Summary
The twenty-fifth Meeting of Minds Advisory Distributors took place on Tuesday 26 June at Pennyhill Park, Surrey. This document summarises the key issues raised in the topics discussed during the roundtables that took place on the day.
A Meeting of Minds Advisory Distributors is a biannual strategic forum organised by Owen James. It is an opportunity for some 60 plus CEOs/Managing Directors - who are responsible for setting the business strategy of their organisations - and CIOs/Heads of Investment - who set the overarching investment strategy for the organisation, to come together with product and service providers keen to engage with them on a strategic level. These Meetings provide a neutral environment where they can examine industry issues, opportunities and develop business strategies to address them.
Participants enjoy access to strategic insight, active involvement in shaping the industry and networking at the highest level.
The day is a blend of roundtable sessions addressing a pre-researched and pre-agreed agenda with open discussion led by objective and professional moderators; keynotes provided by external speakers whose remit is to spark debate and encourage fresh and original thinking; plus substantial networking both structured and unstructured.
To find out more about taking part, please contact Emily Landless at Owen James: emilylandless@owenjamesgroup.com or you can contact her on 01483 862 698.
This Report
The Roundtable sessions were facilitated by:
- Neil Baines-Thomas, Venture Development Solutions Ltd
- Rod Bryson, Capgemini Consulting
- John Chapman, Owen James
- Colette Dunn, Milliman UK
- Martyn Laverick, Soprano Consulting
- Paul Miles, Silverbacks Consulting
- Roderic Rennison, Rennison Consulting
- Brod Whiting, JoynedUp Ltd
We are very grateful for the time and energy they have expended on making A Meeting of Minds Advisory Distributors a success and hope you will consider this report an interesting, thought-provoking and accessible read. As ever your feedback is much appreciated.
We would also like to thank the independent experts who were part of the sessions for sharing their knowledge and giving us their time and energy both in the run up to this Meeting and on the day.
The Sponsors
We would like to thank all our sponsors who make these Meetings possible. The following groups took part and their motivation for taking part is threefold:
• To be, and be seen as being, supportive of the industry
• To understand the stresses and strains being placed on the industry and, where possible, respond to them
• To talk openly with these business leaders with a view to ensuring that their businesses are strategically aligned.
The Findings
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Achieving your expected growth rate. Identifying the business activities which yield results
Leveraging data from two major studies commissioned by Dimensional in 2017, participants will take part in focused discussions covering the actions that global advisory firms are taking to achieve their expected revenue growth now and in the future. Drawing on the study results of 1,300 global advisory firms, and 19,000 advisory firm clients, the discussion will cover business development and the marketing practices that firms report they undertake, and which of these activities yields results.
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AI - is it you or the algorithm?
Artificial intelligence is making rapid inroads into financial services. We are already seeing algorithms taking over the more basic levels of financial advice and they will increasingly be moving up the food-chain, from specific tasks, such as asset allocation, to fully-fledged turnkey solutions. How should client-facing firms adapt to the new model?
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Direct Lending and Peer to Peer
Why is it the fastest growing asset class in the world right now?
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How crucial is it to control all your client’s wealth?
Might it be a better strategy to be your client’s key financial adviser? Increasing the amount of your client’s wealth on which you advise could be seen as an avenue for growth. However the counter argument is that having a smaller share of wealth presents a lower risk to your company and indeed the rest of your clients.
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How do you convince your clients to pay more attention? The digital journey
Logging on and checking your money is the adult equivalent of shaking your piggy bank. Your clients are very busy and it is difficult to attract their attention.They might log on and check the state of their portfolio - which is good - but can you deepen the connection whilst they are there?
