What are the opportunities and challenges for the year ahead? - Sean Kelleher

Sean Kelleher of Mondial

Feb 18, 2019

Sean Kelleher, Chief Executive Officer at Mondial discussed the wealth management opportunities and challenges for the year ahead.

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1. What opportunities and challenges do you see for the year ahead?

Video transcript

1. What opportunities and challenges do you see for the year ahead?

The opportunities first. I think there are two very, very significant ones. Number one is the country has to change, the region has to change. We all know oil isn't as powerful as it was as a leverage for creating money. The new leverage is all to do with the fourth industrial revolution, mainly to attract talent. Part of attracting talent is improving employee benefits, so we see corporate planning, corporate pension planning ... well the word pension may not be right, but the corporate severance pay planning, that's definitely going to change as the country reforms to the challenges of the fourth industrial revolution. I think we'll also see more people staying here. The government have created longer-term visas. That means if you go down to Ras Al Khaimah on the weekend you'll see a bunch of people my age enjoying the sun who have lived here earning tax-free money, now they're staying in Ras Al Khaimah drawing down on tax-free money. That's got to be an attraction. So, there is money to be had in these tough times. So, as to opportunities, those are two big ones. Challenges, we have still got five different regulators. We are expecting those regulators to become tougher and tougher. The opportunities can't come without tough regulations, so I see that as the biggest and stiffest challenge.

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