The twenty-second Meeting of Minds Wealth Management and Private Banking took place on Thursday 16 November at The Lanesborough 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 Simon Black at Owen James: firstname.lastname@example.org or you can contact him at 01483 862 698.
The Roundtable Sessions were moderated by Scorpio:
- Stuart Cummins
- Annie Catchpole
- Alex Johnson
- Mark Miles
- Tasha Vashisht
- Laura Cavacuiti
- Ben McNeil
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
With increased regulation, rising operational costs and shrinking profit margins, wealth managers are being forced to re-evaluate their internal technology processes and explore new markets for growth to combat margin pressures and capitalise on future market trends.
BlackRock’s third annual European survey of private banks and wealth mangers shows that regulation, technology and margin pressure are the top three concerns this year. The discussion revolves around which plates are necessary to keep spinning, and which can be a lower priority.
Wealth managers need to prepare for privacy challenges under GDPR and be fully compliant ahead of its implementation on 25 May 2018. Firms must act now and examine their processes and systems to ensure privacy has been considered across all of their products.
While the wealth industry as a whole may not have been disrupted, they have certainly impacted the lower end of the market and with evidence that the challenger banks are starting to push into the advice space and younger clients increasingly requiring digital service, it is essential that the wealth industry are learning from the success and issues of the challenger banks.
The science of financial attention is the emerging discipline arising from the convergence of digital data, psychology and experimental science. As the relationship between individuals and financial institutions becomes digitised, utilising client data to revolutionise the client journey, contextualising client data and explaining factors that are pertinent to their investments is key to client engagement.