Post on 20-May-2020
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Wealth Management & Private Banking Meeting of Minds XIX
SCENE-SETTER
QUESTIONNAIRE FINDINGS Thursday 16 June 2016 at The Berkeley Hotel, London
In the run up to this Meeting of Minds, we asked you to answer some questions – our goal being to
capture your thinking at a moment in time. The following are your aggregated responses. We hope you
find this snapshot interesting as well as reassuring – in other words your peers are experiencing the same
challenges and excitements as you are!
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INDEX
SENTIMENT ........................................................................................................................... 3
1. On a scale of 1 – 10 how would you say you feel about the year ahead? ........................................................................... 3
2. What do you consider are the 3 biggest issues facing your business and/or industry? .................................................... 3
3. What do you consider are the biggest STRENGTHS of your business and/or industry? ................................................ 5
4. What do you consider are the biggest WEAKNESSES of your business and/or industry? ............................................. 5
5. Who or what do you consider offers the biggest OPPORTUNITY to your strategy? .................................................... 6
6. Who or what do you consider poses the biggest THREAT to your strategy and why? .................................................. 7
YOUR BUSINESS MODEL – WHO’S IN THE ROOM ...................................................... 7
7. Please define your business .............................................................................................................................................................. 7
8. What model have you adopted in the post-RDR world? ......................................................................................................... 8
9. How do you typically charge for providing investment advice to your clients? ................................................................. 8
10. Why do you believe your clients - (U)HNWIs - choose to use your business rather than other Wealth
Managers? ........................................................................................................................................................................................................ 9
11. What are the most important value drives when pricing up an adviser business ............................................................ 10
12. How do you source your clients as a %? .................................................................................................................................... 11
13. How did your business numbers change over the past year? ............................................................................................... 12
14. How do you expect your business numbers to change over the next year? .................................................................... 13
15. The value chain… who will be the winners and losers? Please indicate whether you feel whether the various
parts of the value chain will grow or shrink over the next 2-3 years. .......................................................................................... 14
WEARING YOUR POLITICAL & REGULATORY HAT ................................................15
16. If you were Chancellor for the day, what three things would you change? ...................................................................... 15
17. If you were in charge of the regulator for the day, what do you think should be at the top of the in tray? ............ 15
18. Regulation readiness barometer ................................................................................................................................................... 17
19. How have regulatory changes impacted your approach to managing clients' assets? ..................................................... 18
INVESTMENT PROPOSITION ..........................................................................................19
20. Please indicate your percentage use of in-house products versus external sourcing and your approach ................ 19
21. Please indicate your percentage split between active and passive fund management ..................................................... 19
22. What percentage of your business is discretionary, advisory or execution only? ........................................................... 20
23. What percentage of your client accounts are managed using model portfolios, model allocation or fully bespoke? .
............................................................................................................................................................................................................... 20
24. Please describe briefly areas of specialist investment opportunity which you and your clients are interested in? . 20
25. When selling to your clients, if you could have anything under the sky what would be top of your wish list? ....... 20
26. If you were looking to market fund management services to YOUR company, what would be the first thing you
would START/STOP doing? ..................................................................................................................................................................... 21
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SENTIMENT
1. On a scale of 1 – 10 how would you say you feel about the year ahead?
Over the past two years you have consistently scored 7.3 but are 5% more gloomy this time around and gloomier
about the year ahead when compared with all other UK distribution channels.
When we asked other distribution channels how positive they felt, this is how they scored and how their score
has changed over the past 6-12 months.
Large Advisory Distributors 8.0 (-2%)
Northern Independent Financial Advisers 8.2 (-1%)
Southern Independent Financial Advisers 8.0 (+3%)
Retail Banks and Brands 7.7 (-2%)
2. What do you consider are the 3 biggest issues facing your business and/or
industry?
The following have been listed in priority order in terms of what is keeping you up at night.
