Asian Wealth Solutions Forum 2019 - Exclusive Insights - Mark Smallwood - 2

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1. How much can a bank’s wealth planner do directly, and how much of the role involves co-ordination with external advisors? How can the wealth planner be compensated for this?

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1. How much can a bank’s wealth planner do directly, and how much of the role involves co-ordination with external advisors? How can the wealth planner be compensated for this?

So the wealth planners in the private banks need to have a significant degree of flexibility to deal both within the platform, in terms of the wealth management or wealth structuring solutions that may be available within their platform, but they also need to be able to operate on an open architecture basis. So, we need to see the banks becoming more flexible in that approach. And combined with that, in this transparent world that we live in, the wealth planner needs to be able to give some form of tax advice because the client needs to understand the implications of what they're doing, particularly when they're not resident in the booking centre of the relationship, so that they're ensuring that the management of their portfolios is consistent with the requirements of the jurisdictions in which they are resident, and that they're using product that is suitable for those jurisdictions. And finally, that they're delivering the necessary tax information for reporting purposes.

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