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(MoneyNewsWire.Net, November 21, 2018 ) GlobalData’s "Wealth in Sweden: HNW Investors 2018", report analyzes the investing preferences and portfolio allocation of Swedish HNW investors. The report is based on our proprietary Global Wealth Managers Survey.
Tapering economic growth, political gridlock, and a cooling property market are causing some uncertainty in Sweden’s wealth market, and this reflects in asset allocation forecasts. However, there are some notable bright points, particularly the country’s world class startup scene, which is boosting wealth sourced from technology and financial services, as well as proving a draw to HNW expats setting up businesses.
Specifically the report -
- Profiles the average Swedish HNW investor in terms of their demographics and analyzes the expat opportunity in Sweden;
- Analyzes which wealth management mandates are preferred among Swedish HNW investors and how demand will develop looking forward;
- Examines the allocation of Swedish HNW investors’ portfolios into different asset classes and how the allocation is expected to develop in the future;
- Analyzes HNW investors’ propensity to invest offshore, preferred booking centers, and asset classes;
- Analyzes the product and service demand among Swedish HNW investors.
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Scope:
- 15.8% of wealth in Sweden is derived from the technology & telecommunications sector, one of the highest proportions globally.
- The HNW expat population is in line with the regional average, with almost 80% of this segment hailing from Finland and Norway.
- Swedish HNW individuals tend to work with just 3.4 wealth managers and hold 53% of their portfolios with the lead provider.
- Equities, particularly direct holdings, dominate Swedish HNW portfolios. However, a notable increase in cash holdings is anticipated, with 86.5% of wealth managers forecasting an increase over the coming year.
- Swedish HNW investors hold a sizable 40% of their portfolio offshore. Almost half of offshore holdings are in equities, with centers such as the US, Germany, and the UK a particular draw.
- 60.3% of wealth managers believe they will lose market share to automated investment services over the coming year. Demand for such services is high at 100%, but provision among traditional players is low.
Reasons to buy:
- Develop and enhance your client targeting strategies using our data on HNW profiles and sources of wealth.
- Give your marketing strategies the necessary edge and capture new clients using insights from our data on HNW investors’ preferences for the various styles of asset management.
- Tailor your investment product portfolio to match the current and future demand for different asset classes among HNW individuals.
- Develop your service proposition to match the service and product demand expressed by Swedish HNW investors and react proactively to forecasted changes in demand.
Key Players:
• Swedbank
• Handelsbanken
• Betterwealth
• Fundler
• Lysa
• Opti
• Tieless
• Avanza
• Nordea
• RoboSave
• Nordnet
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Key Points from TOC:
1. EXECUTIVE SUMMARY 1
1.1. Market summary 1
1.2. Key findings 1
1.3. Critical success factors 1
2. OVERVIEW 9
2.1. An uncertain macroeconomic environment is changing the face of the HNW investment landscape 9
2.2. Demographics: financial services professionals represent a lucrative target market 10
2.3. Expats: offering tax services will be key for the small HNW expat community 11
2.4. Investment style preferences: highlighting expertise and convenience will be key to maintaining high-value discretionary business 12
2.5. Asset allocation: a notable increase in cash allocation is anticipated 13
2.6. Offshore preferences: offering investors access and guidance to foreign stock markets is key 14
2.7. HNW product and service demand: wealth managers urgently need to determine their automated investment services strategies 15
3. BECOMING PART OF SWEDEN’S START-UP SCENE COULD PAY DIVIDENDS IN THE FUTURE 16
3.1. Sweden has one of the highest proportions of technology-derived wealth globally 16
3.2. The huge success of Sweden’s start-up scene is driving the importance of the tech sector 17
