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市場調查報告書

資產管理上值得注意的趨勢

2017: Trends to Watch in Global Wealth Management

出版商 GlobalData 商品編碼 350784
出版日期 內容資訊 英文 59 Pages
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資產管理上值得注意的趨勢 2017: Trends to Watch in Global Wealth Management
出版日期: 2016年12月31日 內容資訊: 英文 59 Pages
簡介

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。

摘要整理

資產分配趨勢

  • 股票壓倒性勝者
  • 替代的主流持續

法規趨勢

  • 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

客戶目標趨勢

  • 資產管理企業重視UHNWI

產品和服務趨勢

  • 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

競爭趨勢

  • 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

附錄

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目錄
Product Code: VF0052IA

Summary

The wealth management industry has been undergoing transformation since the financial crisis, and 2017 will be another year marked with changes to business models and the way providers interact with clients. Many trends observed in 2016 will continue over the next 12 months, with regulation and its costs affecting the financial performance of competitors, and market volatility (often fueled by surprising turns in the geopolitical landscape) keeping portfolio managers busy. Yet 2017 will also be a year of opportunity for competitors that embrace the change and succeed in those areas of the market where growth can be achieved.

Key Findings

  • As market volatility persists, managing the level of investment portfolio risk and clients' expectations in terms of returns will be more important than ever.
  • While the European industry is aware of the updated Markets in Financial Instruments Directive (MiFID II), most wealth managers remain uncertain about its effects on the market.
  • "Regtech" solutions are another reason for incumbents to partner with fintech startups. Block chain technology can also be more widely adopted if compliance is ensured.
  • Purely digital wealth management is not a proposition that will appeal to all HNW investors, but providers will continue to target carefully selected audiences with new robo-advice platforms.
  • Smaller and local providers will gain market share in the global wealth management space.
  • MandA activity in mature economies will be driven by competition for the client portfolios of aging independent financial advisors (IFAs) who are approaching retirement.

Synopsis

This report 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, from regulation, to product and service trends, to asset allocation drivers. Specifically, the report:

  • Analyzes the impact of regulatory developments on the industry, looking in particular at MiFID II in Europe and tax amnesties across the world.
  • Discovers how wealth managers can benefit from the emerging regtech sector and how this may affect the adoption of block chain.
  • Considers the opportunities in targeting internationally active clients, as well as defining the target audience for robo-advisors.
  • Assesses the impact that newly developed investment products, such as exchange-traded mutual funds (ETMFs) can have on clients' demand for alternative and innovative solutions.
  • Examines the potential growth and MandA opportunities offered by aging IFAs, as well as the divestment activity of global players.
  • Reviews the latest asset allocation trends and what is driving the growth of equities and alternative investments in particular.
  • Draws on our 2016 Global Wealth Managers Survey of 324 executives to provide fact-led insight.

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 Standard, and find out how your business needs to prepare.
  • Discover how HNW asset allocation preferences are set to evolve in 2016 and how to respond.
  • Gain an 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

EXECUTIVE SUMMARY

2017 will add to the challenges the wealth management industry is facing

Key findings

Critical success factors

ASSET ALLOCATION TRENDS

Managing portfolio risk is becoming more important than ever

HNW investors are significantly exposed to equity risk

Equities and alternatives will be the clear winners in 2017 despite turbulent market conditions

Global uncertainties will determine asset allocation strategies in 2017

HNW investors globally are looking for cheap buying opportunities in the equity space as volatility continues

HNW investors' varying attitudes towards risks will have an effect on asset allocation strategies

Portfolio diversification benefits will drive demand for alternatives but a certain level of hand holding is required

REGULATORY TRENDS

The industry will be preparing for MiFID II in the EU

New rules are aimed at increasing transparency and investor protection

Competitors differ in terms of how ready they are for the new regime

Fee transparency will have the greatest impact on wealth managers

Ultimately, the new regime should benefit the industry

Local regulations continue to affect the wealth management market

CRM II will enforce fee transparency in Canada

Changes to non-dom regulations will stir up the UK wealth market

A growing number of tax amnesty programs can shake up the offshore industry

The Indonesian tax amnesty will hit Singapore, but may boost the local wealth market

