The changing roles of wealth specialists

November 29, 2017 7:32 pm

While the term ‘wealth management’ may seem intimidating, it really is quite simple: a holistic approach to managing one’s wealth. It extends beyond investments to include complete financial planning and advice on everything from retirement to education planning under a single service. Therefore, a ‘wealth specialist’ is someone who coordinates with clients or different financial liaisons – such as insurance agent, attorney, etc. – to manage all their finances.

Changes in landscape

Banking, as an industry, has undergone many changes over the years. And with change comes opportunity. Gautam Duggal, Regional Head of Wealth Management for Africa, Middle East and Europe at Standard Chartered Bank, says, “The constantly evolving regulatory landscape has an impact on the way wealth specialists conduct business, driving cost and the re-engineering of business models. The industry will experience positive momentum as improved safeguards and strategies are put in place to protect client wealth.”

In light of this change, the biggest opportunity, according to Mr. Duggal, lies “in the integration of FinTech into [one’s] operating model.” For instance, Standard Chartered has been actively incorporating innovation and technology in its approach to clients with the aim of conveying meaningful information as well as allowing them to access this information at their fingertips. One such example of this integration is Standard Chartered’s launch of “Market Views on-the-go” earlier this year, which allows clients to access market views at any time.

Catering to a younger generation

 With 71 percent* of millennials in emerging markets expecting to be financially better off than their parents, it’s no surprise that millennials are a coveted targeted market by banks. “Unsurprisingly, millennials have a unique perspective on wealth management and approach it in a significantly different way than previous generations,” says Mr. Duggal.

One of the key differentiators in millennials’ approach to wealth management is the integration of digital. “They want to understand how the advisor thinks and analyses through a screen and a dynamic tech solution,” he adds. Various options are being developed in order to reach this generation through digital options while customizing a financial strategy. One such solution is a ‘Robo Advisor’, which is essentially a technology-driven financial advisor supported by humans when needed.

When catering to millennials, wealth specialists need to bear two things in mind: help clients understand the importance and value of money, and deliver the message through channels best suited to the client, “such as, running educational series on wealth management across social media, webinars, etc.,” explains Mr Duggal. And finally, he adds, “They [wealth specialists] need to be able to create value and not only show ROI, but also break it down on how the end objective is being met.”

*Deloitte Millennial Survey 2017



AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.