REGULATION
Regulatory burden (17)
Regulatory Changes (2)
Regulatory change demands on cost growth
PSD 2
MiFID II
Real Estate
o The 'politics' of empty houses, especially super prime residential owned by overseas entities
o Increasing regulatory scrutiny of the real estate sector
o Increasing taxation on residential property
TECHNOLOGY
Technology (6)
Challenge of technology execution
Cyber crime (2)
Security threats
Robo Advice
Marrying IT strategy to a rapidly changing world - client preference and regulation
Digital disruption
Digitalisation
Rapidly developing improvement in client experience driven by both fintech innovation and experience
innovation across the market more broadly
Fintech challengers
Process and technology platform complexity driving slow speed to market
The changing preferences of clients, influenced by technological developments
GEOPOLITICAL
7.03
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Brexit (2)
Constitutional uncertainty (Brexit, Scottish independence, Europe) (2)
Market Risk (3)
Global Macro and GEO Political Events
Global growth
Health of the global economy
Demographic Change
BOTTOM LINE
Sustainable, profitable growth
Margin pressure
Generating long-term sustainable profitability and growth
Fee Clampdown
Fees (2)
Shrinking client wallet
Costs
TARNISHED IMAGE OF THE INDUSTRY
Reputation (2)
Building public trust
LOW INTEREST RATES
Conveying low return environment here to stay
Negative interest rates
BUSINESS MODEL
Transparency
Consolidation
STAFFING
Sensible remuneration for business developers
Staff
OTHER
Professional indemnity insurance provides little protection for consumers
Equity Bond Valuations
The rise of passive investment and internet based solutions
Retirement funding crisis
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3. What do you consider are the biggest STRENGTHS of your business and/or
industry?
SERVICE & PRODUCT PROPOSITION
Scope of product offering
Competence
Opportunity to act
The ability for considerable wealth creation with low capital intensity
Focussed offering in a key asset class (RE)
Equity and Bond Market Levels
Conservative stable liquid wealth strategies
BUSINESS MODEL
Experience
Nimbleness
Balance sheet
Distribution
Independence
BRAND & TRUST
Trust (2)
Integrity for us rather than the industry
Our reputation
Brand
PERSONAL RELATIONSHIPS WITH CLIENTS
We offer a very personal service which clients love
Personal service/long term relationships
The great longevity of most private client relationships. We tend to find that clients will remain loyal through
the ups and downs of market volatility
The personal relationship with the clients and the breadth and depth of the data about those clients
OUR PEOPLE
Strong and enthusiastic team
Great people
Supportive shareholders
4. What do you consider are the biggest WEAKNESSES of your business and/or
industry?
REPUTATION
Industry - reputation, confusion that all financial services companies are not banks!
Industry reputation
Low brand awareness
COMPLEXITY
Jargon/accessibility
Level of complexity
PROCESSES
Complex processes
Poor processes and procedures
P&L
High cost base
The prospect of lower market returns in a low growth world
NIMBLENESS –
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Slow speed to market
Ability to be nimble and react to changing environment
UNDERSTANDING AND ATTRACTING CLIENTS
On boarding clients
The inability to analyse and learn from the data we have about clients
GOVERNMENT & REGULATION
Over burdensome regulation
Government reducing attraction of London for international capital
OUR PEOPLE
The ability to attract and retain top talent and to deliver consistently good performance across all mandate
categories
Too much change in strategy & personnel is a weakness throughout our industry
TECHNOLOGY
5. Who or what do you consider offers the biggest OPPORTUNITY to your strategy?
TECHNOLOGY
Using technology (particularly digital) to far greater effect
Technology, legacy issues with the large incumbent providers
Developing FinTech solutions to leverage and learn from the data we have
Scope to harness technology to enhance service and engage a new generation of client
Leverage brand and balance sheet along with fintech innovation to deliver outstanding new client experiences
A SURVIVAL GAME IN A CONSOLIDATING INSDUSTRY
The consolidation of the highly regulated retail end of the industry
Survive the current market condition and increase market share as others exit the industry
Longevity
Industry fragmentation
GROWING CLIENT AFFLUENCE
Growing Middle Classes/Mass Affluent
Wealthy getting wealthier / res non doms
OTHER
Relative small size brings flexibility
Strong focus on relationship banking
Making the complex simple
International capital
Solving for super low interest rates
The need for long term savings conducted in a sensible fashion
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6. Who or what do you consider poses the biggest THREAT to your strategy and
why?
