TABLE OF CONTENTS

EXECUTIVE SUMMARY	
1	INTRODUCTION	
    1.1	REPORT CATALYST
    1.2	REPORT STRUCTURE	
2	STRATEGY FORMULATION	
    2.1	MARKET STRUCTURE	
    2.2	MARKET SIZING AND SEGMENTATION	
        2.2.1	GLOBAL AND U.S. WEALTH	
        2.2.2	SEGMENTATION OF U.S. HOUSEHOLDS BY WEALTH	
    2.3	MARKET SHARE ANALYSIS , BY PRIVATE CLIENT ASSETS	
    2.4	MARKET SHARE ANALYSIS, BY TYPES OF WEALTH MANAGEMENT FIRMS	
        2.4.1	WIREHOUSES	
        2.4.2	RIA CUSTODIANS	
        2.4.3	SELF-CLEARING RETAIL BROKERAGE	
        2.4.4	FULLY-DISCLOSED RETAIL BROKERAGE	
        2.4.5	ONLINE BROKERAGE	
        2.4.6	COMPARISON OF FIRMS BY CLIENT ASSETS	
    2.5	WEALTH MANAGEMENT – MASS AFFLUENT SEGMENT	
        2.5.1	FINANCIAL INSTITUTIONS TARGETING THE SEGMENT	
        2.5.2	STRATEGIES TO ATTRACT MORE CUSTOMERS	
        2.5.3	WINNING MODEL TO TAP TARGET SEGMENT	
        2.5.4	MASS AFFLUENT AND BABY BOOMER RETIREMENT PLANNING	
    2.6	CHANGE IN WEALTH MANAGEMENT PRACTICES POST FINANCIAL CRISES	
        2.6.1	CHANGE IN CLIENT BEHAVIOR & PATTERNS POST CRISIS	
        2.6.2	CHANGE IN CUSTOMER OFFERINGS	
        2.6.3	INCREASED FOCUS ON CRM	
        2.6.4	ADVISORS MOVING FROM WIREHOUSE TO RIA	
        2.6.5	TIGHTENED GOVERNMENT REGULATIONS	
        2.6.6	CHANGE IN OPERATIONAL MODEL	
        2.6.7	CHANGE IN TECHNOLOGY	
        2.6.8	TRANSITION TO FEE BASED APPROACH	
3	CASE STUDIES	
    3.1	CASE STUDY: HILLIARD LYON	
        3.1.1	OBJECTIVES	
        3.1.2	CHALLENGES FACED BY HILLIARD LYON	
        3.1.3	OVERCOMING THE CHALLENGES	
        3.1.4	OUTCOME OF IMPLEMENTING SUNGARD’S WEALTHSTATION	
        3.1.5	CONCLUSION	
    3.2	CASE STUDY: NORTHSTAR SYSTEMS INTERNATIONAL	
        3.2.1	OBJECTIVES	
        3.2.2	CHALLENGES FACED BY CLIENT	
        3.2.3	OVERCOMING THE CHALLENGES	
        3.2.4	OUTCOMES TO THE CLIENT	
        3.2.5	CONCLUSION	
4	VENDOR ANALYSIS AND PROFILING	
    4.1	VENDOR BENCHMARKING	
        4.1.1	FUNCTIONAL BENCHMARKING
        4.1.2	TACTICAL BENCHMARKING	
        4.1.3	BENCHMARKING BY CUSTOMER SEGMENTS	
        4.1.4	WEALTH MANAGEMENT VENDOR RANKING	
    4.2	VENDOR PROFILING	
        4.2.1	ADVICEAMERICA	
            4.2.1.1	Products and services	
            4.2.1.2	Recent developments	
        4.2.2	ADVENT SOFTWARE	
            4.2.2.1	Products offerings and services	
            4.2.2.2	Recent developments	
        4.2.3	INVESTEDGE	
            4.2.3.1	Products and services	
            4.2.3.2	Recent developments	
        4.2.4	NORTHSTAR SYSTEM INTERNATIONAL	
            4.2.4.1	Products and services	
            4.2.4.2	Recent Developments	
        4.2.5	SUNGARD DATA SYSTEMS INC.	
            4.2.5.1	Products and services	
            4.2.5.2	Recent developments	
        4.2.6	THOMSON REUTERS	
            4.2.6.1	Products and services	
            4.2.6.2	Recent developments	
        4.2.7	XEYE (ODYSSEY GROUP)	
            4.2.7.1	Products and services	
            4.2.7.2	Recent developments	
APPENDIX	


