Hubbis’ 8th annual Asian Wealth Management Forum 2017 in Singapore is against the backdrop of an environment where private banks and other wealth management firms are at a tipping point in their businesses.
Only a small number of private banks are profitable and the industry is increasingly polarising; with the larger, universal institutions on the one hand, and more focused boutique advisory firms at the other, making more headway.
The challenges continue to include: business models which are still overly-reliant on transactional revenue; continued hurdles in raising competency and productivity; onerous compliance obligations; volatile and uncertain investment markets, and limited real innovation or automation. The growing pace of consolidation highlights some of hurdles the industry faces.
A lack of differentiation in the strategies and value propositions of many organisations vying for market share continues.
Further, with insurance companies among the various financial institutions making a foray into wealth management in Asia, the landscape is changing quickly.
Going forward, individual players need to focus on needs-based conversations with the right clients, backed up by real advice and relevant, contextual information. Plus, the digital revolution has infiltrated all aspects of the business and interactions with clients.
Local institutions onshore also need to seize the opportunity they now have to position their wealth management offerings as more strategic within the wider group. This is especially timely, as many foreign institutions struggle to service the same group of clients, and in the same way, given the demands of transparency and tax-related initiatives.
Against this backdrop, we intend to build on this must-attend fixture in the Hong Kong calendar for those individuals and organisations serious about forging a future-proof model for their wealth management offerings.
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