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Investment Solutions Forum 2019 SG - Exclusive Insights - Damian Hitchen

Damian Hitchen of Swissquote

Jun 17, 2019

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1. Can we cut cost – without impacting the client experience or performance?

Video transcript

1. Can we cut cost – without impacting the client experience or performance?

Undoubtedly, costs can be reduced and managed for end clients. If you take the digital platform that we offer, then the client user experience and the client choice available within that platform will be massively expanded. What I would say, however, is I think the industry needs to be cognisant and think about how far reduction and driving down of costs it really wants to move to, because as I said earlier today, there's always a fundamental cost of doing business if you're operating our type of platform, if you're operating a global custody bank. So therefore there will be a limit to how far we can push that down. Also, there should be a price for professional advice. If you're getting good quality advice as a client from your advisor, then you should be willing to pay for that. But is there an ability to reduce some of the costs that we see today? Undoubtedly, there is. There's cost savings, there's synergies, there's efficiencies available through our platform and other like-minded platforms.

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