The twenty-seventh Meeting of Minds Wealth Management Private Banking took place on Thursday 10 September as a virtual event. This document seeks to capture the key issues raised in the programme of nine roundtables which took place on the day.
A Meeting of Minds Wealth Management & Private Banking is a strategic forum organised on a biannual basis by Owen James. This was the 27th in the series, bringing people together for a blend of interactive roundtables, external keynotes and networking.
It brings together some 70 C-suite private bankers and wealth managers (CEOs and CIOs) to work through the key challenges facing their individual businesses and the industry as a whole.
At the core of these Meetings is the series of roundtables, accessed via Zoom, addressing the pre-researched and pre-agreed agenda. These provide an opportunity for open discussion led by objective and professional facilitators.
We are pleased to report that even with the restrictions of the virtual format, the participants are still able to enjoy access to strategic insight and networking at the highest level. In addition, two external speakers are invited to provide keynotes which spark debate and encourage fresh and original thinking.
This document summarises the key issues raised during the roundtables held last month. The Meeting abides by the rules of Chatham House i.e. no names are given other than that of the facilitator and the expert who led each session.
The Roundtable sessions were facilitated by:
- Caroline Burkart, Associate Partner, Aon
- Philip Biber, Partner, Wealth Management & Private Banking Practice, Geneva, Sionic
- Giles Patterson, Director, Aon
- Sue Primmer, Chief Marketing Officer, Sionic
- Gilly Green, Managing Partner, Sionic
We are very grateful for the time and energy they have expended on making the virtual Meeting of Minds Wealth Management & 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 this Meeting and on the day.
We would like to thank our sponsors who made the Meeting of Minds possible. The following companies took part and their motivation for doing so is threefold:
- To be, and be seen as being, supportive of the industry.
- To understand the stresses and strains being placed on financial advisory firms and, where possible, respond to them.
- To talk openly with these business leaders with a view to ensuring that their businesses are strategically aligned.
Business Purpose/Brand Authenticity: Why financial services need to demi
Even before Covid there were tremendous cost income pressures – we have barely touched the tip of the iceberg of some of the likely influences that will enhance these pressures – Mifid II increased transparency for fees, and we haven’t even seen the full outcome of that yet. As an industry – despite what we say about brand and client service, we have a problem with lack of differentiation – are products innovative? In many cases, they are par for the course. Some firms have been stagnant in terms of organic growth – the response to the Owen James scene-setter survey shows firms are concerned about client acquisition as one of the key focus areas. And now in the Covid world, nothing has fundamentally changed – yes, we have got a little better with some digital engagement with clients, and some implementations have accelerated, but the needs of firms and clients have not changed.
MA - The Outlook. A consideration of the opportunities and activity during and following the pandemic
This session gave some perspectives on the impact of recent events on how the wealth management industry are addressing digital challenges based upon the insight on Accenture’s clients’ experiences and a survey of around 50 European and Asian Private Banks and wealth managers. The discussion was split into three areas: 1. Impact of recent events 2. Evolution into this new world – “Post” Covid 3. Potential winning moves to 2025
Work, as both a place and an activity, has changed. What does the future look like? Is it now about the work-life blend rather than balance?