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    A TCS study on the UK mass affluent market

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    HIGHLIGHTS

    • A substantial portion of the United Kingdom’s wealth is in the hands of the mass affluent segment.
    • The price-sensitive segment, however, remains underserved and offers a significant opportunity for wealth management firms.
    • A TCS survey offered interesting and eye-opening insights to help wealth management firms adapt their strategies to capitalize on this big opportunity.

    On this page

    Introduction inpage
    Research methodology inpage
    Headline findings inpage
    The mass affluent inpage
    Customer journeys inpage
    Adding value inpage
    Theory and action inpage
    Introduction inpage
    Research methodology inpage
    Headline findings inpage
    The mass affluent inpage
    Customer journeys inpage
    Adding value inpage
    Theory and action inpage
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    Introduction Research methodology Headline findings The mass affluent Customer journeys Adding value Theory and action

    Introduction

    Wealth management firms are grappling with cost pressures, uneven market performance, rising consumer expectations as well as an evolving regulatory landscape.

    In addition, they have to adapt to policy changes that come into play when governments change.   

    While the ultra-high net worth individual (UHNWI) segment continues to demand attention, the mass affluent segment has rapidly emerged as a sizeable opportunity. Though this segment accounts for a substantial portion of the United Kingdom’s wealth, it remains underserved mainly because it has not been a major target for wealth management firms. The mass affluent segment is price-sensitive. Traditional wealth management firms with high minimum investment requirements and service fees are therefore not able to meet their needs. Additionally, the traditional advice model with a one-size-fits-all approach to product and service design is not equipped to cater to the constantly changing requirements of the mass affluent segment, which is increasingly seeking personalized solutions delivered through digital channels.

    The UK’s mass affluent segment represents a major opportunity for wealth managers and advisers. Firms have developed new models such as robo-advice and hybrid services by leveraging digital advances to offer a cheaper entry point to this segment and reduce the cost to serve. However, firms have not been able to perfect this recipe. Given that consumer expectations are influencing the regulatory agenda as well as customer experience and fees, TCS conducted a survey to gain insights on how wealth management firms can adapt their strategies to capitalize on the mass affluent opportunity. The findings were not only interesting but also eye-opening.

    Research methodology

    TCS conducted a survey of 920 mass affluent consumers in the UK during Oct-Dec 2023.

    The survey covered those with investable assets of £50,000-£500,000 ($63,500-$635,000) to identify the opportunities in this space and help wealth management firms refine their business strategy accordingly. A majority of the respondents were in the 40 to 80 years age group, with similar distribution across genders. A large proportion of the survey respondents had investable assets ranging from £50,000 to £100,000 ($63,500-$127,000). The intent was to draw insights about the following key objectives:

    • Mobilize the mass affluent segment by encouraging non-investors to use investment products and increase advice uptake among do-it-yourself (DIY) investors. 
    • Optimize customer journeys through the right mix of human and digital support.
    • Identify where and how generative artificial intelligence (GenAI) can add value and focus product innovation efforts in the right areas.

    Our headline findings

    The survey threw up interesting findings.

    It showed that most of the mass affluent respondents are comfortable with the use of GenAI in investment product recommendation. Also, the younger segment believes investment product will help them grow their wealth. Here are some of the key findings:

    1. Younger mass affluent consumers see investment products as a top contributor to growing their wealth. In contrast to older generations, the Gen Z and millennials expect money they allocate to investment products to be a more important contributor to growing their wealth than their pension plans. 
    2. Risk aversion is a bigger barrier to investment than lack of knowledge or savings buffers. Three-fifths (61%) of non-investors rank risk aversion as a top barrier to moving money out of savings and into investment products, followed by the high rates of interest currently being offered by savings products (42%). The availability of low-risk products was cited as the factor most likely to encourage this group to start investing. 
    3. Economic instability and a limited track record are diminishing appetite for robo models. Just 23% of mass affluent respondents say a robo-advice or fully automated channel would be their preferred route for buying an investment product, even if it is the cheapest option. A limited track record is one key barrier, but 63% of those favoring other routes also say the economic uncertainty has made them less comfortable with a digital-only approach and that they would feel more assured while dealing with a human advisor during volatility. 
    4. Hybrid is king—and mass affluent consumers are clear about when humans must step in.All generations are most likely to prefer a hybrid journey that combines digital and human engagement to buy an investment product over the next 12 months. And, while most mass affluent consumers are comfortable with a fully digital approach for the fact-finding process and product recommendations, the majority want access to a trained human if their financial circumstances change or their investment underperforms. 
    5. Generative AI (GenAI) can support the customer journey as long as it doesn’t manage investments. A majority (53%) of mass affluent respondents are comfortable with GenAI being used to recommend a suitable investment product. However, just 31% are open to AI managing a fund they are invested in. 

