Summary
The twenty-third Meeting of Minds Wealth Management and Private Banking took place on Thursday 14 June at The Berkeley Hotel, London. This document summarises the key issues raised in the topics discussed during the roundtables that took place on the day.
A Meeting of Minds Wealth Management & Private Banking is a biannual strategic forum organised by Owen James which brings together the CEOs and CIOs of the private banks and wealth managers.
The agenda encompasses investment trends and the geopolitical climate impacting them as well as the day to day issues faced by those running these businesses. 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 Ciara Sala at Owen James: ciarasala@owenjamesgroup.com or you can contact her at 01483 861 334.
This Report
The Roundtable Sessions were moderated by Scorpio.
We are very grateful for the time and energy they have expended on making A Meeting of Minds Wealth Management and Private Banking 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 A Meeting of Minds Wealth Management and Private Banking and on the day.
The Sponsors
We would like to thank all our sponsors who make these Meetings possible. The following groups took part in the Meeting and their motivation for taking part is threefold:
• To be, and to 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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WILL IT BE YOU OR THE ALGORITHM?
Improvements in artificial intelligence and the growing use of algorithms are beginning to alter the way financial advice is delivered to end-clients. Just how far reaching digital adoption and the impact of automation will be on advisor client relationships remains to be seen, but the wealth industry must ensure they are at the forefront of digital adoption.
15 July 2018A Meeting of Minds Wealth Management & Private Banking - June 2018
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SUSTAINABLE INVESTING: ENOUGH TALKING, START INVESTING
The efficacy and motivation for sustainable investing is beginning to grow amongst global investors, with real and quantifiable financial implications. Once seen a niche segment for ideological investors, the incorporation of sustainable considerations into investment decisions is now becoming a mainstream phenomenon and wealth managers must be well placed to advice their clients.
15 July 2018A Meeting of Minds Wealth Management & Private Banking - June 2018
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SO ARE YOU PROVIDING YOUR CLIENTS WITH VALUE FOR MONEY?
As clients begin to look beyond performance as the defining factor in their relationship with wealth advisors, a more transparent and progressive fee structure, focusing on ways to add real value, is the way forward for the industry. It is essential that wealth managers are evaluating progressive strategies to deliver value for money.
15 July 2018A Meeting of Minds Wealth Management & Private Banking - June 2018
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REPUTATION AND BRAND – SLOW TO BUILD AND QUICK TO ERODE – CRISIS MANAGEMENT SCENARIO PLANNING
There are multiple external and internal factors feeding into a company’s brand, marketing communications and brand crisis management. These factors, for example data security breaches or employee dismissal cases are likely to rise up the ladder of importance for wealth managers. Firms need to be ready and prepared to go through various scenarios.
15 July 2018A Meeting of Minds Wealth Management & Private Banking - June 2018
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M&A – IDENTIFYING OPPORTUNITIES AND VALUING THEM
As the M&A activity in the wealth management industry increases and with more buyers than sellers, valuations in the current M&A wealth management industry are close to industry highs. It is imperative that the industry are exploring and capitalising on the opportunities available, particularly in the Fintech arena.
15 July 2018A Meeting of Minds Wealth Management & Private Banking - June 2018
