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2016: Trends to Watch in Wealth Management

出版商 Verdict Financial 商品編碼 350784
出版日期 內容資訊 英文 55 Pages
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資產管理上值得注意的趨勢 2016: Trends to Watch in Wealth Management
出版日期: 2016年01月29日 內容資訊: 英文 55 Pages

全球財富管理 (資產管理) 已和五年前大不相同。多數國際性大企業不是消失就是在金融危機後大幅重組。資產管理企業僅能縮小提案,或是精實化。

本報告網羅全球財富管理 (資產管理) 市場,提供您法規,產品與服務趨勢,資產分配的推動因素等系統性資訊。



  • 股票壓倒性勝者
  • 替代的主流持續


  • 國際法規更進一步改變了海上趨勢
  • 現場法規 (俄羅斯的CFC等) 也影響了委外市場
  • 禁止手續費的趨勢從早期採用者擴大成主流


  • 資產管理企業重視UHNWI


  • 數位破壞影響整體資產管理鏈
  • 財富管理機構將尋求新的方法來增加資產授權


  • 資產管理企業追求更具選擇性的地區策略
  • 投資銀行面臨金融危機後的調整課題
  • 機器人理財的整合開始



Product Code: VF0001IA


The face of global wealth management is very different to five years ago. Many of the large international players have gone or are undergoing significant restructures as they adapt to the post-financial crisis world. The universal banking model of old is diminishing and many players are stepping back from investment banking. At the same time, banks are now much more selective in their approach to global expansion - no longer is it a case of the more countries the better. Today's wealth managers are having to slim down and hone their propositions. The previously rich pickings of the offshore wealth management industry are becoming ever slimmer with the advent of the OECD's Common Reporting Standards; meanwhile the march towards commission bans is pushing the industry to a fee-based advice model. All of this, together with advances in the digital world and fintech disruption, means wealth managers are being pushed to rethink their approach to the delivery of investment advice and who they deliver it to.

Key Findings

  • Australia, the Netherlands, and the UK are no longer the outliers when it comes to commission bans, with Canada, the EU, Hong Kong, and South Africa all moving to implement full or partial bans. The ultra-high net worth (UHNW) segment is the fastest-growing, and wealth managers from Credit Suisse to Deutsche Bank are actively seeking to increase their assets from this target group.
  • Cuts within investment banking divisions will have an impact on European wealth managers, both as a form of referral to private banks and in supporting entrepreneur clients.
  • The robo-advice space is likely to undergo consolidation, with incumbent wealth managers moving to acquire providers as a means of gaining a foothold in the automated investment space.


"2016: Trends to Watch in Wealth Management" informs wealth managers and their strategy teams of the key developments emerging across the industry and how best to respond to these changes. The report examines developments across a number of key areas, including regulation, product and service trends, and asset allocation drivers. Specifically the report:Analyzes the impact of regulatory developments in the offshore space, such as the OECD's Common Reporting Standards and Automatic Exchange of Information.

  • Considers the consequences of the steady march towards commission bans in markets such as Canada, Hong Kong, and South Africa.
  • Assesses the impact of digital disruption across the industry, particularly the emergence of the automated advice space.
  • Examines the drivers for the increasingly selective approach wealth managers are taking (or not taking) to global expansion.
  • Reviews the latest asset allocation trends and what is driving the growth of equities and alternative investments in particular.
  • Investigates the growing trend of cutting back investment banking operations at universal banks, and the impact this will have on the industry.
  • Draws on our 2015 Global Wealth Managers Survey of 343 executives to provide fact-led insight.
  • Reviews developments tracked in our Wealth Management Competitor Tracker of over 100 companies.

Reasons To Buy

  • Understand the key trends impacting the wealth management industry in 2016 and how to respond.
  • Get ready for the advent of the OECD's Common Reporting Standards by finding out how you need to prepare.
  • Learn how HNW asset allocation preferences are set to evolve in 2016 and how you should respond.
  • Gain insight into the impact of digital disruption across the wealth management value chain and advice on how technology could help your business.