    Mobilizing the mass affluent segment

    A big factor holding back the mass affluent from investing is the concern about the risks involved and higher advisory fees.

    Our research into how mass affluent consumers can be mobilized had two distinct components: 

    1. Analyzing non-investors, and how they might be encouraged to move money out of cash and savings into investment products. 
    2. Analyzing self-directed investors—those preferring a DIY or non-advisory approach—and what might encourage them to use professional advice. 

    Mobilizing non-investors to invest

    We observed that the non-investors tend to have lower investable assets: 75% of the respondents had assets between £50,000-£100,000 ($63,500-$127,500). 

    For firms seeking to target this customer group, our survey findings indicate that more than two-fifths (43%) of them are open to investing by reducing their savings buffer to less than £100,000 ($127,000). And only a fifth rule out investing altogether. 

    The survey results also offer a clear picture of what is holding them back: across all generations—barring Gen Z—risk aversion is the top barrier to investing (see Figure 1).

    Figure 1: How receptive the mass affluent segment is to investment providers using GenAI to support the customer journey.
    Figure 1: Why the UK mass affluent segment is not investing enough

    A graphic showing the various reasons that stop people belonging to the mass affluent segment from investing. Risk aversion and the fear of losing money top the list. Besides, better returns from savings account, high market volatility, confusion caused by a wide array of investment products, and not having enough cash to set aside for investments are among the other major reasons. Risk aversion is a major factor across generations, except Gen Z. About 66% of millennials, 57% of Gen X, and 64% of baby boomers are averse to risks in investment. Among Gen Z, 48% said they didn’t invest because they did not have sufficient money, while 38% said they were averse to risk.

    When asked what would encourage them to move money out of cash and savings into investments, nearly a quarter of non-investors cited products that would align with their low tolerance for risk. 

    Mobilizing self-directed investors to use advice 

    The UK’s self-directed and DIY investment market has grown rapidly in recent years. Naturally, this cohort represents a big opportunity for wealth managers.

    Our survey results suggest that most self-directed investors acknowledge they could benefit from getting advice—less than one in 10 feel that advisers do not add much value. Most self-directed investors say they have chosen to do it by themselves because they think advisers’ fees are too high, their portfolios are not large enough, and the DIY approach is a lot more convenient (see Figure 2).

    Figure 2: Why self-service is preferred over wealth managers
    Figure 2: Why self-directed investors do not use the services of a wealth manager

    A graphic showing why self-directed investors prefer to take investment decisions on their own without using the services of wealth managers. Most (49%) feel advisors’ fees are too high. They also say it is more convenient for them (37%) to do it themselves. Another reason is they believe their portfolio size is not big enough to warrant an advisor (39%).

    When asked what would encourage them to seek professional advice, a quarter of self-directed investors cited changes to fee models as the top factor. This indicates that more innovative fee models could convert some self-directed investors into advice users.

    Optimizing customer journeys

    Attracting and retaining the mass affluent segment will require a higher degree of personalization.

    The well-worn approach to customer service used for the mass market will not suffice. Tailoring customer journeys in alignment with individual customers’ financial goals will be key to building deeper relationships.

    Figure 3: Mass affluent consumers prefer the hybrid approach to investing
    Figure 3: Mass affluent consumers prefer the hybrid approach to investing

    A graphic illustrating the preferences of the mass affluent customers for investing from three options: a fully digital approach, a hybrid approach that combines digital and human engagement, or a human adviser approach. Across generations, most of them—i.e. 61% among Gen Z, 61% among millennials, 47% among Gen X, 37% among baby boomers, and 49% overall (49%)—would prefer a hybrid approach that offers automated recommendations of suitable products based on the information they provide, along with a trained human adviser to provide them guidance about products and investment strategies.

    Mass affluent consumers’ limited confidence in digital-only models and aversion to high fees associated with traditional human advice suggest a bigger strategic focus on hybrid models is needed.