GEOPOLITICAL
Constitutionnel uncertainty
Ill thought out government policy
Economic conditions
REGULATION
Regulatory changes
Policy driven changes - on non doms
DISTRUPTIVE TECHNOLOGY
That the fintech providers get there first and access our data after PSD2
CYBERCRIME
Client experience innovation by new industry players, combined with fintech innovations
CONSOLIDATION - Consolidation in the investment management world
OTHER
Tighter margins & Rising Costs
Complacency and under-investment in people, IT and marketing
Global and Equity Market Valuations
Insurance companies
YOUR BUSINESS MODEL – WHO’S IN THE ROOM
7. Please define your business
17%
46%
11% 3%
31%
14% 17% 9%
26%
3%
63%
6%
Asset Manager
Discretionary Fund Manager
Execution Only Investment Service
ProviderIndependent Financial Adviser (IFA)
Investment Managers
Multi Family Office
Private Bank (part of a group)
Private Bank Global (Local)
Private Client Asset/Investment
ManagerSingle Family Office
Wealth Manager
Other
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8. What model have you adopted in the post-RDR world?
Interestingly there has been a sharp decrease in the number of Restricted Advice: Limited types of products (65%
to 42%) and an increase in the number of Restricted Advice: Multi-tie (5% to 29%). There has also be an increase
in the number of Independent firms (5% to 13%)
9. How do you typically charge for providing investment advice to your clients?
On average…
Adviser charge per hour = £412.50/hr
Adviser charge as a percentage of investment = 95.5 bps
17%
42%
0%
29%
4%
13%
13%
Independent advice (unbiased and
unrestricted advice on the full range of
retail investment products)
Restricted advice: limited types of
products
Restricted advice (single-tie): the
products of one provider
Restricted advice (multi-tie): the
products of a limited number of
providers
Basic advice (a specific way of giving
advice on stakeholder products)
Non-advised services (including
execution only sales)
20%
7%
13%
20% 20%
67%
20%
0% 0%
10%
20%
30%
40%
50%
60%
70%
Adviser charge per
hour (£)
Adviser charge as a
percentage of
investment (%)
Adviser charge as a
fixed fee (£)
Adviser charge as a
combined charging
structure (£)
Initial
Ongoing
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10. Why do you believe your clients - (U)HNWIs - choose to use your business
rather than other Wealth Managers?
Last year, your reputation; relationship management; and the calibre of your people were the three top
reasons why clients chose to do business with you.
Your value on independence continues to rise (47% to 61%). Reputation fell off a cliff (81% to 45%)
6%
9%
15%
15%
18%
24%
27%
33%
45%
48%
58%
61%
76%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Our convenient location
Other
Because we are part of a group
Our research capabilities
Our charging strategy
Our global expertise
The promise of confidentiality and discretion
Our products and services
Our reputation
Our brand
Our relationship management
Because we are independent
The calibre of our people
% of participants
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11. What are the most important value drives when pricing up an adviser business
How does this compare with last year and how Financial Advisers ranked the value drivers of their own
businesses?
VALUE DRIVERS
Rank (and weighted score)
Wealth Managers
& Private Banks
(2016)
Wealth Managers &
Private Banks
(2015)
Southern
IFAs
Northern
IFAs
Profitability 1 (109) 1 (83) 4 (117) 3 (96)
Proportion of fee income 2= (105) 3 (63) 2 (129) 1 (126)
High RM / adviser productivity 2= (105) 6 (51) 6 (112) 4 (87)
Level of debt 4 (76) 4 (59) 5(115) 7 (60)
Level of adviser
qualification/training 5 (73) 7 (46) 3 (119) 5 (70)
Proportion of on-line business 6 (72) 2 (64) 1 (154) 2 (121)
Salary/bonus model 7 (67) 8 (43) 12 (34) 11 (37)
Track record of consolidation 8 (65) 5 (52) 7 (67) 8 (57)
Demonstrable assets under
influence 9 (50) 10 (19) 10 (49) 10 (39)
Growth potential 10 (29) 11 (12) 9 (59) 9 (45)
Client base - portfolio size 11 (26) 9 (30) 13 (19) 12 (19)
Synergy potential 12 (17) 15 (1) 11(35) 13 (18)
High proportion of recurring
income 13 (12) 12 (9) 8 (64) 6 (64)
Strength and ambition of
management 14 (11) 16 (0) 14 (5) 16 (6)
Scalable business model 15 (8) 14 (3) 15 (2) 15 (11)
Brand 16 (5) 13 (5) 16 (0) 14 (14)
0.22
0.35
0.48
0.52
0.74
1.13
1.26
1.74
2.83
2.91
3.13
3.17
3.30
4.57
4.57
4.74
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00
Track record of consolidation
Salary/bonus model
Proportion of on-line business
Level of adviser qualification/training
Level of debt
High RM / adviser productivity
Proportion of fee income
Brand
Scalable business model
Strength and ambition of management
High proportion of recurring income
Synergy potential
Client base - portfolio size
Demonstrable assets under influence
Growth potential
Profitability
Average participant score
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12. How do you source your clients as a %?
