future wealth report scorpio partnership aug 2012

Section six Who answered our call?

The Future Wealth Report

A client revolution

Insight from the world’s wealthy January 2011

January 2012


Section sixWho answered our call?

The Futu

©2012 S

ABOU

ScorpScorpiinto prfirm haWith thbusine

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rship. All rights

ARTNERS

rship ip is a pionee

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tered Privaed Private BaSingapore, tgers globally

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The Futu

©2012 S

ure Wealth Rep

Scorpio Partner

port

rship. All rights reserved | 2

The Futu

©2012 S

INTRO This iswork tresearchave tathem. When that it unders For us In our serviceinsightthe wetheir e The Fuasked online We aresuppoand dis This iswealthfor wh In this have waway, offer s We hoto spa SebasManagScorpi

ure Wealth Rep

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ODUCTION

s our third yehat we have ch since we aken part in

we first starthas, we are standing of w

, this is quite

own work caes sector, wetful people yoealth managenergy and en

uturewealth pourselves: istechnology?

e deeply gratrt in this expslikes of cus

s an exercisehy of today, sen they are r

report, we lowith differentwhat matterervices and

ope you will frk new ideas

tian Dovey ging Partner io Partnershi

port

rship. All rights

N – SCOR

ar of the Futseen an inclaunched. Inthe project g

ted the projeexcited to fin

what it is that

e simply the

arrying out me have foundou could hopement industnthusiasm.

project was bs it possible ?

teful to Stanploration. Becstomer group

e in understanso that firms really wealth

ook in detail t kinds of firmrs to them? Whow they ma

find the resuls for those th

ip

reserved | 3

RPIO PART

turewealth prrease of 130

n fact, to datgiving us a d

ect, there wend that othert their own w

customer re

market researd that these cpe to meet. Stry were stru

born out of oto get busy,

dard Chartercause, what ps; or what th

nding what dthat care aby in the futur

at what is imms. Whether We look at way need to a

lts as intereshat want to s

TNERSHIP

roject and it 0% in the numte almost 9,0deep and very

ere many whor firms are st

wealthy custo

evolution we

rch with highclients are aSo, we have

uggling to en

our interest i hard-to-rea

red Private Bwe are doinhey buy and

drives the attbout getting tre.

mportant to tthey are spe

what firms caadapt that for

sting as we dstart their ow

is testimonymber of wea

000 Futurewey rich insight

o said it simptarting to useomers want.

wanted to st

h-net-worth cmong the mobeen puzzlegage these c

n exploring tch people to

Bank and SEg here is not what they d

titudes and bthings right f

he Futureweending, invesn learn from r different typ

do. More thawn customer

y to the globaalth creators ealthy from at into what it

ply could note similar tool

tart.

customers inost engaginged why so mcustomers, le

the science oo tell us abou

EI, who have t typical. This

don’t.

behaviour of for these cus

ealthy in the esting or givineach other a

pes of Future

n that, we horevolution.

al interest in taking part i

around the wt is that really

t be done. Nls to gain a b

n the financiag, interestingany firms acet alone tap

of the possibut themselve

given us thes is not abou

f the world’s stomers can

experiencesng their moneabout the waewealthy clie

ope it will co

this n the

world y drives

Now better

al g and cross

into

ble. We es using

eir ut likes

nearly plan

they ey ay they ents.

ontinue

The Futu

©2012 S

FORE Like thbrings East adynamalready With cfootpriPrivateinitiativorganiclients This coand acthey se This laneeds organiour effreward In shorput its the be

As paris poteclient’s In thes ShaynGlobal& CEO

ure Wealth Rep

Scorpio Partner

EWORD –

he Futureweawith it new ond Africa the

mic individualy helping ou

hange beingint in the pree Bank was pve was concsations like o

s.

onnection gicts: what theeek to fulfil t

atest chapterfor each indsation and wforts to meetding as poss

rt, this year’smost valuedst and most

rt of this initiaential throughs expectatio

se times of u

e Nelson l Head, High

O Private Ban

port

rship. All rights

STANDAR

althy, we recopportunitiese Private Banls in these far clients toda

g the only coesent but alsoproud to beceived, we knours can rea

ves us a priveir motivationheir wealth p

r in the Futurdividual. It mawhat their expt and beat thible.

s Futureweald clients at threlevant clie

ative, we belh this work fons.

ncertainty, w

Value Clientnk

reserved | 4

RD CHART

cognise that cs. With Stannk is well plaast-changingay prepare fo

nstant, it is eo a hand in tcome the firsnew this worach out and p

vileged view ns are and wpotential.

rewealth projaps out how pectations a

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lth report is ahe centre of ent experienc

ieve that if oor a genuine

we believe th

t Coverage

TERED PR

change is tadard Charte

aced to meetg countries. Wor the world

essential for the future. It st sponsor ofk would be pproactively c

on how this what they will

ject shows in different Fu

are at each stations and ho

a road map feverything it

ce.

other organise customer re

his is a future

IVATE BAN

king place inred’s naturat the private We are embrof the future

us, as an orgis for this reaf the Futurewpioneering bconnect direc

community need from c

n detail how turewealthy tep. It showsow we can e

for any organt does. It is a

sations can aevolution, de

e worth celeb

NK

n the world tol footprint in wealth needacing this ch

e.

