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| EXECUTIVE SUMMARY |
• New rules such as the EU’s Mifid II regulations are injecting greater transparency, enabling private banking customers to view risks, fees and costs attached to financial instruments • HNWs in China are becoming judicious as the country develops, growth slows and financial education rises, embracing long-term reward over short-term risk. Philanthropy is on the rise in China, with parents keen to get children involved in good causes • Clients all the way down the wealth pyramid demand sophisticated and increasingly personal advice and service from relationship managers. Security is increasingly paramount in an industry where HNWs want to keep their financial matters private • Millennials put helping society and the environment ahead of wealth generation. That philanthropy is driving demand for SRI, ‘green’ and impact investing • The best talent has to be constantly challenged, to feel as if it is learning something, to know its actions have purpose. The best private banks know that • Private banks are increasingly committed to diversity and inclusion, focusing on building a balance of nationalities, experiences, cultures, orientations and genders to drive profit and better serve the customer |
Elliot Wilson, Euromoney What in your experience, has been the biggest recent change in wealth management and private banking?
Dennis Chen, China Merchants Bank (DC, CMB) There have been some great changes in the Chinese market in the last year.
