Independent Wealth Management Forum 2019 HK - Highlights - Harmen Overdijk

Harmen Overdijk of Leo Wealth

Oct 28, 2019

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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 opportunity's obviously that the wealth management industry is changing completely. It's been going on for many years and will probably still take many years, but it's clear that the model of that's been used in Asia for the last 20 years is converging with the model that we seeing in the US and, to certain extent, in Europe, and that creates a completely different playing field for independent asset managers. If you looked in the US 25 years ago, most private wealth was managed by so-called wire houses, stockbrokers, which were not that dissimilar to what the private banks are offering in Asia these days. But if you look at the US market right now, 30% to 40% of the wealth is managed by registered independent advisors, RIAs, and you see now the big banks moving into that space. So, they're moving out of the brokerage space; a firm like Goldman Sachs just bought United Capital, which was one of the larger independent managers, because they want to be in the independent management rather than in the brokerage business, on the retail side.

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