ganisation, nason that Sta

wealth projececause it shoctly with our

of global wecompanies a

we can respclients navig

s us where wnsure their jo

nisation that about buildin

also embraceelivering on e

brating.

oday – and Asia, the Mi

ds of the moshange and w

not only to haandard Char

ct. When the owed that potential fut

ealth creatorsand providers

pond to thosgate our we need to foourney is as

genuinely wng and delive

e change theeach and eve

change ddle

st we are

ave a rtered

ure

s thinks s as

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ocus

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The Futu

©2012 S

FORE At SEIserviceFutureensure This yemanagcan bu It is enprivatetheir excustomcustom The rethe imperson Many omanagclient dfinanciexperie JosephExecutSEI

ure Wealth Rep

Scorpio Partner

EWORD –

, we see it ases that enha

ewealth projee that all clien

ear’s Futurewgers are facinuild client co

ncouraging toe bank or a wxpectations

mer journey. mer experien

port also higportance of nal client exp

of these themgers that wandata. We genial services aence might b

h P. Ujobai tive Vice Pre

port

rship. All rights

SEI

s our job to snce the clien

ect because, nts, whether

wealth surveng today: honfidence thro

o find in this wealth managfrom their prThis present

nce to each c

ghlights that capturing an

perience.

mes chime wnt better andnuinely belieand this repobe.

esident

reserved | 5

support privant experience

like us, the wr current or fu

y looks at sow firms canough deep u

year’s resultger typically rivate banksts a complexclient, every t

different cliend managing

with our own d more efficieve that techn

ort provides m

ate banks ane of each anwork aims touture, enjoy

ome of the fuengage clien

understandin

ts that the Fufind it a rewor wealth m

x challenge ftime.

ent groups vag customer in

experience ent ways of hnology can bmuch food fo

nd wealth mad every clieno find new wtheir experie

undamental cnts in a time

ng of client ne

uturewealthywarding expermanagers are for firms that

alue differentnformation a

of working whandling andbe used to por thought o

anagement fnt. We are prays and new

ence of financ

challenges thof uncertaineeds and ex

y who have arience. But, whigh for eve

t want to deli

t touchpointss a tool to he

with private bd processingower the clien what the fu

firms with tooroud to suppw answers tocial services

hat wealth nty and how txpectations.

a relationshipwe also find

ery step of thiver a consis

s, demonstraelp deliver a

banks and wg transaction ent experiencuture of that

ols and port the o s.

they

p with a that

he stent

ating

wealth and

ce of

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Scorpio Partne

ectiops a

ership. All rights

on oand d

reserved | 7

one:dow

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Section Ups and

©2012 S

Lifre

In b

SO, J In 2009of the the mofast tra In our individmany cgroup,qualitie In factDespitFuturehigher quadru Indeedgroups

one d downs

Scorpio Partner

fe’s bemind

brief

We befinanciability Three wobblehas taquite s

JUST WHO

9, we beganup-and-com

ost prized cuack to wealth

first survey oduals and as challenges. I, and their rees they adm

, along the wte great diffeewealthy to m

still. On aveuple that wea

d, their comms that show r

rship. All rights

bumd you

egan our reseial crisis in 2to weather t

years on, thoe. In spite ofken a knockso rosy.

O ARE THE

an annual inming wealthy.ustomers of th is a good g

of this hard-twealth creatIn year two, w

esponses focire in succes

way, we haverences in ba

money itself ierage, the Fualth in the ne

monly-held aremarkably s

reserved | 8

ps au wh

earch into wh009. What wthe storm – w

ough, and wf making mon. Many are fa

E WORLD

nitiative aime. As ambitiouthe future. Soguide for how

to-reach grotors. We founwe asked wh

cused our thossful people

e found that ackground, cs a defining turewealthy

ext 10 years.

attitudes are similar behav

are juere t

ho are the wwe found waswe call this w

wealth confideney over thear less sure t

D’S FUTUR

ed at investigus wealth aco, understanw businesses

up, we askend them to bhat does sucoughts on enand in succe

many of thecareer and lo

characteristare worth U

.

so strong thvioural profile

st wrthe s

world’s Futures a surprisingwealth confid

ence amonge last 12 monthan before w

EWEALTH

gating the attccumulators, nding what iss need to pre

d all about wbe confident ccess mean nergy and innessful organi

ir characteriscation, the oic. Already hSD2 million t

at we have bes.

rinklesmile

ewealthy in tg level of opt

dence.

the Futurewnths, their cowhether the

HY?

titudes and bthe Futurew

s making theepare and ad

what actuallyand actuallyto this alreadnovation. Thsations.

stics could boptimistic atthigh-flying, thtoday and pl

been able to

es to goe

the depths oftimism abou

wealthy has hollective confcoming year

buying prefewealthy will bem tick now odapt for the f

y motivates ty enjoying lifedy successfu

hese are the

be called tribtitude of the hey plan to fllan to triple o

identify four

es

f the ut their

had a fidence r will be

erences become on their future.

hem as e’s ul

al.

