 Wells Fargo 216 6 TOP 25 BEST PRACTICES 220

6.1 Introducing the Wealth Manager 220 ¬ XXX Bank: Fast access via ‘Wealth Facts’ 220 ¬ XXX Bank: Company Introduction via video 221

6.2 Transparent (advisory) Team Structure 222 ¬ XXX Bank: Interactive presentation of experts 223

6.3 Case Studies to Explain Offered Services 224 ¬ XXX Bank: Your life stage 224 ¬ XXX Bank: Personalized solutions 225 ¬ XXX Bank: Global approach 226

6.4 Financial Planning Tools 227 ¬ XXX Bank: Calculators for wealth management 227 ¬ XXX Bank: Dynamic Allocation Viewer 228

6.5 The Wealth Manager as Center of Expertise 229 ¬ XXX Bank: ‘Perspectives’ 229 ¬ XXX Bank: Wealth management research 230


6.6 Educational Content: Video Series 231 ¬ XXX Bank: Economic research for wealth management 231 ¬ XXX Bank: Knowledge Exchange 232 ¬ XXX Bank: Canal XXX 233

6.7 Offering a Reliable Chat Function 234 ¬ XXX Bank: A chat option that answers all questions 234 ¬ XXX Bank: accessing information faster via chat 235

6.8 Committment to Responsible Business Practices 236 ¬ XXX Bank: Energy solutions for the future 236

6.9 Linking the Private Banking Website to Social Media 237 ¬ XXX Bank: promoting social media channels on the website 237

6.10 Personalized Contact Options 238 ¬ XXX Bank: Detailed biography 238 ¬ XXX Bank: Search function for contacts 239 ¬ XXX Bank: full contact options 240

6.11 Disclosure of Portfolio and Performance Data 241 ¬ XXX Bank: Information on portfolio returns 241

6.12 Comprehensive Price List 242 ¬ XXX Bank: Transparency regarding costs and fees 242

6.13 Resolving Complaints 243 ¬ XXX Bank: Customer care on a high level 243

6.14 Interactive Tools 244 ¬ XXX Bank: Unique approach to self-evaluation 244

7 SOCIAL MEDIA, OR THE NETWORKED PRIVATE BANKER 245

7.1 Snowballing Growth of Interactive Communication in Real Time 245 ¬ Facebook 246 ¬ LinkedIn 246 ¬ Twitter 246 ¬ Google+ 246

7.2 Are Private-Banking-Clients Active Users of Social Networks? 248 7.3 Elements of a Social Media Strategy for Wealth Managers 250 8 DISCLAIMER 251


1 EXECUTIVE SUMMARY << Real progress with websites, but it’s still much too soon for the average wealth manager to tell themselves that they’ve done all they can – this is in short the main finding of our 2013 report edition. ABN AMRO, Barclays, Coutts and Societe Generale have emerged as the winners in MyPrivateBanking Research’s enlarged benchmarking study of the websites of 50 0f the top wealth managers globally in 2013. ABN AMRO Private Banking was once more ranked first with 83 points, with Barclays Wealth achieving second place with 81 points and Coutts and Societe Generale Private Banking taking third and fourth places in the ranking with 80 and 78 points respectively. >>

Based on the results of our analysis, MyPrivateBanking Research is cautiously upbeat about the overall trends in the development of wealth manager websites. Although the average score for all the wealth managers evaluated remains the same, at 61%, as in 2012, this year’s analysis was based on tougher criteria and some entirely new areas of evaluation, such as adaptation for mobile devices. This has led to many significant changes in the ranking achieved by individual private banks. Some of the private bank websites evaluated for the first time this year, such as Pictet, Investec and Vontobel, also achieved higher rankings than a lot of providers who featured in the 2012 evaluation.

A mixed picture of some improvements alongside serious shortcomings

Despite the encouraging signs of positive development in private bank/wealth manager websites, there are still important areas where site visitors’ requirements are not being catered for adequately. However, MyPrivateBanking sees progress in the reduced number of wealth management institutions that are failing to provide a sufficiently distinct website offering for their wealth clients. There are still a number of universal banks which only have a web presence for wealthy clients within their group presence – making up about one third of the wealth managers in our sample. This can cause users to have problems locating information that is specific to the wealth management division or, worse still, being diverted into pages that are altogether irrelevant to wealth management.

