Scorpio’s Futurewealth programme – now in its second year – investigates the behaviours and needs of HNW individuals worldwide. In 2009, the firm drew responses from almost 1,500 persons, with an average net worth each of around $2.8 million. (To see the new online survey questionnaire link, click here).

The need for such a survey is highlighted by the fact that while investors are slowly regaining confidence and markets have recovered from their 2008 trough – albeit with some pullbacks – the wealth management industry has not benefited to a comparable extent. As demonstrated earlier this year by a Société Générale survey, there remains considerable distrust of financial services.

“Markets have rebounded and confidence is returning but banks are not picking up that new money,” said Catherine Tillotson, Scorpio Partnership's author of the The Futurewealth Report.

To address this problem, better understanding of client needs and behaviours is vital, she said.

A number of firms have looked at different ways of monitoring client needs and preferences. In April 2008, Barclays Wealth rolled out a psychometric testing programme for clients, for example; the UK wealth manager and advisory business HFM Columbus has launched a similar process.

Scorpio’s latest research project, conducted online, continues the theme of identifying the realities of an individual riding the curve of wealth creation. Areas such as their attitudes toward society, family and the future are central to the research, it said.

"Today's lieutenant's are tomorrow's captains of industry," said Seb Dovey, managing partner of Scorpio Partnership, noting that the project is challenging the received wisdom on the needs of the wealthy client. "This work is resetting the clock on the ways in which all businesses - whether they are wealth managers or providers of goods and services to this target segment - can reach out to this highly attractive and influential client group across the planet,” he said.

The Futurewealth project has now secured two foundation partners alongside Scorpio Partnership. These are The Standard Chartered Private Bank and SEI Investments. Dovey noted that two other firms are in discussion to be partners, adding that they are from the luxury goods and specialist manufacturing sectors.