ly or even

r sub-

Section Ups and

©2012 S

Some busineand enActivis This yeways iorganiwhat is

MARK These when wFuturelargely Since tmuch far, weconsid And, wwealthnext 12was be The gafound gap ha So, whcrash, The quwill bovalued

one d downs

Scorpio Partner

are Quietly Cess and enjoynjoyment intosts, because

ear, we haven which theyse their livess the experie

KETS CRA

questions awe began th

ewealthy wery defines the

then, we havmoney they

e have foundderable marg

while this remhy has appar2 months haetter this yea

ap between ewealth confi

as narrowed

hile there is sexpectation

uestion now ounce back. Bd customers

rship. All rights

Confident aby being in it, o their busy for them fam

e gone one sty choose to ss. And, whenence they are

ASH, WEA

re perhaps me Futurewea

re in their abiFuturewealt

ve been tracmade in the

d wealth confgin.

mains the casently started

as fallen 10 par than last [F

expected andence outstto 33 points

something ofns are clearly

is how has tBut in the memay want to

reserved | 9

bout their abiwe call themlives, we calmily is a big m

tep further, aspend their m

n it comes to e really looki

ALTH WOB

more pertinenalth project. Bility to make thy group.

king their welast year an

fidence for th

se this year, d to wobble. points since lFigure 1].

d actual perfripped actua

s.

f a recoveryy being reset

his wobble aeantime, any

o put a little m

ility to make m our Headlil them our Lmotivator in

asking how tmoney. We aenjoying theng for.

BBLES

nt now than Back then, wmoney. We

ealth confided how muchhe future con

this time aroSentiment alast year, in s

formance haal performan

in terms of afor the futur

affected the yone who regmore love int

money. Othners. Othersife Surfers. Otheir succes

these personask how theye little luxurie

in the depthwe were surp

call this thei

ence on a 10h they expectnsistently ou

ound the futuaround their espite of the f

as also narroce by 42 poi

actual wealthre.

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ers seek out still mix a go

Our fourth grss.

nal charactery use their bues that their s

s of the globprised just hor wealth con

0-point scalet to make in tstrips past p

ure confidencexpected pefact that actu

wed significants. This yea

h creation sin

hy. We knowuturewealthy t care.

t the limelighood measur

roup we call

ristics influenuying powersuccess affo

bal financial cow confidentnfidence and

e: asking howthe next oneperformance

ce of the worformance inual performa

antly. In 201ar, that confi

nce the mark

w for sure thaas their mos

ht in e of fun Family

nce the to

ords,

crisis t the it

w e. So e by a

rld’s n the ance

0, we dence

ket

at they st

Section Ups and

©2012 S

Figure To whaactual p


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e 1: Globa

at extent has tperformance?

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rship. All rights

al wealth co

the wealth co? (All respons

Pacific wea

the wealth co? (Asia-Pacific

reserved | 10

onfidence

onfidence of thses)

alth confide

onfidence of thc responses)

index

he Futurewea

ence index

he Futurewea

althy changed

x

althy changed

d in the last 12

d in the last 12

2 months rela

2 months rela

ative to

ative to

Section Ups and

©2012 S

Of cou For reaof thinthese cwealthalthoug In the Agrowthfact, si[Figure Yet, de Indeedthan thnext 12and exEurope North AEuroperadica


one d downs

Scorpio Partner

urse, the glob

asons well-kgs recently. countries. In

h had decreagh, not near

Asia Pacific h in the numbince 2009, the 2].

espite this su

d, overall, theheir counterp2 months bexpected perfe or North Am

Americans aean Futurewlly revised th

e 3: Regio


rship. All rights

bal picture is

known and wThis has alsodeed, in bot

ased in the laly as bad as

countries, mber of Futurehe figure has

urge, confide

e Futureweaparts in Euroelow where itormance is nmerica. Put s

also slightly rwealthy that hheir short-ter

nal wealth

the wealth co? (Regional re

reserved | 11

s not the full

well-worn, Euo had a majoh regions ab

ast year. Thisin 2009.

meanwhile, thewealthy reps leapt up fro

ence in the re

lthy in the Aspe and Nortt was a year narrower for simply, their

reined in theihas taken a sm expectatio

confidenc

onfidence of thesponses)

story here.

rope and Noor impact onbout a quartes was worse

he picture is porting they hom 10 points

egion remain

sia Pacific coh America. Nago, in spitethose in thisoptimism is

ir expectatiosevere batterons.

ce index

he Futurewea

orth American future expeer of the Fututhan last yea

very differenhave made ms to 50 points

ns tempered

ountries are fNot only is the of recent gas region than

generally m

ns last year.ring in the las

althy changed

have been hctations for w

urewealthy rear for those i

nt. Here theremoney in the s on our 100

for the futur

far more cauheir level of cains, the gap

n for the Futuore cautious

But, it is thest 12 months

d in the last 12

having a leanwealth createported theirin Europe;

e has been s last 12 mon

0-point scale

re.

utious in genconfidence fop between acurewealthy ins [Figure 3].

e confidences and many

2 months rela

n time tion in r

strong nths. In

eral or the ctual n

e of the have

ative to

Section Ups and

©2012 S

one d downs

Scorpio Partnerrship. All rights reserved | 12

Section Ups and

©2012 S

SeA

one d downs

Scorpio Partner

ectiolife l

rship. All rights

on twless

reserved | 13

wo: ord

dinarry

Section A life les

©2012 S

Toto

In b

LA DO As theeven aseen a We knWe alstasks t But, hocurrenthe fru Not a bhypothFuturetheir dseems[Figure

two ss ordinary

Scorpio Partner

o deso ach

brief

Even inour Futhose and ho The sufamily in factwould their p

To achpersonwhat t

OLCE VITA

e years roll ona hardware sas the only ro

ow already tso know fromthey have de

ow would that level of we

uits of their la

bit of it. In fahetically onceewealthy – theep energy r

s, even if mone 4].

