Private banking wealth managers and operations personnel say their clients want significantly enhanced financial reporting in a post-Madoff world, according to a poll conducted by SEI.

Nearly 70 per cent (69.8 per cent) of respondents said their clients are asking for enhanced reporting.

In response to client needs, 87.7 per cent of wealth service firms said delivering enhanced reporting is a top priority.

In addition, 41.5 per cent said that their firm intends to invest in client reporting over the next two years.

When asked what their top requirement is in regards to client reporting, approximately 40 per cent said that flexibility and customisation is their biggest need.

A little over 33 per cent (35.8 per cent) answered that they are seeking better reporting in order to create a user-friendly end-client experience.

"We are clearly in an era that demands increased transparency. While it may be challenging for the industry to deliver on this rapidly emerging need, we are certain that wealth management organisations must move in this direction," says Joseph Ujobai, executive vice president for SEI's private banks segment. "The industry's near-term future is predicated on providing a heightened level of value for end clients. We believe, in order to differentiate themselves, it will be vital for firms to present their customers with a comprehensive view of all investment information."

More than two-thirds of respondents (68.9 per cent) are pursuing portfolio aggregation, which can compliment end-client reporting services. In fact, 81.1 per cent of those polled said they anticipate their clients will push for portfolio aggregation in the next two years.

Private banking wealth managers see portfolio aggregation as an opportunity for additional revenue, with 77.4 per cent saying they believe it will strengthen top-line growth.