Malaysian Wealth Management Forum 2019 - Highlights - Kimmis Pun

Kimmis Pun of EFG Bank

Jul 8, 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?

A major challenge facing Asian private banking is that are facing a significant generational transfer of wealth. This is forcing Relationship Managers to evolve a new, different version of their skills. They can no longer solely continue in the traditional method of face to face private banking. In this modern climate, they need to deal with very the tech-savvy and knowledgeable new generation, which is inheriting the wealth. Another challenge is that we cannot solely focus conversation around investment. Nowadays, Relationship Managers need to talk about investment, plus legacy planning, plus asset protections, and may even need to discuss corporate finance. This adds another area in which Relationship Managers may need to develop their knowledge, but, in turn, these challenges create new, potentially immense opportunities. When you have a new breed of inheritors, they bring new ideas. You are able to look into the digitization of private banking products. You are talking to them from a new front, which involves discussion surrounding charities, philanthropy, suitability of investments, and so on. This change in client presents a new opportunity, which we intend to pursue. The modern wealth management landscape is vastly different from that of the past; previously, we only generated income from commissions. Now, we have opened up discussion about the collection of advisory fees.

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