rship. All rights

sire ihieve

n the lean yeuturewealthy riches bring ow they think

urprise resulttime if they w, is that the wdig deep an

personal pow

hieve this feanal support shey want to

A

n, we tend totore. The mu

oute to a life

that ambitioum last year’s ecided are ke

at energy chalth. Would w

abours?

act, if we looke they have ose with moreserves to pney is no ob

reserved | 14

s to

ears it is OK see themselfor them? W

k money will

t is not that twere given uwealthiest – tnd throw evewer even if the

at, they havestaff to help tdo more.

o see life as lundane tasksthat is just a

us money-mastudy that th

ey to their su

hange if monwe find that

k at their enemade their m

ore than USDput even morstacle, succe

obta

to dream. Inlves on the p

We asked thechange thei

the Futureweunlimited finathose who a

en more enerey were wor

e a clear stratthem focus t

less like a sws overshadowa little sweete

aking goals he wealthieruccess.

ey were no othose who h

ergy levels acmillions in theD2 milion – pre emphasisess remains

ain; to

fact, we pospath to finance Futurewealtr lives and th

ealthy in genancial resouralready have rgy into their rth 10 times t

tegy to get otheir energie

weetshop, anw the simpleer.

mark the FutFuturewealt

object? If, lethave made it

cross all aspe future, we ull away from

s on finance, a passion fo

o asp

sitively encocial successthy what theyheir lifestyles

eral would hrces to play wmore than Ucareers, thethe wealth th

organised, brs on what th

nd more like e pleasures a

turewealthy ohy focus the

t’s say, they start to kick

pects of life nfind that our

m the pack. Tcareer and p

or the most s

pire i

ourage it. Aftes. So, what wey really, reals.

ave more fuwith. The surUSD2 million eir finances ahey have tod

ringing in a tehey do best a

a supermarkand money is

out from a ceir energy on

had 10 timek-back and e

now and r wealthiest They would tpersonal powsuccessful

s

er all, will ly want

n and rprise, –

and day.

eam of and

ket – or s often

rowd. the

es their enjoy

tap wer. It

Section A life les

©2012 S

Figure If you hwealth

NOM Indeedto provis on g As we hired hchauffeof mor In factdowntplace i

two ss ordinary

Scorpio Partner

e 4: Future

had 10 times level)

MINATIONS

d, on their pavide them wigetting organ

can see fromhelp. Howeveeur and seekre modest m

, they are muime. Landscin the lifestyl

rship. All rights

e life energ

your current w

S FOR BES

ath to succesith the lifesty

nised.

m Figure 5, her, the wealtk private tuiteans.

uch more likcape architecle support cr

reserved | 15

gy

wealth, would

ST SUPPO

ss our big eayle support th

housekeeperhiest are alsoion to maxim

ely to plan acts, travel corew of the alr

d you change

ORTING AC

arners are alrhey need. G

rs and privato far more lik

mise their ski

all aspects ofonsultants, peready rich Fu

how you use

CTOR

ready big spiven their de

e bankers tokely to empllls and know

f their lives aersonal trainuturewealthy

e your energy

enders on a sire to powe

op the list whoy a persona

wledge than t

nd lifestyle, iers and shop

y.

y? (Responses

whole team er ahead, the

hen it comesal assistant, the Futurewe

including theppers all hav

s by

of staff e focus

to a ealthy

eir ve a

Section A life les

©2012 S

Figure Do you

And wcarrierexpectknowle It seemknowleFuturesame tthings Of partdegreehouseh Indeedknowleand cothings

two ss ordinary

Scorpio Partner

e 5: The H

u regularly em

when we lookrs” that bringt their back-edge and sk

ms, a real lifeedge and ex

ewealthy plactime as knowin life.

ticular note, e. From houhold.

d, advisors oedge they bronvenience. Adone.

rship. All rights

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mploy anyone

k at how theyg a level of coup crew to bills in order t

estyle advisoperience to bce on the abwledge, reco

all memberssekeeper to

of all sorts shring to a situaAnd, one sh

reserved | 16

to help or ass

y help, the monvenience ibring much mo help them

r is a genuinbear. We seeility of their li

ommendation

s of the teamart advisor,

ould not forgation. Good ould simply

sist you in you

embers of thinto their busmore to their

to perform a

ne factotum, e this best wifestyle teamns, new choi

m are expecteeveryone is

get that the vadvice is as never undere

ur life? (Respo

his team are sy lifestyles. lives and life

at their best

able to take when we lookm to bring co

ces and the

ed to bring aexpected to

value of theirmuch about

estimate the

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much more In fact, the F

estyles in ter[Figure 6].

the strain ank at the level nvenience inencouragem

all these qual bring somet

r advice is not encouragem importance

alth level)

than just “baFuturewealthrms of specia

and bring theiof importan

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t the ction ng

Section A life les

©2012 S

Figure Why do

two ss ordinary

Scorpio Partner

e 6: How t

o you turn to

rship. All rights

they help

support staff

reserved | 17

for help? (All responses)

