The VIP Forum’s analysis of survey results from 650 global high-net-worth individuals indicates that despite rising global economic concerns at the end of 2011, HNW consumers expressed more positive feelings about their personal finances and engaged in more proactive financial management in the fourth quarter.

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With markets churning across the globe, wealth management executives must stay up-to-speed with the attitudes, desires and behaviors of their clients. The results of The Forum’s third quarter 2011 Consumer Financial Monitor provide a snapshot of financial sentiment and activity of the global HNW population.

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Today, many firms are seeking to design and deliver a high-quality client experience. To support members’ efforts, The VIP Forum recently created an anatomy diagnostic to help firms identify key areas of improvement across the 23 attributes that define a world-class client experience.

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The VIP Forum recently completed an analysis of its annual survey of wealth management executives’ strategic priorities to understand members’ most critical issues for the next 6-12 months. Firms report annual revenue growth goals of 15% and over 60% of executives expect to grow their assets under management by at least 9% in 2011. Yet while firms are seemingly optimistic about growth goals, they expect to face a variety of challenges to meeting those goals, including limited sales from new and existing relationships, talent-related issues and clients’ continued conservatism. Given these conditions, it’s not surprising that wealth managers seek to safeguard current business and drive revenue growth through a wide range of strategic priorities across the next 6-12 months.

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The results of the Forum’s second quarter 2011 Consumer Financial Monitor provides a snapshot of financial sentiment and activity of the global HNW population. Our analysis of survey results from 754 high-net-worth individuals across 24 countries finds that clients moved more money into savings and paying off debts in Q2. This trend was concurrent with the global high-net-worth population’s low confidence in financial providers and a worldwide paucity of proactive financial management in Q2.

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With the exception of a few bright spots in most regions, confidence in financial providers dropped from the first quarter to the second.  Asia Pacific, Europe, and Latin America saw the steepest drops.  Unfortunately, this is from already low levels of confidence. 

Confidence may seem touchy-feely, but our research shows a large hit to the industry’s top-line.  In Europe and North America alone, we estimate 63 million financial products–savings, investement, and insurance products among them–went unsold in 2010 because of anemic confidence levels.

Please join our upcoming webinars on July 6 (or July 7 in the Asia Pacific ) where we will share additional findings from the latest quarter’s Consumer Financial Monitor™ and present a deeper analysis on the role that consumer confidence and emotions play in influencing the financial behavior of mass market, mass affluent, and high-net-worth individuals around the world—and what retail bank executives can do about it.

We recently presented topline global results from the first quarter 2011 Consumer Financial Monitor, which tracks consumer financial sentiment and activity in a survey of over 18,000 consumers across 24 countries and all wealth bands.  The results demonstrate the important role of confidence in providers and proactive financial management in driving product demand.   

Access our new report focused exclusively on the global high-net-worth population. Surprising results show that:

• 37% of the global HNW population report little or no confidence in the capabilities of financial providers.
• HNW individuals in developed countries report lower levels of confidence in financial providers than individuals in emerging markets.
• Younger HNW consumers (18-28) report the highest levels of confidence in providers, while older consumers (47-64) report the lowest levels of confidence.

You can also compare how your clients stack up against consumers across the globe in our regional reports:

• Asia
• Europe
• Latin America
• Middle East and South Africa
• North America

With everything going on in the world, it’s not surprising that consumer trust and confidence are in short supply. Our recent survey found that customer confidence in our industry is alarmingly low. Only 14% of consumers have complete confidence in the capabilities of financial providers–while 46% have almost none at all.

This is frightening because the purchase of financial products is driven in large part by the consumer’s confidence in providers.

Join our webinar on 7-8 April to learn more about consumer confidence, other drivers of engagement and their implications on your business.

If  you’re thinking, “Well, not in my country,” or, “Not with my customers,” think again.  We surveyed over 18,000 consumers representing 24 countries and found that the data barely changed regardless of geography, wealth tier or age.

This lack of confidence is just one of several startling findings we’ll cover in our upcoming webinar. Join us to hear our full analysis of global findings.

Not a member? We invite you to join us for this kick-off webinar by visiting the public registration page.