MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Archive for October, 2013

A personal touch for wealth management websites (by Francis Groves, Senior Analyst)

Wednesday, October 23rd, 2013

MyPrivateBanking’s research analysts, working on our upcoming report on wealth manager websites, have been impressed with a number of sites that provide contact people or, in a few instances, contactable senior management or research experts.

In one exceptional case, a private bank has made almost its whole organization contactable to website visitors. Although we don’t yet have the final aggregation of data from our evaluation of 50 of the world’s leading wealth managers (the report is due out in the first half of November), this looks like one area in which wealth web presences are steadily improving. While MyPrivateBanking can see that some contacting policies can’t accommodate having named contact people as easily as others, generally speaking we strongly support having named contacts as a key way to enhance wealth manager websites.

Just to see a contact with photo and job description can trigger all sorts of reactions from site users beyond the obvious ‘I could contact that person’. For example, a website user may read into the presence of a contact person any of the following: ‘they don’t just process new business prospects like a machine’, ‘people in this bank stay around for long enough for it to be worthwhile for the bank to put up photos’, ‘this provider doesn’t give fee information on their site, but this contact may be willing to tell me what I want to know’, or ‘the bank has empowered this person significantly by doing this, there must be real trust there, to me this suggests that this is an organisation where people matter’.

These ideas may not be accurate and the person thinking them may reconsider their initial reaction; they may not even react positively. The point is that even if it’s only for a moment or two, the website user has considered a next step in engaging with the wealth manager in question.

Our new report on wealth management websites will be published early November.