Highlights from the Financial Times Asian Wealth Management Summit 2016
On 15th November 2016, Financial Times Live hosted the FT Asian Wealth Management Summit 2016 at the prestigious Fullerton Hotel in Singapore.
The event is attended by many of the Wealth Management & Private Banking top professionals including:
- Michael Blake, CEO Private Banking Asia of Union Bancaire Privee (UBP)
- Rahul Malhotra, Managing Director and Head of Southeast Asia of J.P. Morgan Private Bank
- Johan Jooste, Managing Director and Chief Investment Officer of Bank of Singapore
- Amanda Chen, Deputy Head of Wealth Management, Asia ex-Japan of Nomura
- and many more
In a Keynote Interview with Michael Blake, CEO Private Banking Asia of Union Bancaire Privee (UBP)
In a keynote interview with Michael Blake, CEO Private Banking Asia UBP, when asked if size matters in Private Banking, he replied:” Size does matter, (though) big is not necessarily always beautiful.”
What Clients Look for in a Private Bank
He added that clients when looking for in a Private Bank, wants “ someone who can trust and work for in the long term, stability in a relationship, pick up the phone, send an email to someone they are familiar with. “
On Generation Transfer
When discussing about succession planning & generation transfer for wealthy families, he asked if the new generation ” would want to have the same Relationship Manager as their parents, or would they prefer to use an interface “
On the Rise of Family Office
Rounding up the keynote interview when asked about how Family Office is playing an important part, he adds ” Family Office provides sharing of best practices such as the career council. For Multi-family offices, it provides a ready execution platform “
The keynote interview was conducted by Jennifer Hughes, Editor of Financial Times
In a Panel Discussion on: Increasing Share of Wallet and Client Retention
David Chong, Founder & President of Portcullis Group provided thought-provoking insights on wealth advice and clients’ perspectives. When asked on providing advice to clients, he replied ” You either sell advice or you sell products to the wealthy. You can’t sell both.”
Asian is a Key Financial Center
He further illustrate why Asia will be the key Financial Center: “If you are an Asian billionaire, you would like to be in the same time zone. You wouldn’t want to wait for London or New York for advice. You want to be in Asia.”
He added that Labuan could be a key financial center as the Asian Billionaire can take his private jet and reach there within a few hours, and get off within the day. (Giving coverage to a key sponsor of the event … … to the slight laughter in the crowd)
Banking with one Bank is a Fallacy
David summed up aptly why banking with one bank is a fallacy. “No client will trust only one bank – if the client is sensible. Clients will have more than one bank.
On Wine & Dine, Regulations
Amanda Chen, Deputy Head of Wealth Management APAC of Nomura, during the touched on wine and dine in Private Banking, “ Wine and dine can be a way to get to a common interest. It is a way to establish a relationship with client. Younger generation may want to talk about impact investing “
She added on a hot topic in regulations, that “Regulations benefit clients. Being transparent – means better pricing “
Alice Tan, Head, Investment Consultant & Investment Strategy, Regional Private Wealth of Maybank shared her wisdom on what over-regulations would do: ” Financial industry is a trust business. Clients are already doing due diligence on which banker (to use) & banker to trust. Over-regulation has only marginal benefits “
The panel discussed was moderated by Jennifer Hughes, Editor of Financial Times
In another Panel Discussion on: Effective Strategies for Engaging Millennials
Ajay Kumar, Assistant General Manager and Head of Asset Management for Qatar National Bank thoughts on investments for millennials: ” You have a bad investment, it is a long-term investment. You have a good investment, it is a short-term investment “
On Hedge Funds
When asked if alternative investments is of growing importance to the younger generation, he gave an example ” As more Hedge Funds comes in, it crowds the strategy. Many rely on factor-based model and replication. Many can’t deliver alpha. To succeed, they will have to constantly change their model “
About the Financial Times:
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. Providing essential news, comment, data and analysis for the global business community, the FT has a combined paid print and digital circulation in excess of 805,000. Mobile is an increasingly important channel for the FT, driving more than half of total traffic. More: About Financial Times
By Caproasia Online at Asian Wealth Management Summit 2016 – Financial Times.
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