Section A life les

©2012 S

two ss ordinary


Section A life les

©2012 S

SeM

two ss ordinary

Scorpio Partner

ectioone

rship. All rights

on they in

reserved | 19

hreemot

e: tion

Section Money i

©2012 S

Cin

In b

THE H

A yearwas thFutureroman We asan exestay lohave w

three n motion

Scorpio Partner

ountindiv

brief

While wto a richardercustom Relatiotap intclients This isthey spUSD17

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HONEY TR

r ago, we askhe clear winnewealthy’s afce is more th

ked our Futuercise we caloyal even if thwith the bran

rship. All rights

t youvidua

waiting for thcher lifestyler than ever omers and hol

onships comto these emos are infatuat

s important bpend 43 day7,300.

whether they aking a donaevery step o

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urewealthy tol “brand lovehe brand ma

nds they use

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r joual ste

he bounce th, the compann customer cld onto them

me in many footions and thed from the

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are splashination to chariof that buying

s are high, who. We tracke

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rewealthy we and Googls year, we thnfatuation.

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rneyeps

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hich brands le slugging ithought we w

he relationshbrand make

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faithful, passds tap into th

hy are discerket purchase

of cash on a private bank

e is importan

companies hnce at each average firmwealthy custo

they associat out for the

would go a lit

ips they have them feel ecise teases o, intimacy or

friend

rewealthy basavvy buyersugh, you neeod times.

sionate. Luxuhem all to en

rning custome and spend

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e with the brxcited or wa

out if the lovecommitmen

ds, n

ack onto thes need to foced to grab

ury brands trnsure their sp

mers. On avean average o

ellery, a car oage money f

ard to delivedifferent high

customer ct.

ccess. Technce in our nd ask if this

rands they uarm and woue affairs peopnt.

not

e road cus

ry to pecial

erage, of

or fine or

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nology

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Section Money i

©2012 S

Figure How do

three n motion

Scorpio Partner

e 7: Brand

o you feel abo

rship. All rights

d love

out the brand

reserved | 21

ds you use? (AAll responsess)

Com

Pass

Intim

mmitment

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Section Money i

©2012 S

We finbrandsa really And, thscoredare pathe grocorpor Yet, wthose t Apple,their ofirms inthis pa These make trelationthis cobrand real lux

IS IT P

It is imis anotwork hstanda Whethprepar We foudecidetechnowhere spend

three n motion

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d that the Fus. What theyy personal lo

he leading lud an averagerticularly goooup, more thrate cuddle [

hat the Fututhat do it we

Porsche, BMwn when it cn particular hassion.

expressionsthem feel exnships are th

ourtship. Whacan induce. xury experie

POSSIBLE

mportant to rether’s trash ahard and playards for extra

her giving to cred to splash

und a big-tice. Decision-mology up to 5to open theon average

rship. All rights

uturewealthy look for, in f

ong-term rela

uxury brandse of 58 for intod at creatinhan two-third[Figure 7].

rewealthy reell shoot quic

MW and Fercomes to lonhave really tu

s of brand lovtra special. Bhe purchasesat makes an It is what thnce.

E TO OVER

emember heand for somey hard do exa quality and

charity or buh out on som

cket spend avmaking time 57 days for air account wUSD16,200

reserved | 22

y are in meanfact, is a balaationship.

s do all three timacy, 52 fog an intimate

ds excel at gi

eally love is pckly to the to

rari – all strong-term romauned in to th

ve show howBut brand lovs and transaordinary pur

ey deliver an

RDO LUXU

re that definie the word itxpect more ad care.

uying a new cmething spec

verages USDvaried signif

a car. Somewith a private a year on we

ningful relatioance of pass

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passion. Theyop of the Futu

ong brands inance too, leae allure of ex

w different firve, like first l

actions that frchase more

nd how that t

URY?

ing luxury is self has all th

and a whole i

car, we founcial these dec

D17,300 for tficantly depewhere in the m

bank or somealth manag

onships with sion, intimac

00-point scand 38 for comp with their cients the war

y like brandsurewealthy’s

n last year’s ading the fielxcitement an

rms try to colove, is just tirms lead the

e special is nturns a simp

notoriously he wrong ovindustry has

d that when cisions are n

the Futureweending on themiddle, they

me other kindgement fees [

a wide rangy and comm

ale these higmmitment. Tcustomers anrm glow that

s that can exs brand love

success leagd in brand lo

nd reap obvio

nnect with ththe start. At teir customersot just aboutle necessity

hard to do. Oertones. Andgrown up to

the Futurewot taken ligh

ealthy and the purchase fr

spend 50 dad of wealth a[Figure 8].

ge of high-enmitment to es

gh-end brandThis highlightnd indeed, at comes from

xcite them. Aindex.

gue – also hoove. Indeed, ous rewards

heir clients athe core of thrs to and throt the feelingsor frivolity in

One person’sd yet, those wo meet their

wealthy are htly.

hey take 43 drom 25 daysays deciding

advisor and w

nd stablish

ds s, they

among m a

And,

old car from

and hese ough in s the nto a

s treat who

days to s for g will

Section Money i

©2012 S

Figure When yyou tak

WALK Bearinjustifiethese m

By meto a higFuture

Naturacustom

three n motion

Scorpio Partner

e 8: Time a

you last decidke to decide?