 
LIST OF TABLES

TABLE 1	FINANCIAL INSTITUTIONS CATERING TO MASS AFFLUENT SEGMENT	
TABLE 2	PROFIT SHARE OF VARIOUS PRODUCT CATEGORIES ($BILLION)	
TABLE 3	BABY BOOMERS SHARE IN TOTAL U.S. POPULATION (2010 – 2030)	
TABLE 4	FUNCTIONAL BENCHMARKING OF WEALTH MANAGEMENT  SOLUTION PROVIDERS	
TABLE 5	BENCHMARKING WEALTH MANAGEMENT VENDORS, BY CUSTOMER SEGMENTS SERVED	
TABLE 6	MARKET SHARE AND AUM BY PRIVATE CLIENT ASSETS (2008)	
TABLE 7	MARKET SHARE AND AUM BY PRIVATE CLIENT ASSETS (2009)	
 

LIST OF FIGURES

FIGURE 1	WEALTH MANAGEMENT MARKET STRUCTURE	
FIGURE 2	WEALTH AND POPULATION DISTRIBUTION OF U.S. HOUSEHOLDS (2009)	
FIGURE 3	HIGH NETWORTH INDIVIDUALS AND WEALTH (2005 – 2013)	
FIGURE 4	MARKET SHARE ANALYSIS OF TOP PLAYERS (2008 – 2009)	
FIGURE 5	MARKET SHARES OF WEALTH MANAGEMENT INDUSTRY SEGMENTS, BY CLIENT ASSETS (2009)	
FIGURE 6	MARKET SHARES OF TOP WIREHOUSE FIRMS (2009)	
FIGURE 7	MARKET SHARES OF RIA CUSTODIAN FIRMS (2009)	
FIGURE 8	CLIENT ASSETS OF TOP FIRMS IN SELF-CLEARING RETAIL BROKERAGE (2007 – 2009)	
FIGURE 9	MARKET SHARES OF SELF-CLEARING RETAIL BROKERAGE, BY CLIENT ASSETS AND NUMBER OF ADVISORS (2009)
FIGURE 10	MARKET SHARES OF TOP ONLINE BROKERAGE FIRMS, BY CLIENT ASSETS (2007 TO 2009)	
FIGURE 11	CHANGING SHARE OF INDUSTRY SEGMENTS (2008 TO 2009)	
FIGURE 12	CLIENT ASSETS AND NUMBER OF FINANCIAL ADVISORS (2009)	
FIGURE 13	TOTAL CLIENT ASSETS BY TYPES OF WEALTH MANAGEMENT FIRMS (2007 – 2009)	
FIGURE 14	DISTRIBUTION OF WEALTHY HOUSEHOLDS AND THEIR RESPECTIVE WEALTH (2009)	
FIGURE 15	FIRMS TARGETING MASS AFFLUENT SEGMENT	
FIGURE 16	ACCUMULATION AND DISTRIBUTION OF BABY BOOMER ASSETS	
FIGURE 17	CUSTOMER SURVEY: PREPAREDNESS OF WEALTH MANAGEMENT FIRMS TO HANDLE INFLUX OF RETIREE ASSETS (2009)	
FIGURE 18	CUSTOMER SURVEY: A COMPREHENSIVE PLAN ADDRESSING LIFETIME GOALS (2009)	
FIGURE 19	CUSTOMER SURVEY: WEALTH MANAGEMENT FIRMS’ FOCUS ON RELATIONSHIP MANAGEMENT (2009)	
FIGURE 20	CUSTOMER SURVEY: WEALTH MANAGEMENT FIRMS’ SATISFACTION WITH CURRENT TOOLS TO SERVE CLIENTS (2009)	
FIGURE 21	SHIFTING CLIENT FOCUS TOWARDS SAFER AND TRADITIONAL PRODUCTS	
FIGURE 22	ASSETS INVESTED IN WEALTH MANAGEMENT PRODUCTS (2007 – 2008)	
FIGURE 23	CLIENT SATISFACTION INDEX OF WEALTHY HOUSEHOLDS	
FIGURE 24	CHANGE IN WEALTH MANAGEMENT ADVISORS’ HEADCOUNT (2004 – 2008)	
FIGURE 25	COMPARISON OF TOP BUSINESS OBJECTIVES OF WEALTH MANAGEMENT FIRMS (2009 AND 2011)	
FIGURE 26	PREFERRED USE OF CRM FOR VARIOUS OPERATIONS	
FIGURE 27	DEMAND FOR VARIOUS WEALTH MANAGEMENT SOLUTIONS  (2007 – 2009)	
FIGURE 28	COMPARISON OF VARIOUS VENDORS ON STRATEGIC ASPECTS	
FIGURE 29	RANKING OF VENDORS OFFERING WEALTH MANAGEMENT SOLUTIONS