At a recent industry dinner organized by SEI in London private banking CEOs held quick poll concerning the criteria leading to successful business. The results unveiled that administration process takes staff a great portion of time that could be directed to more time and business efficient deeds.
SEI played the role of sponsor at the dinner hosted by Dow Jones and Wealth Bulletin. The participants of survey touched advice (29%), asset allocation (20%) and alpha generation (18%). 37.5% answered that only a truly unique client experience can differentiate the offer from that of their competitors. This point was taken as a top one to win market place.
Focusing more resources on delivering excellent service is available just with outsourcing in administration. SEI has already released a white paper called ‘The Transformation of Wealth Management: Part 1’ with the sketch of “co-sourcing” model.
These quick poll results demonstrate the concern of private banking CEOs over the significant time their staff spends on administration that could be better employed toward more valuable client-facing activities, says Brandon Sharrett, managing director, SEI’s Private Banking business. Through our work with a variety of wealth management organisations, we understand the challenges these CEOs are facing and have developed a model for “co-sourcing”- a model that can help organisations realign resources toward critical business activities through strategic partnering.”
L.D.