There is a continued need for higher standards of professionalism and client education within the local industry, and more expertise – in terms of advising individuals and families on diversification and allocation of their portfolios, as well as on wealth preservation, business succession planning and wealth transfer.
Navigating today’s transparent world via compliant structures is also high on the priority list for clients.
At the same time, wealth management organisations of all types need to create rational and sustainable business models based on clear points of differentiation in their value proposition.
This requires them to create the most effective product platform, technology infrastructure, compliance and risk management framework, training culture and expertise within all areas of the business.
As with any developing market, there is also a need for more conducive and consistent regulation across wealth & asset management.