Wealth management might regard itself as a client-centric industry, but a new research paper has revealed some startling findings indicating that clients feel their needs are anything but central to the service they receive.

In its latest research paper, entitled The Relationship Business: Expect the Unexpected, SEI examines the somewhat thorny issue of whether the actual client experience matches what wealth managers purport to provide – and the findings will alarm all but the most sanguine of firms.

Among the headline findings of the report is that private clients generally characterise the wealth management industry as “uncaring” and feel that a “culture of self” permeates this sector. While one might expect such perceptions around investment banking, for example, to hear such comments from wealth management clients clearly indicates that there is much work to be done to tackle the mistrust of many clients and restore faith in the industry.

On a more positive note, SEI’s research does indicate a clear way forward to ensure that clients feel their individual needs are of paramount concern – and it might surprise our readers to find that the survey’s respondents were broadly split as to whether this is ultimately the responsibility of the firm or the individual wealth manager.

To view a copy of the report, click here.