Argentina's tax amnesty may boost the bond market

The success of South Africa's tax amnesty will be subject to the performance of the British pound

Regtech will have a more prevalent role in the wealth management industry

Regulatory compliance is a top priority for financial services providers

Regtech companies will target wealth and asset managers

Regtech will be supported by financial regulators

Regulation is the biggest hurdle for block chain adoption

The failure of The DAO highlights the risks of block chain

Wealth managers will take greater interest in block chain adoption

CUSTOMER TARGETING TRENDS

Internationally active clients will be an attractive target for wealth managers

Chinese HNW investor migration is increasing

Investor visas will encourage partnerships between wealth managers and governments

The Brexit negotiations will determine the UK's future as a wealth hub

The future robo-advisor client is an experienced investor open to alternatives

Robo-advice platforms are no longer developed only by startups

HNW demand for robo-advice platforms will increase

Wealth managers will target experienced investors who value multi-channel guidance

Wealth managers will target customers with niche services

PRODUCT AND SERVICE TRENDS

ETFs have become the standard for passive investments, but active investments are now in investors' sights

ETFs' AUM exceeded $3tn at the start of 2016

Actively managed ETFs will provide real competition for mutual funds, not equities

Factors fueling the rise have been varied and will support actively managed ETF inflows

ETMFs expand the universe of low-cost investments but appeal to investors seeking alpha as well

COMPETITIVE TRENDS

An aging advisor base will further spur industry consolidation

Motivated sellers with few new advisors to take on practices require industry buyouts

Key IFA markets are seeing a wave of baby boomers about to retire, with insufficient fresh blood

Appetite for wealth management networks has waned, limiting disposal options to big national networks or cash-rich new players

Global wealth managers will feel ongoing pressure from local players

Top wealth managers will continue to lose market share among HNW investors

Competition for client assets will be fierce as HNW investors consider their options

Smaller players show better net new money growth than giants

The giants will not compete for market share at all costs

APPENDIX

Abbreviations and acronyms

Definitions

FATCA

HNW

Independent financial advisor (IFA)

Robo-advisor

Methodology

Exchange rates

Bibliography

Further reading

Disclaimer

List of Tables

  • Table 1: Selected tax amnesties launched, 2015-17
  • Table 2: Top 10 competitors by wealth management AUM ($bn), 2015
  • Table 3: Euro-US dollar exchange rate, December 31, 2014 and December 31, 2015

List of Figures

  • Figure 1: Equities constitute an increasingly large share of the typical HNW portfolio
  • Figure 2: HNW investors are becoming more inclined to seek financial advice
  • Figure 3: HNW investors are looking for cheap buying opportunities
  • Figure 4: HNW demand for equities is forecast to rise in the majority of countries surveyed
  • Figure 5: HNW investors in Asia Pacific are becoming more risk-averse
  • Figure 6: The typical HNW portfolio in Russia is overweight on bonds and cash
  • Figure 7: HNW investors are expected to increase their allocations into alternatives
  • Figure 8: Delio offers a white-label private asset platform to financial institutions
  • Figure 9: 14.8% of clients in Canada turn to self-direction to avoid management fees and charges
  • Figure 10: Trulioo offers global identify verification to the financial services market
  • Figure 11: AQMetrics simplifies risk reporting and compliance for wealth managers
  • Figure 12: Chinese nationals represent almost half of Canadian expats
  • Figure 13: More wealth managers expect the demand for automated investment services to increase than execution-only asset management
  • Figure 14: ETPs have more than doubled in value since 2011
  • Figure 15: The ETF market is dominated by the US, making regulation there critical for its development
  • Figure 16: The chief perceived strength of ETFs is access to more markets
  • Figure 17: ETFs are becoming a staple of the core private banking market
  • Figure 18: Robo-advisors are a young investor's pursuit
  • Figure 19: The top wealth managers' AUM growth has been slowing faster than the market
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