Summary
The twenty-fourth Meeting of Minds Wealth Management and Private Banking took place on Thursday 15 November 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
-
SUITABILITY - AND YOU THOUGHT IT WAS ALL OVER!
Suitability is one of the issues that is at the top of the FCA’s agenda. It comes up time and again on their business plans. According to FCA findings, 96% of advice is suitable. However, even a small proportion of people not agreeing that they were given suitable advice would be a flag. ESMA issued a second paper on suitability recently, and it was aimed at the regulator and broadly in line with the previous paper. Although it isn’t aimed at firms, it is useful for them to see how the regulator will approach it. The FCA is scheduled to do another review in 2019, so now is a good time for firms to reassess and revamp their approach to suitability assessment.
15 November 2018A Meeting of Minds Wealth Management and Private Banking - November 2018
-
THANKS TO MIFID II, INVESTORS ARE NOW SEEING WITH GREATER CLARITY THE LEVEL OF RETURNS THEY ARE RECEIVING ON THEIR INVESTMENTS PLUS THE FEES THEY ARE
MiFID II – the EU directive that came into force in January 2018 – is affecting how industry players view the role of ETFs. In particular, the directive is highlighting a renewed focus on value, trade transparency and liquidity – and driving awareness about ETFs as a way to invest across asset classes and geographies.
15 November 2018A Meeting of Minds Wealth Management and Private Banking - November 2018
-
THE FUTURE OF ADVICE
Trust and satisfaction are key factors determining the difference between ‘good’ and ‘great’ advice among wealth management clients. The successful future adviser will harness technology effectively to enhance their existing proposition while differentiating themselves in the areas of holistic financial planning and behavioural coaching.
15 November 2018A Meeting of Minds Wealth Management and Private Banking - November 2018
-
THE OPTIMAL DIGITAL BUSINESS STRATEGY. IT LOOKS LIKE IT'S ALL ABOUT THE FIRM'S CULTURE!
The industry approaches digital from various angles. Different firms focus on different aspects, but mostly digital is spoken about in the context of client experience. To implement digital transformation projects successfully, firms need to have an organisation-wide digital strategy and focus on its people to bring the change about.
15 November 2018A Meeting of Minds Wealth Management and Private Banking - November 2018
-
VALUE IN EMERGING MARKETS?
Investors are questioning both value investing and emerging markets. Why are they so negative? Is there any future in these areas?
15 November 2018A Meeting of Minds Wealth Management and Private Banking - November 2018