K WITH ME

ng in mind thed to take oumajor purcha

easuring the igh-end cust

ewealthy patr

ally, there aremers and hol

rship. All rights

and money

ded to buy or (All response

E

e same quanr comparisoases recently

importance oomer journeyrons have br

e differencesld on to them

reserved | 23

y spent on

give in one oes)

ntum is shown a little furthy to give us t

of each stepy. Whether broadly similar

s. Each transm, there is m

n luxury ite

of these areas

wn in many oher. We askethe low-dow

p in the transabuying a watr expectation

saction is uniuch to be lea

ms

s, how much

of these decied the Future

wn on their ex

action, we foch, or a car, ns every step

que. But, asarned from t

did you spen

sions to buyewealthy whxperience.

ound there isor giving mo

p of the way

companies he experienc

nd and how lo

y or spend, wo had made

s also a certaoney to char[Figure 9].

look to grabce of others.

ong did

we felt one of

ain flow rity, our

b

Section Money i

©2012 S

Figure How im

Our joubrand and thonce tempha Compacompa If we tahigh imalso ve Makinggivers,organiknowlecar, thmade t

three n motion

Scorpio Partner

e 9: Import

mportant were

urneys beginis all-importe customer ghe purchaseasise this is a

aring the impanies and ind

ake the purcmportance toery importan

g a major ch, the Futurewsations that edge of the cey also attactheir donatio

rship. All rights

tance of in

e the following

n before the ant with othegets ready to

e is completea special rela

portance of sdustries are m

chase of a cao the brand. Tnt. But, expec

haritable gift, wealthy also are to receiv

charity and fach far more ion, encourag

reserved | 24

ndividual st

g factors in de

purchase haer forms of mo buy, staff eed, high-quaationship.

steps in indivmore succes

ar, for exampThe marketinctations tail o

meanwhile,place particu

ve their cashaith that it ismportance t

ging them to

teps in the

elivering a gre

as even beenmarketing proefficiency anlity aftercare

vidual journessful than oth

ple, we knowng, the actuaoff significan

is often an eularly high im

h. It seems ths doing goodto how well tremain activ

e customer

eat customer e

n made. In thoviding reinfd smooth or

e and ongoin

eys helps to uhers at excee

w already thatal buying expntly for any o

equally signifmportance onhey make the things. But,

the charity keve givers.

r journey

experience? (

his phase, theorcement. Arder processg contact ar

understand weding expec

t the Futurewperience andngoing conta

ficant expendn the brand oeir choices b in direct coneeps in touch

(All responses

e quality of tAs the journey

ing are vital.re important

why some ctations.

wealthy attacd the aftercaact.

diture, and aof the

based on thentrast to buyh after they h

s)

the y flows Then to

ch very re are

as

ir ying a have

Section Money i

©2012 S

Privatetime ofBrand,and sm Indeedthe relacustom The ebpurchanoticeaongoinsucces

three n motion

Scorpio Partner

e banks and f it. At almos, here too, ismooth order

d, even at theationship bu

mer treats.

bb and flow oase care is toable for charng connectioss.

rship. All rights

other kinds st every steps paramount processing.

e tail-end of uilds over tim

of these custo all providerrities, art deaon with intere

reserved | 25

of wealth ma in the journeand then the

the wealth mme, clients ex

tomer expecrs that want alers and privested and mo

anagement oey, they are e buying jour

managementxpect not onl

ctations in fato build longvate banks, wotivated patr

organisationsexpected to rney crescen

t buying expey ongoing co

ct highlightsg-term client who seem torons and clie

s, meanwhiledeliver to a

ndos towards

erience thereontact but al

how importarelationship

o recognise tents is the ke

purcha donate set upwealth purcha purcha purcha

e, have a touvery high stas staff efficie

e is no respitlso perks an

tant the postps. This is mothat maintainey to future

ased art or collectible

ted a major charitable

p a relationship with ah advisor

ased a new car or m

ased new jewellery o

ased a new piece of

ugher andard. ency

te. As d other

-ost ning an

es from a gallery

e gift

a private bank or

motorbike

or watch

technology

Section Money i

©2012 S

THE W Bear inbut ouadvisejourney If firmsprovidto walkas bes If, for ebanks,compatechno Car dea purchearts

Figure How w

purc

purc

three n motion

Scorpio Partner

WISDOM O

n mind that iur enemies cled to keep thys suggest, t

s want to steers in other sk us throughst-in-class an

example, we, meanwhile anies for inspology sector

ealers, meanwhase, but it iand minds f

e 10: Best

would you rate

chased art or collecti

chased a new car or

rship. All rights

OF STRAN

n times of troloser. Certain

heir clients clthere are als

eal a march osectors are d

h their buyingnd which sec

e look at branare underac

piration. In tucould take a

while, are hitis charities thfor a longer t

t and wors

e your experie

bles from a gallery

motorbike pu

reserved | 26

NGERS

ouble, ancienly, in the cuose and thei

so opportunit

on their compdoing to win g journey, buctors are gett

nd building, tchieving in thurn, when it ca leaf from th

tting many ohat come thrterm relation

st at each s

ence on the la

donated a ma

urchased new jewelle

nt Arab wisdurrent climateir sights on tties to learn

petitors, theyover their cl

ut to score it ting right.

the technolohis respect ancomes to buhe books of t

of the right norough strong

nship.

step of the

ast occasion?