Another problem area identified in 2012 where improvements have occurred in the last 12 months is search functions, with a substantial increase in the number of private banking websites that have an effective search function. However, on an aggregated basis the search function would deliver only in about 50% of cases accurate results.

The areas where improvements continue to be badly needed are, firstly, in the provision of hard data about products and services and, secondly, in enlivening wealth management websites with the kinds of interactive features that can lead to real user engagement, above all by means of social media. In both the supply of solid factual information and in exploiting the potential of social media, many wealth managers are losing their way. The problem seems to be that too many wealth managers have not yet realized how urgent the need for change is. Nowhere is this more apparent than in the widespread lack of transparency in areas like communicating portfolio performance


(average score 19% of possible points), costs and fees (27%), assets under management (41%) and advisor remuneration (24%). Wealth managers should not take comfort in that the lack of transparency is so common. Wealthy investors will go to other more critical sources of information on these topics or will become more attracted to investment alternatives where these sorts of metrics are more easily obtained. Moreover, serious investors will notice what information is being withheld from them and individual wealth management websites will lose potential users as a result.

The situation with regard to social media is less dire as the average score for social media provision on the website reaches 41%, but it’s clear that many private banks have yet to recognize that social media is important for developing relationships with wealthy clients.

The encouraging news is that, looking across the private banking industry, it is possible, for every required website feature, to identify at least a couple of service providers who have succeeded in incorporating what’s required into a current website. So the challenges facing wealth management websites can be met and overcome. One especially encouraging indicator is that wealth managers can reach almost two thirds of the optimum score for mobile adaption of their websites (either for smartphone users and/or tablet users).

The strengths of the top-ranked wealth managers

The particular achievements of the top scoring wealth managers were as follows:

□ ABN AMRO Private Banking… (More in full version of report)

□ Barclays Wealth achieved a significant improvement… (More in full version of report)

□ Coutts also achieved a considerable improvement … (More in full version of report)

□ Societe Generale Private Banking stayed in fourth place… (More in full version of report)

Summing up the current state of affairs

There’s no doubt that private banks and wealth managers need to continuously improve their dedicated wealth web presences in order to meet the requirements of the sorts of website visitors that they hope to attract and to form business relationships with. So the goal posts are being moved all the time when it comes to wealth management websites and MyPrivateBanking has reflected this ongoing change in the new criteria and new areas or evaluation introduced for our 2013 report (for instance new criteria of mobile website adaptation and social media recognition.

The following five recommendation are addressing the most pressing problems:

□ Increase transparency and communicate more openly. Especially hard data on cost, fees, portfolio allocation and performance as well as adviser remuneration are highly appreciated by clients and especially prospective clients.

□ Make sure the simple basics in navigation and structure of the website are working. Especially the search function is still a weak sport for many institutions.


□ Websites should make sure that clients and prospects can get in touch. There are still some weak spots in the area of contact options. One important improvement would be to clearly communicate the contact information for the headquarters and make contact options more personal (not just a black-box contact form)

□ Interactivity is the key to encourage website users to stay and come back. Especially social media features, but also interactive tools and video content are still being deployed much too conservatively.

□ Security and privacy protection should be at the top of the agenda. In the wake of the NSA scandal, website users – and the private banking clients are certainly no exception – expect solid privacy policies and https-encrypted contact options.


2 RANKING

Rank (2012)

Bank Total Points Navigation

and Structure

Content Interactivity and Social

Media Best Practice

1 (1) ABN AMRO 83 …

2 (10) Barclays 81

3 (13) Coutts & Co Ltd 80

4 (4) Societe Generale 78

5 (6) UniCredit 76

6 (10) … 72 21 21 30 0

7 (18) 70 19 25 25 1

7 (N/A) 70 21 18 30 1

9 (3) 69 22 26 20 1

9 (5) 69 19 26 23 1

11 (N/A) 68 20 25 22 1

11 (10) 68 15 22 30 1

11 (N/A) 68 21 22 24 1

14 (20) 67 15 24 27 1

14 (24) 67 20 24 22 1

16 (N/A) 65 11 28 24 2

16 (24) 65 18 22 25 0

16 (7) 65 8 29 27 1

16 (2) 65 21 18 25 1

20 (17) 64 21 18 25 0

21 (19) 63 16 22 24 1

21 (N/A) 63 16 25 20 2

23 (N/A) 62 14 22 25 1

23 (13) 62 20 23 18 1

25 (13) 61 18 20 23 0

26 (N/A) 60 15 22 22 1

26 (13) 60 19 17 24 0

26 (40) 60 17 19 24 0

26 (N/A) 60 17 21 21 1

30 (24) 59 14 23 22 0

30 (22) 59 14 22 22 1

32 (N/A) 58 11 19 26 2

32 (7) 58 12 25 20 1


Analyzed banks:

ABN AMRO, ANZ, Banque de Luxembourg, Barclays, BBVA, Bessemer Trust, BMO Harris, BNP Paribas, BNY Mellon, Bradesco, Charles Schwab, Citibank, Commerzbank, Coutts, Credit Agricole, Credit Suisse, DBS Bank, Deutsche Bank, Fidelity, Goldman Sachs, HSBC, ICICI, ING, Intesa Sanpaolo, Investec, Itaú Private Bank, J.P.Morgan, Julius Bär, Lloyds Bank, Lombard Odier, Macquarie, Merrill Lynch, Morgan Stanley, Nordea, Northern Trust, Pictet, PNC, RBC, Santander, SEB, Société Générale, Standard Chartered, SunTrust, TD Bank, U.S. Trust, UBP, UBS, UniCredit, Vontobel, Wells Fargo

Rank (2012)

Bank Total Points Navigation

and Structure

Content Interactivity and Social

Media Best Practice

34 (36) … 57 16 19 22 0

34 (N/A) 57 14 16 26 1

36 (28) 56 9 21 25 1

36 (N/A) 56 18 15 23 0

38 (N/A) 55 9 23 23 0

38 (24) 55 18 20 17 0

40 (33) 53 15 18 20 0

41 (N/A) 52 7 19 26 0

42 (31) 49 14 17 18 0

43 (7) 48 12 22 12 2

44 (28) 47 8 16 22 1

45 (36) 45 13 15 17 0

46 (31) 44 10 18 16 0

47 (34) 43 8 17 16 2

48 (38) 40 8 18 14 0

49 (39) 39 10 17 12 0

50 (22) 37 8 20 9 0

Average 60,56 15.68 21.68 22.44 0.76


3 METHODOLOGY 3.1 SELECTION OF WEBSITES

This report analyzes the private banking websites of 50 leading global private banks/wealth managers. For integrated banking groups with multiple websites, those websites, which offered information specifically for wealthy private clients were chosen. Websites that can be used only by private banks’ existing clients and which require a login were not evaluated. Within the group of 50 providers that were analyzed are the biggest wealth managers for private clients worldwide, by total assets under management, numbering approximately 40. The remaining websites are ones of banks and wealth managers that don’t have such a strong global presence, but are among the leading providers in their national or regional markets.

The starting point of the analysis for the selected banks was normally the website intended for potential private banking clients in the domestic market. The domestic market here is taken to be the country in which the bank has its corporate headquarters. With respect to the online presence only websites that address potential wealth management clients in the domestic market were analyzed. This could be the website of the banking group or a website of a wealth management subsidiary. In cases where the domestic market is multilingual, such as Switzerland, the website was evaluated in the language version used by the majority of the population.

Almost all the providers covered in the report have a significant international presence and the majority of them also had additional websites for potential private banking customers outside the domestic market. These overarching international websites were also included in the analysis, since customers based in a bank’s domestic market can also use international sites to get information. In many cases the international website is of more significance to a wealth manager than the domestic Internet presence and, if the international website is significantly more substantial than the home country one, this was used as the first site to be evaluated. With regard to the evaluation, points have been awarded for meeting certain criteria provided these are fulfilled in at least one of a bank’s websites under evaluation.

With only a few exceptions, local market (or individual country) websites other than the home market were not included in the analysis. The exceptions to this principle were, firstly, wealth managers for which a second country market was as important or more important than the home market, such as BMO Harris/BMO Private Bank’s presence in the U.S.A as well as Canada, and, secondly, websites that superficially might look as if they were intended for users in one country but were really targeting an overarching international clientele.

Only content on the private banking presence itself, or content that is directly linked from the private banking presence, has been included in the analysis. Consideration of content that is only available on the banks group or retail banking websites was excluded, since private banking clients cannot be expected to refer to various websites when looking for information. On the contrary, they should be provided with one platform that provides them with all the information they are looking for. As the information needs of retail and wealth management clients differ, it is also important for a bank to not just transfer content from the general website but to adapt it appropriately,


(e.g. by providing specific information about the wealth management division of the bank, and not just the group, in the “About Us” section of the website).