0%
0%
2%
2%
2%
2%
2%
3%
3%
3%
5%
6%
16%
22%
32%
0%
0%
1%
1%
0%
0%
1%
0%
1%
3%
7%
14%
14%
24%
34%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Aggregator web site
In store
Advertising - above the line
Phone - outgoing
Online Social Media
Direct Marketing (below the line)
Online web presence
PR
Branch
Seminars/events
Sales force
Referrals from other parts of the group
Networking
Intermediary
Referrals from existing clients
% of participants
2015
2016
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13. How did your business numbers change over the past year?
2015-16… it’s been a great year with more groups experiencing rising AUM; revenues; client numbers and client-
facing headcount than last year. However, costs continue to rise and the rate of growth of back office staff is
slowing. However the figures are not as positive as you hoped they would be this time last year.
How does this compare to how you thought you would do 12 months ago…
76%
34% 38%
72%
79%
59%
21%
55%
38%
17%
10%
31%
3% 10%
24%
3% 10% 10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Clients Headcount -
client facing
Headcount -
back office
Assets under
management
Revenues Costs
% o
f p
art
icip
an
ts
More
Same
Fewer
91%
57%
27%
100% 96%
61%
4%
43%
73%
0% 4%
30%
4% 0% 0% 0% 0% 9% 0%
20%
40%
60%
80%
100%
120%
Clients Headcount -
client facing
Headcount -
back office
Assets under
management
Revenues Costs
% o
f p
art
icip
an
ts
More
Same
Fewer
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14. How do you expect your business numbers to change over the next year?
Looking into 2017, costs will continue to rise and back office headcount will stabalise. But this will be countered
by rising client numbers, AUM an revenues… hurrah! However, you are feeling much less bullish
83%
41%
24%
79% 83%
48%
10%
45%
52%
10% 7%
38%
7% 14%
24% 7% 10% 14%
0%
20%
40%
60%
80%
100%
120%
Clients Headcount -
client facing
Headcount -
back office
Assets under
management
Revenues Costs
% o
f p
art
icip
an
ts
Fewer
Same
More
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15. The value chain… who will be the winners and losers? Please indicate whether
you feel whether the various parts of the value chain will grow or shrink over the
next 2-3 years.
In terms of how this compares with other distribution channels:
30%
4%
48%
22%
9%
30%
22%
35%
35%
26%
57%
52%
48%
48%
22%
48%
13%
9%
26%
9%
17%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100%
Investment Management (active management,
passive management)
Investment Guarantees (structured products,
third way products, CPPI, with profits)
Fund construction (model portfolio, DPM,
fund panelling, multi-manager, life styling)
Administration (Platform/ wrapper
administration, cash account, customer
record keeping, auto rebalancing)
Manufacture (SIPP, drawdown, offshore
bond, onshore bond, annuity, ETF)
Advice and sales (adviser tools, compliance
support, adviser charging, portfolio
aggregation, risk assessment, asset allocation)
Lead Generation (corporate, banks, existing
customers, mktg and advertising)
% of participants
Grow
Stay the same
Shrink
Gro
w
Conso
lidate
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WEARING YOUR POLITICAL & REGULATORY HAT
16. If you were Chancellor for the day, what three things would you change?
Tax
o Radical simplification of the UK tax code
o Simplification of the UK tax system and in particular income tax allowances.
o Simplify tax laws
o Reduce income tax - make investment simpler
o Clarity on the longer term direction of taxation
o Cut IHT
o system for savings like Italy
o Taxes
o Reduce materially the size of tax legislation
o Reduce the personal taxate across the board, and the total take will increase
o Tax on non residents, reduce corporation tax, vastly simply taxation system and move to a with-
holding tax
o VAT on commissions...we need a level playing field with fees...either that or remove VAT on fees
Pensions
o Pensions - would simplify for customers and the industry overall
o Simplify the pensions regime once and for all. There have been too many changes over the last
decade and there is a genuine danger that people give up on pension saving unless there is stability of
legislation and a withdrawal of the lifetime allowance rules, which are a cap on investment growth.
o Sort out the pension system (simplified and incentivised) so that it has a decent prospect of
delivering a survivable income for the majority of the population when they reach retirement.
