Clients of wealth managers are becoming increasingly mobile,
with their assets spread over various countries. In a whitepaper
called "Wealth Management and Private Banking – Global
market, global clients, but local specificities," Deloitte, in
collaboration with Efma, make recommendations for change based on a
survey of 75 institutions around the world and through interviews
with industry experts.
Although many wealth managers and private banks are already
operating on a cross-border level, many engagements are not
streamlined. Deloitte suggests that instead of the current popular
model of serving one geographical area, with a
"one-stop-shop" model of operations, relationship
managers should specialize in one aspect of the value proposition
—such as wealth engineering—to cover a particular type
of client across multiple locations. Clients are no longer
restricted to their physical location, and give priority to
searching for the best quality services, no matter the
Importance placed on digital channels
When it comes to serving cross-border clients, the respondents
agreed that local physical presence is not always required. In
fact, remote services (website, mobile) represent a large share of
their existing channels. Nevertheless, survey respondents did not
seem to fully grasp the importance of the digital capabilities.
Many factors, including personal relationships, are perceived as
much more critical. Wealth managers may therefore not be prepared
for the forthcoming trend that will make the digital factor
essential to an effective interaction channel mix.
Benjamin Collette, Deloitte EMEA Wealth Management and Private
Banking Co-Leader, says: "Players should take digital
maturity and client perception of personal relationships into
account when going forward with their business models. A new
generation is emerging that places a high importance on web
platforms and accessing information from wherever they are located
at any time of the day."
Regulatory compliance still represents a big hurdle
In the European Economic Area (EEA), the "Free Provision of
Services" (FPS) principle allows wealth managers and private
banks to offer their products and services across the 31 countries
of the economic area. While the general principle is that member
states may benefit from a harmonized regulatory framework, local
regulatory authorities may choose to impose stricter rules at the
national level. The landscape outside the EEA is even less
harmonized, resulting in wider discrepancies among countries.
"A cornerstone of expanding investment business into
cross-border markets is to gain a deep understanding of regulations
on a local level," concludes Benjamin Collette.
"Only then will wealth managers and private banks capture
the 'new client' who has interests in many different
This article contains general information only, and none of
the Deloitte entities belonging to the Deloitte Network is, by
means of this article rendering accounting, business, financial,
investment or other professional advice or services. This article
is not a substitute for such professional advice or services, nor
should it be used as a basis for any decision or action that may
affect the reader's finances or business. Before making any
decision or taking any action that may affect the reader's
finances or business, the reader should consult a qualified
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