Thank you to the 330-plus senior practitioners across wealth management in Asia and globally who attended our flagship annual event - Wealth THINK 2015.
And thank you to our exclusive sponsor, Thomson Reuters.
This was the second annual summit of global and Asia-based leaders within Private Banks, Independent Wealth Management, Retail Banks, Asset Management, Insurance, Technology, Professional Services and other communities.
This year, more than 40 world-class speakers discussed what the future holds for the industry, including local markets.
This was a timely get-together. Given the rapidly-changing landscape, combined with the blurring of lines and business models between the different types of wealth management organisations, staying relevant and profitable is an increasingly-urgent priority.
While Asia is arguably the world’s most exciting region for wealth management products and services, living up to this potential continues to be easier said than done.
Given the fact that many private banks haven't made money in Asia, they have been astonishingly resilient, and still believe the region's growth story. But surely this must end soon? Plus, many Asian HNW entrepreneurs still think that they can manage their money better themselves. So how can banks become more relevant? Perhaps strong regional banks will be best to deal with these clients?
Against this backdrop, organisations of all types and sizes are striving to create tangible points of differentiation in their vision and approach.
They seek to answer some fundamental questions: What does it take to survive and thrive? Are digital platforms the answer? How can advice be tailored and enhanced to drive differentiation and client loyalty? How to cope with the reality of operating in a highly-competitive and compliance-led environment? Further, how to plug the talent gap is a source of major concern for all industry players. Is it time to cut out those relationship managers and partners who add little value?
Whether they go for scale or take a more focused approach to executing what they do best – the key is to identify and stick to a clear strategy and value proposition.
Only those organisations that are serious enough to take action now, to position themselves to tap the many opportunities in Asian wealth management, will emerge as the winners going forward.
We designed the agenda for Wealth THINK 2015 with these issues in mind.