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: firstname.lastname@example.org or you can contact her at 01483 861 334.
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.
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.
What will the business model of the future look like and how big an impact will technology have on the customer experience? The discussion revolves around how technology will help wealth managers now and, in the future, and how it can be implemented.
Wealth managers must adapt their operating models and infrastructure to take advantage of new opportunities in the ‘sharing economy’. The demands of client data management are evolving with the advance of technology and have elevated the issue of digital governance to boardroom tables across the industry.
Advisory investment services are becoming increasingly costly for banks to offer, prompting many to move assets away from this service and into discretionary mandates or pulling out of this offering altogether. Delegates discussed their experiences with the advisory proposition in terms of regulatory implications and also their clients’ perspectives.
Tracking client engagement, an important and universally acknowledged challenge, is creeping up the list of CMOs’ priorities. And while many wealth firms, traditionally considered laggards in implementing client engagement programmes, have started to actively gather feedback and track key metrics to improve customers’ experience (CX) – more needs to be done to understand where we are as an industry to be able to better service our clients and their evolving needs.
SHOULD WE TALK TRADE BATTLES? PRESIDENT TRUMP IS. HOW IS IT AFFECTING MARKETS? COULD THE CHANGING WORLD ORDER BENEFIT THE UK AS IT LOOKS SET TO BREXIT
The abundance of global geopolitical issues raises questions on how markets and investments will be impacted – delegates speak about the risks they are most concerned with.