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Independent Wealth Management Forum 2019 HK - Highlights - Aleksey Mironenko

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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 industry is very much needed. You have a lot of private banks and a lot of financial advisors who are working with clients, not always in the client's best interest. I don't want to paint a broad brush and call everyone not fiduciary, but there certainly are instances of that. And independent asset managers when they are truly independent, when they really focus on the client, deliver a personalised service that, in many cases, isn't available to investors in Asia today. The challenge is surviving. There's a certain minimum scale that asset managers, independent asset managers, need to have in order to truly be able to deliver a world class wealth and financial advice service to clients. That means they need to get to certain minimum assets under management across multiple clients, not just one or two, because (otherwise) then they're always in danger of being fired or having disagreements with their principals.

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