Expert: Tom Caddick, Head of Investment, Nedgroup Facilitator: Caroline Burkart, Wealth Management & Client Insight industry expert
Headlines:
- Navigating the challenging current environment - The investment industry is facing an unusually difficult period, with high inflation, rising rates and geopolitical issues like the Ukraine war. This requires firms to take a strategic step back and carefully evaluate their direction.
- The power of the boutique model - Specialist 'boutique' managers with aligned interests can excel through focus on their specific expertise areas. This contrasts with larger firms trying to be all things to all clients.
- Adapting to new generations and demographics - Shifting client preferences and demographics require adapting engagement approaches, like increased use of technology and purpose-driven investing. Firms need to align with evolving attitudes.
- Maintaining culture in a hybrid model - Remote and hybrid work makes maintaining strong culture harder. Firms should encourage in-office collaboration while avoiding mandating set days in the office.
- Improving workforce diversity - Increasing diversity, especially getting more women in sales roles, requires addressing biases in hiring processes and being flexible in attracting talent.
- Staying focused as a leader - Leaders need to remain focused on culture, strategy and people, avoiding distractions from day-to-day tactics.
Discussion:
The discussion covered challenges facing the investment industry like high inflation, rising rates and geopolitics. This requires strategic re-evaluation and focus on differentiation.
Key themes included the power of specialist boutiques, adapting to new client generations/demographics, maintaining culture in hybrid work, improving diversity in hiring, and leaders staying focused on strategy.
Key takeaways:
- Review your client engagement strategy in light of generational shifts in preferences and channels. Look at increasing use of digital channels and self-service options
- Analyse your hiring processes to identify and address any areas of bias that may be hindering improving workforce diversity. Be more flexible in attracting talent
- Create more opportunities for in-office collaboration, innovation and mentoring. Social events, team days, away days etc while avoiding mandating set office days
- Review your boutique business model. Are there opportunities to further focus specific investment teams on their key areas of expertise and interest?
- Assess whether you need to take a step back strategically and evaluate our direction in light of the challenging market environment. What are your points of differentiation?
- Audit how you are spending your time as a leader. Ask whether you are too dragged into tactics versus focused on culture, strategy and people?