Investment
o Create an investing culture
o Increase investment in British business and infrastructure
Nothing, to give some long term planning stability and planning security
I would create calm regarding remittance rules
Mark Carney
Understanding of issues facing Banks
17. If you were in charge of the regulator for the day, what do you think should be
at the top of the in tray?
Simplification
o Simplification and committing to a slower pace of change
o Simplifying Regulation
o Simplifying MIFID 2
o Client centred process simplicity
Communication
o A more consultative approach. The current thematic drives of the FCA are not necessarily resulting
in the best outcomes for clients but instead creating an ever spiralling mountain of paperwork which
is leading to rising costs and customer frustration.
o Better direct communication with firms
o Get out and meet firms
Understand the impact and burden of regulation
o Return on investment - what is the marginal benefit in terms of the regulator's key objectives
relative to the cost/effort incurred by the industry (and the regulator itself) in implementing new
regulation.
o Understand the enormous time and financial costs that all the new regulation is resulting in
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o Practicalities of regulation and how to help the industry improve its reputation.
o Fees and charges
Europe
o Impact of possible Brexit
o Create harmonised rules throughout Europe
Clarity - Produce a business plan and publish it
Retail investors
o Ensuring more retail investors get access to capital markets products without being ripped off or
having to do DIY investing
o The death of advice for the mass affluent
Ensure clients are receiving good outcomes
Proportionate and client-specific regulation
On boarding clients
Understand digital
Influence on government policy
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18. Regulation readiness barometer (The higher the score, the higher the readiness. Participants we asked to rate their level of readiness from 1-5.)
Regulation
CEO 2016 CEO 2015 COO 2014
Av
score
Not
applic
able
More
info
requir
ed
Av
score
Not
applic
able
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info
requir
ed
Av
score
Not
applic
able
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info
requir
ed
Conduct Risk & Suitability 4.07 0% 0% 3.94 11% 6% 3.17 0% 0%
CASS & Client Money 3.83 20% 0% 3.60 17% 17% 3.00 8% 0%
MLD IV (Anti-Money Laundering
Directive) 3.83 0% 8%
FATCA/CRS (Common Standard on
Reporting) 3.77 7% 7% 2.18 27% 27% 3.00 15% 8%
CRD III/IV (Capital Requirement
Directive) 3.62 7% 7%
MAD II (Market Abuse Directive) 3.58 8% 8% 3.27 6% 12% 3.17 0% 8%
MiFID II 3.57 7% 0%
Senior Managers Regime 3.43 0% 7%
Basel III 3.36 31% 6% 2.27 36% 21% 3.30 0% 17%
UCITS V/VI (Undertakings for Collective
Investment in Transferable Securities) 3.27 21% 7%
AIFMD (The Alternative Investment
Fund Managers Directive) 3.25 50% 0% 3.21 19% 13% 2.73 17% 8%
PRIIPs (Packaged retail and insurance-
based investment products) 3.23 13% 7% 2.18 24% 35% 3.30 0% 17%
National Thematic reviews 3.18 15% 15%
RDR II 3.00 0% 14% 1.91 40% 27% 3.09 9% 0%
GDPR (General Data Protection
Regulation) 2.92 14% 14%
RRP (Recovery & Resolution Plan) 2.83 14% 21% 2.73 25% 31%
EUSD II (EU Savings Directive) 2.40 17% 17% 4.22 5% 5% 3.38 0% 0%
CSDR (Central Securities Depositories
Regulation) 2.29 50% 14% 3.00 8% 31% 3.00 0% 17%
Dodd Frank 2.20 33% 20% 2.27 33% 27% 2.36 25% 8%
Solvency II 2.18 15% 31%
MMFR (Money Market Fund Regulation) 2.11 25% 25% 1.92 27% 20% 1.67 33% 25%
EMIR (European Market Infrastructure
Regulation) 2.00 21% 29% 2.00 29% 21% 1.55 42% 8%
FTTD (Financial Transaction
Transparency Directive) 1.92 13% 33%
SFTR (Securities Financing Transactions
Regulation) 1.55 15% 46% 2.88 24% 6% 3.10 9% 9%
TD II (Transparency Directive) 1.20 17% 50%
ShRD II (Shareholders Rights Directive) 0.89 25% 50%
COREP & FINREP
0.80 50% 29% 2.18 17% 8%
ICB (Independent Commission on
Banking)
0.42 67% 20% 0.73 75% 8%
IMD (Insurance Mediation Directive)
0.42 71% 14% 0.55 75% 8%
MMR (Mortgage Market Review)
0.71 80% 7% 1.08 75% 0%
OTC reform agenda
0.11 57% 36% 1.50 50% 0%
Product Intervention
1.56 38% 31% 2.78 10% 10%
Shadow Banking
0.08 73% 20% 0.20 75% 17%
Average score: 2.83
2.08
2.33
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19. How have regulatory changes impacted your approach to managing clients'
assets? The regulatory balance has shifted from providing much needed client protection to being an obstacle to
advice and a burden that adds both cost and complexity to the investment process in the eyes of clients. That
balance needs to be re-set.