Sometimes the same web pages are linked to from more than one of the wealth manager’s websites that we evaluated. As we judge that the ability to link is the most important consideration, we awarded points to the first website where the link was possible even if the page was really a part of another of that wealth manager’s websites. Naturally, this approach did not apply if one had to leave the site under evaluation to follow the link and was then unable to go back.

Due to an even more stringent application of criteria and a strict focus on content that is specifically dedicated to wealth management clients, some of the banks have lost points in comparison to MyPrivateBanking’s 2012 report. This need for more exacting criteria has been maintained in the current report because we continue to see a trend towards stand-alone private banking presences and rising expectations for the availability of information via the Internet. Private banking clients expect wealth managers to provide them with a dedicated website and gaps in website content can easily prompt them to go elsewhere for information.


3.2 USE CASES AS GUIDELINE

Based on our published body of research and acknowledged industry user experience standards, six core use cases were employed.

’Use case’ originated as a software and systems engineering term to signify the actions a user must take to achieve a specific result. The term can also be applied to user interfaces in website tests and comparisons, as we have in our study. By ‘use case’ we mean a typical scenario of how and why certain user groups use the website. We have derived our detailed evaluation criteria and their weightings directly from these use cases:

Use Case User Group Objective

Finding and choosing a

wealth manager

Potential new clients Creating an overview of the

brand, services, products and

trustworthiness of a bank

Finding general information

on the bank in various areas

that are interesting to

different stakeholder

groups

General public, journalists, job

applicants, suppliers

Creating an overview of the

bank and/or finding specific

information

Reading and downloading

research and background

material

Potential and existing clients,

general public, journalists

Background information on

financial topics for various

purposes including proof of

the bank’s expertise

Getting in touch with the

bank

Potential new clients, general

public, journalists, applicants,

suppliers, existing clients

Quick identification of the

correct contact person with

direct contact option by

telephone or e-mail.

Contacting financial

advisors

Existing clients Contact data for specific

branches and/or the personal

financial advisor

Finding out how to get to an

office or branch

All possible client groups and

stakeholders who wish to visit

in person

Finding the visiting address

and route description, as far as

possible with map

The use case "Bank transactions and search for account/portfolio information by existing

clients" was not considered, because a log-in is necessary for accessing the client

accounts and information. We have evaluated only the freely accessible part of the web

presence.


3.3 EVALUATION PROCEDURE

Every website was analyzed by two analysts, independently of each other and the

analysis and evaluation was repeated after an interval of six weeks. This was done to

minimize the probability of incorrect evaluations due to a purely subjective point of view

or short-lived website problems at a certain point in time. Given the quantity of

information that had to be analyzed, the possibility of not finding all the information in

individual cases cannot be ruled out. The evaluation was done on the basis of 53 different

criteria, divided into three categories. Care was taken to keep the definition and

allocation of points as free as possible from all subjective influences, thus ensuring a high

level of objectivity in the benchmarking process.

3.4 DETERMINING THE CRITERIA

In this study, the main evaluation criterion for the websites included in the study is the

extent to which they fulfill the use cases described above. The use case of an affluent

private individual visiting the website as a potential new customer was given top priority.

We measured usability in terms of the three groups of parameters:

□ Navigation and Structure

□ Content

□ Interactivity and Social Media

The graphic design of a website was evaluated only to the extent that objective criteria could be defined, such as adequate readability of the fonts and colors or a design structure that facilitates easy navigation, not from an aesthetic standpoint. The same applies to technical evaluations. These were taken into consideration only if they affect the customer directly, such as in areas like security and failures or delays when clicking on links.

What follows are the descriptions of the evaluations parameters with the detailed criteria and maximum achievable points. In comparison to the 2012 report there have been a relatively small number of significant changes in MyPrivateBanking’s rating scheme. These changes include alterations in the weighting in areas such as user-friendly navigation as well as the introduction of completely new criteria such as for adaptation for mobile devices and external Internet recognition.


