Research On Financial Service Strategy Of Individual High Net Worth Clients In Jilin Branch Of Agricultural Bank

High net worth clients refers to higher net worth clients, generally refers tothe Chinese mainland customers who hold the investable assets of more than6million yuan. Personal assets refers to the assets held by individuals such as cash,bank deposits, funds, stocks, bonds, real estate, off beat investment goods withthe elimination of self occupied real estate and poor liquidity of assets. IndustrialBank and the Hurun Report released high net worth clients reached2700thousandpeople whose personal assets is over6million yuan in " China White Paper of2012China high net worth individuals consumption demand ", Among them there are63500high net worth individuals who has hundreds of millionsof assets. China private wealth market contains unlimited business opportunities andhuge potential, and it has attracted great attention of domestic and foreigncommercial banks.High net worth clients’ assets expanded rapidly, which brought them strongdesire to manage them. In the face of such a huge demand for wealthmanagement, domestic and foreign banks race to control China’s private bankingmarket. China’s financial industry competition evolved into the transition froma popular financial service to private banking wealth management services. TheUnited States of America Swiss International Bank Shanghairepresentative officially stationed in China in2005September, which opened theprelude to high net worth clients competition among domesticbanks. Agricultural Bank set up the first private bank in2010September in Shanghai.For several years Agricultural Bank has been succeeded in setting up private banksin Beijing, Tianjin, Jiangsu, Zhejiang and other provinces and cities. In2013January, the first private bank department of Jilin branch of the Agricultural Bank was established in Changchun City, due to a late start, so there aremany unsatisfactory aspects in customer development, market segmentation, productdevelopment, value-added service and channel construction etc..Based on the analysis of high net worth clients business development andfinancial services in domestic and foreign banks, starting from the Agricultural Bankof China Jilin branch personal financial services to high net worth clients, we appliedthe market segmentation theory, marketing theory and the SWOT analysis method toanalyze the financial service demand of high net worth clients in Jilin branch ofAgricultural Bank, combining with the development of foreign banks to high networth clients and the different risk preference and financial service demandconditions of the high net worth clients. Associating with the development trend ofChina’s high net worth clients and characteristic, at the beginning, we analyzed thatthere is lack of high net worth clients financial services in the high-end customerservice personnel, and product innovation and R&D lag, business positioning is notclear, management mode exists imperfection, high-end customerservice management is no efficiency. We proposed to increase the recognition andcultivation of customers, and each market segment should be made according tothe different risk preference on products and services. We should establish a set oflogistics support service system for person high net worth clients to establishefficient private banking customer service mechanism, increase services to high networth clients personnel training, increase the high net worth clientsexclusive service channel construction, use of the IT system support, improveproduct innovation and R&D efficiency, and provide cross-border service ofall-weather all-round and create a private bank brand. At the same time of thecreation of service value for high net worth clients, we can further enhance thesatisfaction, loyalty and a sense of belonging of the high net worth clients inAgriculture bank.