Impact on time and cost
o It makes business slow
o Time spent on general compliance issues.
o More time-consuming processes, more documentation, less client-friendly while not achieving a
higher level of confidence in a favourable outcome for client or the business.
Suitability
o Changes made to pre and post trade compliance, enhancement of suitability reviews, investment in
tech to support suitability advice
o Need to review suitability and risk profiling more frequently
o Longer suitability reviews, failure of low-risk clients to clear value-for-money tests in terms of low-
risk models forecast performance net of fees relative to checking account interest rates
o More frequent suitability and portfolio reviews.
o The increased awareness on suitability has helped us tailor our portfolio construction to meet
clients' investment needs. Regular suitability reviews have also helped us engage clients on a more
frequent basis, thus furthering the relationship.
Our portfolio management systems have always incorporated suitability but regulation has made this more
demonstrable in both internal & client reporting.
Repricing of services across advice and fund management.
Separation of cherished holdings and other XO assets from managed funds.
Re-papering.
A gradually more structured approach
Considerably - systems, behaviours, monitoring
Not particularly impacted
There hasn't been much change as we already had the systems in place.
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INVESTMENT PROPOSITION
20. Please indicate your percentage use of in-house products versus external
sourcing and your approach
21. Please indicate your percentage split between active and passive fund
management
24%
76%
In-house products (%)
Externally sourced products (%)
74%
17%
Active (%)
Passive (%)
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22. What percentage of your business is discretionary, advisory or execution only?
23. What percentage of your client accounts are managed using model portfolios,
model allocation or fully bespoke?
24. Please describe briefly areas of specialist investment opportunity which you and
your clients are interested in? Private equity (2)
Certain aspects of commercial property, residential property and various VC and PE ventures.
Real estate
Closed end specialist funds
Closed Ended Funds
Alternative income / liquid hedge funds / smart beta
Generalist
Infrastructure
25. When selling to your clients, if you could have anything under the sky what
would be top of your wish list? Funds that only ever go up
81%
13%
6% 0%
Discretionary (%)
Advisory (%)
Execution only (%)
Other (%)
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Good sterling based US ETFs with reporting status.
Perfect foresight
Stable income without paying through the roof for it
Unlimited marketing budget
The link between what "Conservative", "Balanced" or "Growth" means in the client's mind and what
"Conservative", "Balanced" or "Growth" means based on our statistical VaR models
Investment Performance and service
A third party endorsement of our service
Clients with great technology and IT skills
A sense of relative competitiveness of fee/cost structure vis a vis competitor peer-group
26. If you were looking to market fund management services to YOUR company,
what would be the first thing you would START/STOP doing?
Stop...
o Less emails more thought leadership/ better macro commentary
o Stop selling and listen to requirements
o Cold emails or mailshots - Sending unsolicited emails. Even in 2015 with access to a wide source of
information, recognise that a professional salesman really can add value to the relationship we have
with providers.
o Cold calling - Bombarding me with indiscriminate product literature without assessing suitability,
relevance etc.
o Deluging me with emails and hard-copy reports/literature
o Marketing material and NON-manager presentations
Start:..
o First thing is to work for a credible firm with a clear USP. Next is to speak to the research team.
o I would start by asking what we are looking for rather than telling us o Understand our process - Demonstrating a clear understanding of my company's needs.
o Demonstrating how you can support me in supporting my frontline client-facing colleagues
o Target the right contacts, not everyone
o Grant meeting with the MANAGER.
o Provide regular performance and transparent cost details