Navigation and Structure (26 points)

This section of the evaluation Navigation and Structure consists of the elements and functions of a website that enable the user to find or access the desired content quickly. Further, the presence and the comprehensiveness of a Privacy Policy were included in the evaluation, since users should be given an opportunity to view these before performing further activities on the website. In detail, the criteria used here are as follows:

□ Accessibility from Google Search (1 point): … (More in full version of report)

□ Link to the Private Banking Site on the home page of the group (1 point): …(More in full version of report)

□ Backlinking to Website, forming the first part of a new set of evaluation criteria (max. 2 points): …(More in full version of report)

□ Social Media Recognition, the second part of this new set of criteria (max. 2 points): …(More in full version of report)

□ User-friendly Navigation (max. 4 points): …(More in full version of report)

□ Accurate Search Function (max. 10 points): …(More in full version of report)

□ Multilingualism (max. 3 points): …(More in full version of report)

□ Adaptation for mobile devices, another new set of criteria (max. 3 points): …(More in full version of report)

Content (38 points)

These evaluation criteria cover the quantity and quality of the content that could be of interest to a potential private banking/wealth management client. This content should include both basic information about the company and the services it offers as well as the hard facts about the amount of assets under management, the fees and costs and the portfolio returns achieved. Since the quality of the content of a website is decisive for the next step of a potential customer, namely, the move to make contact, 38% of the total points were allocated to this area. In detail, the criteria are:

□ Legal Content (max. 5 points): …(More in full version of report)

□ Assets under Management (max. 2 points): …(More in full version of report)

□ Details of the Cost and Fees (max. 5 points): …(More in full version of report)

□ Details of Portfolio Performance and Return (max. 7 points): …(More in full version of report)

□ Minimum Investment Amount (max. 2 points): …(More in full version of report)


□ Advisory and Investment Process (max. 6 points): …(More in full version of report)

□ The Wealth Manager as a Center of Expertise, a section that has been extended for the 2013 report (max. 4 points): …(More in full version of report)

□ Corporate information and positioning (max. 5 points): …(More in full version of report)

□ Presentation of Services (max. 2 points): …(More in full version of report)

Interactivity and Social Media (34 points)

The best navigation and the most exhaustive content are of little use if, while online, the

client is unable to identify easily the most convenient branch or relevant contact person.

As a next step, the user should be provided with the option to reach contact people

through a wide variety of means, in a straightforward and secure manner. In addition to

the evaluation of the contact options, the number and quality of interactive tools on the

website was assessed as well as the use of social media. The criteria in detail are as

follows:

□ Navigation to Contact Information (max. 6 points): …(More in full version of report)

□ Contacts Options (maximum of 10 points): …(More in full version of report)

□ Means of Contact (max. 9 points): …(More in full version of report)

□ Secure Contact Form (2 point): …(More in full version of report)

□ Interactive Tools (2 points): …(More in full version of report)

□ Social Media Usage on Website (5 points): …(More in full version of report)

Best Practices (2 points)

Best practices (max. 2 points): for each feature that is particularly innovative and user-friendly a bank can earn 1 point up to a maximum of 2 points. Best practices can range from unique trend-setting innovations, particular extra features that are rarely found, or standard website components that a wealth manager has incorporated with a far higher standard than is normally found.


4 SUMMARY: MISSING WEBSITE FEATURES TRANSLATE INTO MISSED BUSINESS OPPORTUNITIES

… (More in full version of report)


5 PROFILES



6 TOP 25 BEST PRACTICES In the course of our evaluation of 50 private banking websites we came across a variety of functions, features and contents that we consider to be particularly interesting, especially since most of these best practices can be integrated into a private banking website with ease. Below we have listed 25 examples that we have identified as the most exemplary… (More in full version of report)


7 SOCIAL MEDIA, OR THE NETWORKED PRIVATE BANKER



8 DISCLAIMER No Investment Advice

This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. It does not constitute a general or personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. The price and value of securities referred to in this report will fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of all of the original capital invested in a security discussed in this report may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors.

Disclaimers

There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth in this report. MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report, caused in whole or in part by its negligence in compiling, interpreting, reporting or delivering the content in this report.

Copyright

MyPrivateBanking GmbH's Products are the property of MyPrivateBanking GmbH, Switzerland, and are protected by Swiss and international copyright law and other intellectual property laws. Customers are prohibited to copy, forward or store MyPrivateBanking Products outside of the legal entity that has made the purchase.

© MyPrivateBanking GmbH 2013. All rights reserved.

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websites for wealth management 2013 - · pdf file · 2013-11-12this has led to many...

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