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Asian Wealth Solutions Forum 2019 - Highlights - Mark Smallwood

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1. What are the opportunities and challenges for this industry?

Video transcript

1. What are the opportunities and challenges for this industry?

The typical relationship manager at a private bank is very constrained with time and has very significant targets from a revenue perspective with clients to be generated from investment work. However, in order to survive in the changing environment, they need to be able to add value to their relationship to the client. As the fee compression continues, in order to maintain the fee spread, they need to be able to offer additional value to the client. And one of the most important areas, particularly for a mid-shore jurisdiction like Singapore or Hong Kong, is that they're able to provide advice on structuring, on tax mitigation, on tax compliance in the home country of the place the client lives. So going forward, whilst the relationship manager may not have the time to do it themselves, they need to make the time to introduce and coordinate the advisors that their clients can deal with in order to create that added value.

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