There is a fierce competition going on for high net worth (HNW) expat clients in Australia where wealth managers who are involved clients in a foreign country providing assistance during relocation will enjoy a competitive advantage, says leading data and Analytics Company.
These HNW expants are a profitable sector due to their more complex servicing requirements, which translates into higher fee income. 16% of wealth managers target expats while they still reside in their home country shows according to Survey reports about the market.
Financial Expert says that: “To some point this can be recognized to the shrinking international footprint of Australian banks. This makes it even more important to find new paths to reach out to expats while they still reside in their country of origin. Companies with relocation Partnerships signify one such method. In many cases, a migrant’s first point of contact is a relocation company, making them a natural recommendation partner choice. Partnerships provide a profitable means to generate new business, but they would allow providers to set themselves apart from the competition.”
According to some research tells that only a very few providers have the in-house capabilities to provide specialty services that generally sit outside of a wealth manager’s core competencies anyway. For instance, less than 10% of wealth managers offer property services, such as finding suitable permanent or temporary accommodation. However, in several cases a bank’s relationship with its affluent clients is not limited to the provision of financial services.
Experts provides the conclusion that: “Companies with Partnerships that support expats in finding all the new services they need upon arrival– from a property, to a school for their children, to help with banking – is a reasonable move for wealth managers targeting expats.”