Page 4 - ASSET MANAGER 9 (EN)

4 • LGT – PRIVATE BANKING REPORT 2018
PRIVATE BANKING
REPORT 2018
On behalf of LGT, the Johannes Kepler University conducted a study of the investment behaviour of private banking clients in Germany, Austria and Switzerland for the fifth time.
Study: Prof. Dr. Teodoro D. Cocca, Johannes Kepler University, Linz
A representative number of wealthy investors were surveyed in spring 2018 (CH 156, AT 104 and DE 100 persons).
Although the markets have developed positively in the last two years in par- ticular, there are no signs of a euphor- ic attitude among the private banking clients surveyed in Germany, Austria and Switzerland: the average asset al- location has not changed significantly compared to 2016. The equity ratio, which can be regarded as an indica- tor of investors' risk appetite, has re- mained practically constant.
Domestic shares popular
This home market orientation is high in all survey groups, irrespective of whether an investor is mainly advised
by his bank adviser or whether he in- stead makes his investment decisions alone.
A significant proportion of respon- dents believe that there are no al- ternatives to equities in the current market situation. Compared to 2016, the proportion of those who hold this opinion has increased.
Satisfied, but critical customers
The satisfaction of private banking customers with their primary bank can be designated as good to very good. The good market returns and the good market sentiment of the recent past contributes to this. Compared to the survey of 2016, the satisfaction and enthusiasm values for all three countries are essentially unchanged.
Nevertheless, there seems to be a la- tent potential for dissatisfaction behind these data. If more than a quarter of clients are dissatisfied with the bank, the relationship manager or both, there is a substantial risk of migration.
A certain skepticism can also be seen in the fact that around two-thirds of those surveyed are of the opinion that banks are primarily geared to them- selves and not to the interests of their customers.
Independent customers who make their own decisions remain a relevant segment. Nevertheless, contrary to various forecasts, the majority of cus- tomers do not seem to want to act more independently, even after the financial crisis, but would in fact even