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"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

Weekly Poll

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Clients are now looking for enhanced reporting methods from their wealth managers, a recent poll by SEI reveals.

Around 70 per cent of the respondents said that enhanced reporting is a priority, which coincides with the 87.7 per cent of the wealth services firms that also mentioned the same as a key issue. Some 41.5 per cent of the wealth management companies also said that they intend to invest more in client reporting over the next two years.

"We are clearly in an era that demands increased transparency. While it may be challenging for the industry to deliver on this rapidly emerging need, we are certain that wealth management organizations must move in this direction," said Joseph Ujobai, the executive vice president for SEI's private banks segment.

Just under 69 per cent (68.9 per cent) of the respondents are pursuing portfolio aggregation, which can complement end-client reporting services; a further 81.1 per cent of those polled said they anticipate clients to push for this feature over the next two years. Private banking wealth managers also see it as an opportunity for extra revenue, with 77.4 per cent saying they believe it will boost top-line growth.

"Portfolio aggregation is key to providing end clients with holistic advice," said Al Chiaradonna, senior vice president for SEI's private banks segment. "It is increasingly important for wealth service firms to have a line of sight to third-party custodians so they are able to report on and trade client asset positions held."

The poll was conducted at the annual SEI Connections Conference, which took place 7-9 June; a total of 106 attendees responded.

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