Wealth in Poland: HNW Investors; Understanding HNW investors and wealth management strategies.

Wealth in Poland: HNW Investors; Understanding HNW investors and wealth management strategies.


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Executive Summary

The Polish HNW population is dominated by entrepreneurs who prefer to stay in control of their finances, even if they lack experience in capital markets. While they do approach wealth managers for investment advice, Polish HNW investors like to sign off most decisions regarding their portfolios. With the 2008-09 financial crisis fresh in mind, they focus on low-risk products which do not offer high margins to banks. Hence the main challenge for Polish competitors is developing a strong, trust-based relationship between advisors and clients. As clients begin to realize the added value of wealth management services, they will be more likely to shift their preferences towards equities or alternative asset classes, as well as pay for additional solutions such as tax or inheritance planning.

Key Findings

Almost 72% of Polish HNW individuals are entrepreneurs, with most running businesses they started themselves. Millionaires who inherited their fortunes are scarce.

Only 4.3% of HNW investors are expats, originating mostly from neighbouring Germany.

Although Polish HNW clients accept that they can't manage their portfolios without help, they still prefer advisory mandates and enjoy having the last word on any adjustments.

Polish HNW investors are risk-averse, allocating 56% of their assets to bonds or deposits.

Wealth managers expect their clients to show growing demand for alternatives, which are very under-represented in HNW portfolios compared to developed markets.

Securing a steady cash-flow for retirement is vital for Polish HNW individuals. Looking forward, 95% of wealth managers forecast growing demand for inheritance planning.

Synopsis

Verdict Financial's "Wealth in Poland: HNW Investors" report analyzes the investing preferences and portfolio allocation of Polish HNW investors. The report is based on our proprietary Global Wealth Managers Survey.

Specifically the report:

Profiles the average Polish HNW investor in terms of the source of their wealth and age as well as analyzing the expat opportunity in Poland.

Analyzes which wealth management mandates are preferred among Polish HNW investors and how demand will develop looking forward.

Examines the allocation of Polish HNW investors' portfolios into different asset classes and how allocation is expected to develop in the future.

Analyzes the product and service demand among Polish HNW investors.

Reasons To Buy

Develop and enhance your client targeting strategies using our data on HNW profiles and source of wealth.

Give your marketing strategies the edge required and capture new clients, using insights from our data on HNW investors' drivers for seeking investment advice vs self-directing.

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 Polish HNW investors and react proactively to the forecasted change in demand.



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EXECUTIVE SUMMARY

The wealth management industry in Poland is still developing

Key findings

Critical success factors

PROFILING THE POLISH HNW INVESTOR

Businessmen dominate the Polish HNW population

Almost half of HNW investors in Poland are first-generation entrepreneurs

Many Polish millionaires source their wealth from the manufacturing industry

The HNW expat population in Poland is small

Only 4.3% of HNW investors in Poland originate from other countries

Most HNW expats come from developed economies

HNW INVESTMENT STYLE PREFERENCES

Polish HNW investors rely on their wealth managers' advice

Professional advisors are expected to be able to manage complex portfolios

Less than a third of Polish HNW assets are held in discretionary mandates

Demand for execution-only platforms is quite strong

Polish self-directed investors want to remain in control of their money and save on fees

Polish HNW investors will be increasingly switching to advised asset management

Wealth managers forecast a decrease in demand for execution-only platforms

UNDERSTANDING ASSET ALLOCATION TRENDS AMONG POLISH HNW INDIVIDUALS

Polish HNW investors remain risk-averse

The majority of HNW portfolios are invested in bonds and deposits

Equities constitute the high-risk share of HNW portfolios

28% of the average HNW portfolio is allocated to debt securities

Deposits are the largest component of Polish HNW investment portfolios

Demand for real estate investments will increase

Commodities are neglected by most HNW investors in Poland

Alternatives are underweight in Polish HNW portfolios

HNW PRODUCT AND SERVICE DEMAND

Demand for future planning services in Poland is on the rise

HNW investors are currently concerned about their pensions

However, succession planning will be increasingly important

Demand for tax and property advice is lower than in the wider region

Polish HNW investors seek tax advice from outside their private bank

In the future, provision of investment property and tax advice will be essential

APPENDIX

Abbreviations and acronyms

Definitions

Affluent

Mass affluent

HNW

Liquid assets

Methodology

Verdict Financial's 2015 Global Wealth Managers Survey

Exchange rates

Bibliography

Further reading

About Verdict Financial

Disclaimer

Figure 1: Almost half of Polish HNW investors are first-generation entrepreneurs

Figure 2: The Citigold Private Client proposition includes access to a business advisor

Figure 3: More than a third of Polish HNW investors acquired their fortunes from property and real estate activities

Figure 4: There are more long-term HNW expats in Poland than in other Central and Eastern European markets

Figure 5: The majority of HNW expats in Poland originate from neighbouring Germany

Figure 6: Portfolio complexity and lack of time drive Polish HNW individuals' demand for professional advice

Figure 7: Advisory mandates are most popular among Polish HNW investors

Figure 8: 80.3% of Polish wealth managers experience strong demand for their execution-only platforms from HNW investors

Figure 9: Desire to maintain control over their portfolio drives self-directed investment in Poland

Figure 10: More than 61% of Polish wealth managers expect demand for execution-only asset management to decrease

Figure 11: mBank's discretionary asset management offers both model portfolios and individual strategies

Figure 12: Polish investors' allocations in bonds and deposits will decrease

Figure 13: More than 70% of Polish HNW equity holdings is allocated to funds

Figure 14: The vast majority of wealth managers forecast demand for equities to rise

Figure 15: Direct holdings are preferred by HNW clients investing in the bond market

Figure 16: Demand for bonds is expected to decrease significantly

Figure 17: Deposits constitute 29% of an average HNW portfolio in Poland

Figure 18: Polish HNW investors hold cash to maintain liquidity

Figure 19: Property allocations in Poland are above the regional and global average

Figure 20: Polish wealth managers expect increasing demand for property investments

Figure 21: Only 2% of Polish HNW assets are invested in commodities

Figure 22: 20% of wealth managers expect increased demand for commodities

Figure 23: Polish HNW investors' allocations in alternatives are divided between hedge funds, private equity, and structured products

Figure 24: The majority of Polish wealth managers expect increased interest in alternative investments

Figure 25: Almost 40% of Polish wealth managers experience weak demand for inheritance planning services

Figure 26: Demand for planning services in Poland is on the rise

Figure 27: Demand for property and tax advice in Poland is lower than in the wider region

Figure 28: HNW investors will be increasingly looking for real estate and tax advice

Table 1: Contribution to GDP and average monthly salaries of selected industries in Poland

Table 2: Polish zloty-US dollar exchange rate, December 31, 2014 and December 31, 2015

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