3.2.1. Stockholm is widely recognized as one of the world’s top locations for start-ups 17
3.2.2. An excellent technical infrastructure and small population make Sweden an ideal test bed for new products 18
3.3. Investment in the sector is growing and proving lucrative for venture capitalists 18
3.3.1. The success of the technology scene is also a boon for financial services, particularly in the venture capital space 19
3.3.2. Wealth managers should look to capitalize on the success of the start-up space by providing access to direct private equity opportunities 20
3.4. Wealth managers need to improve their engagement with the technology ecosystem 20
3.4.1. While local wealth managers are well versed in catering to entrepreneurs and employees… 20
3.4.2. … they need to improve their outreach to the start-up ecosystem 20
4. HIGHLIGHTING TAX EXPERTISE AND BUSINESS ADVICE WILL HELP TO ATTRACT EXPATS 21
4.1. The HNW expat opportunity is not particularly large, but indications are that it is growing 21
4.1.1. The HNW expat population is slightly above the European average 21
4.1.2. Interest in investment visas is increasing 21
4.2. Sweden’s start-up scene is a particular draw for foreign talent and investors 22
4.2.1. Sweden offers tax breaks for expats 23
4.2.2. There are no limitations on foreigners starting businesses 23
5. DISCRETIONARY SERVICES WILL REMAIN DOMINANT, BUT HIGHLIGHTING EXPERTISE WILL BE INCREASINGLY IMPORTANT 25
5.1.1. Discretionary services account for the majority of the market and demand is set to increase 25
5.1.2. Lack of expertise and time are key drivers for professional financial management 26
5.2. However, increased price sensitivity means providers should not rest on their laurels 26
5.2.1. HNW investors are willing to self-direct for lower fees, especially for simple investments 26
5.3. Wealth managers must focus on relationships and building trust to differentiate from self-directed and automated offerings 27
5.3.1. Relationships are also key for encouraging clients to try new investment types 28
6. THE PORTFOLIO MIX IS CHANGING AND WEALTH MANAGER GUIDANCE WILL BE CRUCIAL 30
6.1. Equities currently dominate, but a shift into cash and bonds is strongly anticipated 30
6.1.1. HNWs are becoming more risk averse thanks to uncertainty in the market 31
6.1.2. Negative interest rates and the weak Swedish krona mean cash holdings will need to be handled carefully 32
6.1.3. Bond holdings will be aided by a well-performing corporate bond market 32
6.2. Property market concerns call for an investment strategy review and a frank discussion with clients 33
6.2.1. Residential property prices appear to be cooling 33
6.2.2. The commercial market is faring better and HNWs will benefit from their exposure here 34
7. PROVIDING ADVICE ON AND ACCESS TO INTERNATIONAL FINANCIAL MARKETS IS KEY 35
7.1. Swedish HNW investors hold an above-average proportion of their portfolios offshore, predominately in equities 35
7.1.1. Equities account for the majority of holdings thanks to their diversification benefits 35
7.1.2. The quest for better returns is the predominant driver 36
7.2. Economic and currency instability are also important drivers 37
7.2.1. The krona dropped to a nine-year low in 2018 38
7.3. Offshore holdings tend not be for tax purposes, but recent leaks have had some fallout 38
8. AUTOMATED ADVICE PRESENTS OPPORTUNITIES BUT INCUMBENTS MUST DETERMINE THEIR POSITIONS 40
8.1. HNW demand for robo-advice is high, but wealth manager provision is low 40
8.1.1. Automated advice is the most strongly in-demand service among HNWs 40
8.1.2. However, wealth management provision is noticeably lacking 40
8.2. Fintech start-ups have led the way, but incumbents are starting to enter the market 41
8.2.1. Fintech players have dominated the Swedish robo-advice scene 41
8.2.2. Wealth managers see automated advice as an opportunity, not a threat 41
8.2.3. Avanza, Nordea, and Nordnet have all launched robo-advice services 42
8.3. Fintech robo-advisors are also making moves into the wealth management space 43
8.3.1. Opti launched a hybrid advisory and automated service in 2018 43
9. APPENDIX 44
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