Digital Wealth Asia Forum 2019 HK - Exclusive Insights - Bassam Salem - 2

Bassam Salem of Obuhi

Nov 29, 2019

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1. How should Private Banks deliver advice in the digital age?

Video transcript

1. How should Private Banks deliver advice in the digital age?

Private banks have to embrace transparency, and show all the fees that they charge and explain all the fees that they charge. I think there is room to have a service where clients are not paying for advice and they just pay for execution. Clients have their own ideas and views and they just would like to implement the views, and the cost would be low. And then there is another segment of the client base that require an advice. They need an advice. And the challenge is that those customers are unwilling to pay for that advice. And I think if the bank can show the value added of the advice, as they do in discretionary portfolios where they track the performance of the various portfolios that they manage, and then at the end of the year they sit down with the client and they show them what they did in terms of performance vis-a-vis the relevant benchmark, if they can demonstrate that the advice has value and if they can put a metrics around that performance, I think clients potentially would be willing to pay a price for that advice.

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