What challenges are the wealth managers of private banks facing?

24 November 2016Hannah Jackson

NewsPiece of MindWealth Management & Private Banking

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Last week, Owen James ran the 20th Wealth Management and Private Banking Meeting of Minds – we have hit the decade mark! 

The objective of A Meeting of Minds is to provide a platform for the strategic and investment heads to work through the key challenges they are facing in their businesses and the industry as a whole, as well as identifying actions to work together and drive change forward.  

We asked our audience to provide data to give us a zeitgeist of the industry and we thought it was worth sharing some of the highlights...

In terms of the biggest challenges, threats and opportunities facing their businesses, they understand that with the rise of populism there are volatile markets and low interest rates… the geopolitical and economic landscape are also giving them lots of headaches. 

The digitisation of the industry continues to be viewed as both a saviour and a curse, with rising cost income ratios continuing to keep them up at night.  Understanding and winning clients is also recognised as a big challenge across all our distribution channels. 

The rising cost and burden of regulation continues to be the dominating challenge.  That said, the weight of this challenge appears to be waning. So when we asked what they would do if they were in the FCA’s shoes, it was all about delivering a consistent, clear message along with greater guidance.  However, there are increasing calls to review the commerciality and impact of past decisions such as RDR! 

We are next bringing this audience together on Thursday 15 June 2017 at the Lanesborough Hotel. For more information please do check out our community page which will tell you what is going on in private banking in the wealth management community or email hannahjackson@owenjamesgroup.com

 

 

 


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