ajor charitable gift

ery or watch

dom warns ue of uncertaiheir competstill more fro

y could do wients. We astoo. From th

ogy sector is nd could looilding a highthe private b

otes as they gly in the pos

e customer

(All response

set up a relatio

purchased a new pi

s to keep ounty, companitors. But, as

om near neig

worse than losked the Futuhis, we can s

leading the pk to success-quality saleanks [Figure

take the Futst-sale phase

r journey

es)

onship with a private

ece of technology

ur friends clonies would bs our customghbours.

ook at what leurewealthy nsee who eme

pack. Privatesful technoloes force, the e 10].

turewealthy te to capture

bank or wealth advis

ose – e well-

mer

eading not only erges

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through their

sor

Section Money i

©2012 S

JUMP While lindustrperform Compaluxury opinioneleganafter th WhereprocesrelationFuturetailing This pothe jou

Figure Perform

three n motion

Scorpio Partner

PING HOO

looking at beries are actumance is an

aring performcustomer jon before ma

nt marketing he purchase

e the Futurewssing. Thesenships. Inevi

ewealthy are off in the mi

oses the queurney.

e 11: Bea

mance minus

rship. All rights

OPS AND C

est and worsally smashinimpressive 1

mance againourney, we finking any commaterials, behas been m

wealthy score are the crucitably, it is haso high. Butddle of the jo

estion wheth

ating expec

importance fo

reserved | 27

CHASING

st in class hang records at10% above e

st the impornd they partimmitments. Heautiful premade that the

e them less hcial transactioard to excel t, when the eourney will n

her more can

ctations by

or each step

DREAMS

as its uses, int every step.expectations

rtance the Fucularly appreHigh-end pro

mises, polisheir clients con

highly are in on touchpoiin these area

experience isnot go unnoti

n be done to

y 9.9% (All

(All journeys)

n fact high-eAcross all th

s.

uturewealthyeciate an indoviders are aed sales stafntinue to fee

the areas ofnts that are aas when the s so positive iced by our d

ensure cons

journeys)

nd companiehese industri

attribute to dependent vialso strong aff and makinl special [Fig

staff efficienat the heart oexpectationsat the begin

discerning bu

sistent quality

es in each ofies the avera

each step oiew or a seco

at delivering ng sure even gure 11].

ncy and ordeof these buys of the

nning and enuyers.

y at every st

f these age

f a ond

er ying

d, this

ep of

Section Money i

©2012 S

Indeedqualityclient e For excare. Tothersof don Followof the not thaordina This tadealersthat wexpect The mcrisis pfor bantransacservice

Figure Perform

three n motion

Scorpio Partner

d, meeting any experienceexperience t

ample, overaTheir outperf, is judged o

nor care that

wing closely iperceived luat high. And ry at every s

ask is more ds for whom ehat they sell tations are n

ain problem plays a part hnks to evokectional stepse their Future

e 12: Majo

mance minus

rship. All rights

nd beating e. A comparishat is out of

all charities lformance scoon its own meis well beyo

n second plauxury of fine aso, art deale

step [Figure 1

difficult for prexpectationswill be an as

not easy to b

for private bhere, but as

e feelings of ps, which sugewealthy clie

or charitab

importance fo

reserved | 28

expectations son betweenthe ordinary

ead the fieldore is 12.3%erits and whnd their expe

ace are dealeart, the expeers outperfor13].

rivate banks s are very higspiration for eat.

banks and wewe have alsopassion. Privgests they n

ents have be

ble gift – be

or each step

is one way tn our journeyy, it is quite a

d for deliverin%, versus the

at it tells us ectations [Fig

ers in art andectations of trm comfortab

and wealth gh. They migsome, and a

ealth manago seen from vate banks aneed to do meen led to exp

eating exp

(major charita

that you cans highlights t

another to ma

ng quality anaverage of 9is that charitgure 12].

d collectiblestheir Futurewbly giving an

managemenght not call tha dream for m

gers is their bour brand lo

are also losinmore if they w

pect [Figure

ectations b

able gift)

define whatthat it is oneake clients fe

d consistenc9.9%. This joties are deliv

s with an 11.wealthy buye

experience

nt organisatiohis luxury, bumany more. T

brand. No doove results, itg consistenc

want to delive14].

by 12.3%

t makes for ae thing to deleel really spe

cy of customourney, like avering a stand

.7% score. Iners are surpri

that is out o

ons and car ut there is noThese

oubt, the finat is incrediblycy in the crucer that extra

a high-iver a ecial.

mer all the dard

n spite singly

of the

o doubt

ancial y hard cial special

Section Money i

©2012 S

Figure Perform

Figure Perform

three n motion

Scorpio Partner

e 13: Purc

mance minus

e 14: Rela

mance minus

rship. All rights

chased art

importance fo

ationship w

importance fo

reserved | 29

t or collect

or each step

with private

or each step

tibles – bea

(art or collect

e bank – be

(private bank

ating expe

tibles purchas

eating exp

king)

ectations b

se)

pectations

by 11.7%

by 7.1%

Section Degrees

©2012 S

four s of separation


Section Degrees

©2012 S

SeDe


Scorpio Partner

ectioegre

rship. All rights

on foees o

reserved | 31

our:of seeparatioon

Section Degrees

©2012 S

Dow

In b

YOU EVEN You cocompahave towhat reindivid It is noon whadisapp We fouopinionbehaviwhat m The levrun thenot iminfluenplay a


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on’t jwalked

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MEET MAN MEET YO

ould say thatanies try to eo offer by oreally makes

dual expectat

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und across ans of the kinioural profile

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nce their attitpart.

