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Investment Solutions Forum 2019 HK - Highlights - Stewart Aldcroft

Stewart Aldcroft of CitiTrust

Sep 23, 2019

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

Video transcript

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

Well, the biggest opportunity is to continue to serve the client better. The challenge is getting the clients to accept the business can deliver; half of this is about getting better returns, better investments. Some of it, from the provider perspective, will be to try and be more selective about the clients that they are dealing with. I think one of the things that has been a mistake perhaps by many of the banks is to try to take on too many clients, and then find that quite a large number of them are unprofitable. And so, this is where perhaps the bigger private banks, the bigger universal banks, are going to do quite well because they can be more selective about the type of clients they take on for the more specialist services. If you can get rid of the unprofitable part of the business, then you can make much more money; you can enable your relationship managers to be much more specialist, you can train them better and then they've got a better variety of products that they can deliver to their customer.