    Pathway analysis: Optimizing the investor journey

    Hybrid models look increasingly attractive for financial providers targeting the mass affluent market. Our pathway analysis assesses the extent to which different mass affluent segments need human intervention at each stage of the investment journey.

    Our analysis reveals that a majority of respondents are open to a fully digital approach at the fact-finding stage, when being recommended suitable products, and undertaking annual reviews, provided their financial circumstances have not changed. 

    There are differing degrees of openness to digital across mass affluent sub-segments, but human intervention is most sought at the point of purchase, when financial circumstances change, and when products underperform (see Figures 4, 5, 6).

    Figure 4: Mapping the hybrid customer journey
    Figure 4: All respondents - Mapping the customer journey of the mass affluent segment in investing

    A graphic showing the approaches that the mass affluent segment prefers in different stages of their investment journey. A majority of respondents are open to a fully digital approach at the fact-finding (52%), product recommendation (59%), and annual review (64%) stages, provided their financial circumstances have not changed. Human intervention is preferred at the point of purchase (49%), when financial circumstances change (46%), and when products underperform (43%).

    Figure 5: Mapping the hybrid customer journey
    Figure 5: Investors vs. non-investors - The preferences of investors and non-investors from the mass affluent segment in the investment journey that follows a hybrid approach.

    A graphic showing the various aspects of a hybrid approach investors and non-investors are comfortable with during their investment journeys. Among investors, 56% are comfortable sharing background information in a fully digital approach. Similarly, a digital approach is preferred for matching products suited to their profiles (63%), for making an initial investment (54%), for making decisions on changing investment strategies or products (50%), and for annual review (67%). For non-investors, human intervention is important in all these stages.

    Figure 6: Mapping the hybrid customer journey
    Figure 6: Generational preferences - Mapping the preferences of various generations towards the hybrid approach in wealth management.

    A graphic illustrating the preference of various generations for the two components—digital and human—in their investment journeys. All generations except baby boomers prefer the digital approach for sharing background information, being matched with suitable products, making an initial investment, decisions on making changes. For annual review, even baby boomers prefer the digital approach. Gen X, along with baby boomers, would be comfortable with human intervention for decisions on what to do when products perform poorly.

    To make these journeys efficient and ensure they add value for customers, asset and wealth management firms will require a combination of smart technology and well-qualified people.

    Adding value with GenAI

    The mass affluent market is becoming a hotly contested battleground for the industry.

    As such, while a substantial amount of firms’ near-term investment must be directed at getting the foundations of their proposition right, it is also important to consider emerging technologies such as GenAI that may help to differentiate them.

    Deploying GenAI in the customer journey

    Encouragingly for the industry, around half of mass affluent respondents say they are comfortable with GenAI supporting their customer journey in areas such as curating investment content and matching them with channels and products. However, many draw the line at the technology being introduced to run portfolios: only three in 10 say they are open to this (see Figure 7).

    Figure 7: Openness to investment providers using GenAI to support the customer journey
    Figure 7: How receptive the mass affluent segment is to investment providers using GenAI to support the customer journey.

    A graphic showing how comfortable the mass affluent segment is with the use of GenAI in customer journeys for investment decisions. About 50% are comfortable with GenAI helping curate investment content and matching them with channels and products. However, many draw the line at technology being introduced to run portfolios: only three in 10 say they are open to this.

    Among mass affluent respondents who rate their investment knowledge as strong, more than three-fifths are comfortable with the technology, making them ideal candidates for pilot initiatives. 

    From theory to action

    Our research reveals that mass affluent investors are particular when it comes to financial advice.

    They are exacting about the fee model, engagement channel, pace of growth of their investments, risk appetite, among others. In addition, they prefer to independently verify emerging trends and other aspects through online research and by engaging with market voices rather than product providers.

    Capturing the mass affluent segment will, therefore, require wealth management firms to embrace a discrete approach with a flexible business model and high degree of personalization. Accomplishing this will come with its own challenges, but the rewards will far outweigh the effort—focused attention on this underserved segment will deliver sustained growth, helping wealth management firms that act quickly to gallop ahead of their peers.

    While firms are making efforts to respond to this segment’s needs, a lot more ought to be done especially as regards pricing and business model. So, what specific actions must firms take to capture the mass affluent segment? The detailed report offers valuable insights on how firms can engage this segment. Please write to bfsi.marketing@tcs.com to access the full report.

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