The wealth management sector prides itself on its high-touch approach to servicing clients. But despite its best efforts, new WealthBriefing research has revealed that over half of industry professionals believe that wealth managers are being put to shame by other HNW service providers.

Indicative figures from our latest client experience reader survey suggest that over half (54 per cent) of respondents believe that the wealth management industry “trails far behind on service quality.” Just 8 per cent thought that the wealth management industry delivers better service and 38 per cent thought that the wealth management industry is “broadly similar.”

Many see the client of today as being much keener to compare the service standard they receive from their various providers – and this means that the wealth management industry could have a lot to learn from completely unrelated sectors, and even those in the mass consumer space.

WealthBriefing’s global subscriber base was asked this question as part of an ambitious new research report on client experience in wealth management which is due to be published in Q2. Representing readers of WealthBriefing, WealthBriefingAsia and Family Wealth Report, wealth management professionals from all manner of firms have taken part in our online survey, and responses continue to come in thick and fast. Participants in the survey will gain priority access to the report once it is launched, so ensure your first-look access by taking part here.

The survey examines client experience across the relationship lifecycle, assessing current practice at wealth management firms globally. The final report will draw together insights from a number of industry experts, along with case studies and interviews, in order to address what best practice might look like going forward.

In-depth interviews with top-level executives and industry commentators are already well underway, but additional viewpoints are most welcome. Please email the report's author wendy.spires@wealthbriefing.com if you have any insights on client experience which you would like to share.