There are an increasing number of super rich in Canada according to report released Thursday.
Capgemini’s World Wealth Report reveals that there was an 11.1% increase in high net worth individuals (HNWIs) in Canada in 2016, taking the total to 356,930.
The wealth of Canada’s richest increased 11.7% to a total of $1.1 trillion.
The report reveals that wealth managers delivered above-benchmark returns for their HNWI clients but there are some issues surrounding client satisfaction.
Globally, HNWI investments overseen by wealth managers grew 24.3% in 2016, outweighing earnings from lower-cost passive index funds considerably.
The report found that 56% of HNWIs were open to using BigTech for wealth management but that that sector would benefit from hiring experts to build their own capabilities.
“Firms that are able to combine their wealth management expertise with BigTech customer experience skills could lead the way by offering truly innovative services,” said Executive Vice President Anirban Bose, Head of Global Banking and Capital Markets at Capgemini.
Satisfaction with wealth managers (56.3%) and their firms (58.5%) among high net worth clients was muted, the report says, with limited service options and fee structures among the key reasons.
Just 47.8% of HNWI clients are comfortable with the level of fees for charged for wealth management services.
The full findings are available at www.worldwealthreport.com
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