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judged a m

have seen, mularly when td customers are. One waythis sounds sto make sur

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ANY PEOPOURSELF

t for an enjoyensure their dganising theindividuals ttions.

sy to find tho from the cu

all six customd of custom

e of customet to them and

h an individuaness or are e

ese are all nutudes more.

reserved | 32

e a mmile i

meeting the hose expectthat many ary to do this isimple in there their indivi

r wrong, but at grouping teir behaviouraclient experie

LE WHEN

yable journeydifferent custm into group

tick, compan

ose groups, bstomer expe

mer journeyser service thrs and whered how they w

al has ranks employed in ances that dIn fact, to ge

man n his

expectationtations are sere prepared is to tailor theory, a majoridual needs a

looking at thhem by age al profile andence they wa

YOU TRA

y you need ttomers haveps that like thnies can then

but if you sperience then

, people in dhey want frome they come want to be tr

fourth, followcorporate lif

drive their opet the fine art

until s sho

s of the Futuet very high.to go that exe customer jr challenge isare broadly m

he Futureweresults in the

d where theyant.

AVEL, YOU

o travel in goe a great exphe same sortn tailor the ex

pot groups wthere is a go

different age m their high-

from also hareated [Figure

wed by their fe. It does nopinions. It simt of tailoring

you oes

urewealthy isBut, we also

xtra mile to sjourney for es how to groumet.

althy as we de clearest disy live also pro

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ood companerience of thts of things. xperience to

ith similar stood chance t

groups haveend providerave a significe 15].

gender and ot mean thesmply means o

right all of th

have

s no mean feo know for thshow how meach client. Aup customer

do through mstinctions. ovide good

ny. In a similahe service thBy focusingmatch their

rong opinionthey will not

e the strongers. Next up, cant bearing

whether these factors areother factorshese factors

e

eat – hese uch

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many

ar way, ey on

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est the on

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Section Degrees

©2012 S

Figure Dispers

MOTI If we uFutureindivid We hamanagalso se Indeedchallenand thto ens By tracplay baFuturegrow olist. IndFuture


Scorpio Partner

e 15: Grou

sion in respon

ION PICTU

use these maewealthy not dual custome

ave already sgement relatieen their exp

d, private bannge to deliveeir grandchiure the expe

cking age grack this foot

ewealthy clienolder, the impdeed, we can

ewealthy wan

rship. All rights

uping clien

nses to quest

URES

any lenses asjust as a sna

er journeys.

een that the ionship as a pectations fo

nks and weaer on these eldren as well

erience is as

oups througtage and delints are moreportance of n watch this nt at each ste

reserved | 33

nts: what w

tions about th

A

s a window oapshot, but a

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or the service

alth managemexpectations l. If we use arelevant to G

h the customiver what eac

e likely to feepersonal condynamically

ep of the cus

>2

works?

he level of imp

Amount of dispe

on customeras a motion

thy not only rservice whene they will rec

ment organisnot just to in

age as a lensGeneration Z

mer journey,ch generatio

el the benefit ntact and smy by looking astomer journ

20% 15-

portance of st

ersion in respon

r expectationpicture chan

regard a privn they make ceive from th

sations have ndividual clies on their expZ as it is to G

wealth manaon wants. Fo

of events anmooth transaat what each

ney [Figure 16

-20% 10-

teps in the jou

nses

ns we can vieging at each

vate banking their multi-m

hese provide

a particularlents, but oftepectations, iteneration X.

agement orgr example, ynd hospitalityction procesh generation 6].

-15% 5-

urney (All resp

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or wealth millions. We hers are very h

ly complex en to their cht is a powerfu.

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10%

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ir

have high.

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Section Degrees

©2012 S

Figure How im


Scorpio Partner

e 16: Impa

mportant were

rship. All rights

act of age

e the following

reserved | 34

on the priv

g factors in de

vate bankin

elivering a gre

ng experie

eat customer e

ence

experience? ((All responsess)

Section Degrees

©2012 S

The a prirelatprocsimp

Thinrecocan transhosp

It is for thalso themimpo

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Scorpio Partner

Age 20 - 30

Age 30 - 40

Age 40 - 50

Age 50 - 60

Age 60 plus

young Futurivate bank cationship mancess. Insteadply showing t

gs change oognise the vado for them.saction procpitality and u

in the middlehem. They vappreciate t

m. Smooth trortance, whil

older Futuretionship man

nt regular con

older generaress. With efn met, but threlationship,tomers they

rship. All rights

rewealthy vaan offer. How

nagers nor dod, they get mthat it cares.

only slightly falue of indep. At this age,

cess, but theyupdates on w

e years, the Falue informathe benefits ransaction prle some of th

ewealthy connager and thntact, they m

ation are thefficient staff ahey place far so private bcare.

reserved | 35

lue high-quawever, they ao they focus

most benefit f

or the 30-soendent expe they have ay still place m

what the bank

Futurewealthation and supof having a rrocessing anhe aftersales

ntinue to value efficiency

may start to d

e easiest to pand smooth r less value obanks will ne

ality marketinare tough to much attent

from hospita

omethings. Mertise and wha greater appmost value ok can do for

hy really takepport in theirrelationship mnd ongoing cs perks start

ue the brandof the transa

decline some

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future wealth report scorpio partnership aug 2012

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