Table of Contents


  • Global wealth management is in a state of flux
  • Key findings
  • Critical success factors


  • Equities will be the clear winners in 2016, but not everywhere - and risks remain
    • Equities will continue to dominate in the typical HNW portfolio
  • The mainstreaming of alternatives will continue in 2016
    • Wealth managers should be aware of the various reasons driving demand for alternatives


  • International regulation will change offshore dynamics further still
    • Wealth managers will operate in a world of automatic exchange of information
    • CRS is coming, and financial institutions need to ready themselves
    • The reasons for investing offshore and thus booking center preferences are changing
  • Local regulations such as Russia's CFC will also impact the offshore market
    • Russia introduced CFC in 2015, creating challenges for those servicing this segment
    • FATCA will continue to have an impact, with growing numbers of US individuals renouncing their citizenship
  • Commission bans will spread from early adopters to the mainstream
    • The global commission model is in retreat, changing the look of financial advice
    • MiFID II will ban all third-party commissions, bringing RDR-esque reforms to the EU
    • The South African Financial Services Board has proposed a ban on commissions starting in 2016
    • Canada considers commission ban, with greater transparency already in the pipeline
    • Hong Kong has already moved towards greater transparency
    • The Securities and Exchange Board of India is planning an expansion of its limited commission ban for mutual funds
    • The US is shifting to fee-based advice in the absence of regulation
    • The shift towards fees means consumers need to be shown the value of advice


  • Wealth managers will increase their focus on UHNW individuals, who represent the fastest-growing client segment
    • Wealth managers are reorganizing to reflect the UHNW emphasis


  • Digital disruption will impact the entire wealth management chain
    • Customer-facing platforms and applications will be truly client-centric
    • Technology will help increase the efficiency of advisors
    • Regulatory requirements will force investment in back-end systems
    • Integration of back and front-end systems
  • Wealth managers will seek new ways to grow mandated assets
    • More tiered advice offerings will emerge as wealth managers seek to attract mandates


  • Wealth managers are pursuing more selective geographic strategies
    • Large bank restructures have led to international operations being cut
    • Certain markets are more challenging than others for international players
    • Offshore operations have come under review in a more transparent world
  • Investment banks have borne the brunt of the post-financial crisis adjustment
    • A number of banks have downsized their investment banks as a result
    • The adjustment has not been uniform across the industry
    • Investment bank cuts will disrupt the flow of internal client referrals to integrated wealth managers
  • The robo-advice space will start to undergo consolidation
    • Established wealth managers are making acquisitions to gain a foothold in the digital space
    • Robo-advisors will not be able to grow further on their own
    • Potential entrants from outside the financial services industry can disrupt the market


  • Abbreviations and acronyms
  • Definitions
    • Double taxation agreement
    • HNW
    • Mass affluent
    • UHNW
  • Methodology
    • Overall approach
    • Verdict Financial's 2015 Global Wealth Managers Survey
  • Bibliography
    • Asset Allocation Trends
    • Competitive Trends
    • Customer Targeting Trends
    • Product and Service Trends
    • Regulatory Trends
  • Further reading
  • About Verdict Financial
  • Disclaimer

List of Tables

  • Table 1: CRS is significantly broader in scope than FATCA
  • Table 2: Wealth managers have restructured to increase their UHNW focus
  • Table 3: Large bank restructures have contributed to divestments and office closures
  • Table 4: Selected divestments of Swiss operations
  • Table 5: Selected traditional wealth and asset managers' activity in the robo-advice space
  • Table 6: AUM of selected robo-advisors in the US (November 2015) and global wealth managers (year-end 2014), $bn

List of Figures

  • Figure 1: HNW investors are heavily exposed to equities
  • Figure 2: HNW demand for equities is forecast to rise in Europe and selected countries across the globe
  • Figure 3: The majority of wealth managers surveyed expect HNW demand for alternatives to rise
  • Figure 4: IPO activity in the US was muted in 2015
  • Figure 5: The CRS will see jurisdictions exchange account information on an annual basis
  • Figure 6: 55 "early adopter" jurisdictions will start sharing information in 2017
  • Figure 7: The vast majority of wealth managers expect HNW demand for tax advice to increase
  • Figure 8: The US is the preferred booking center among HNW investors
  • Figure 9: The number of US individuals renouncing their citizenship has risen significantly
  • Figure 10: Small-scale investors are a minor part of the Australian advisory market
  • Figure 11: Commission models are under threat around the world
  • Figure 12: UHNW wealth is growing at a substantially faster pace than HNW wealth
  • Figure 13: Wealth managers have increased their usage of mobile communication channels
  • Figure 14: In the UK, Barclays offers video banking capabilities to its Premier customers
  • Figure 15: Given the wider economic context, slow and steady profits have been prized at the world's largest banking groups
  • Figure 16: More than one 10th of all new clients are sourced from an investment bank relationship
  • Figure 17: Wealth managers are targeting entrepreneurs, recognizing the lucrative opportunity they represent
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