A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …
Transcript of A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …
![Page 1: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/1.jpg)
A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL AND
GLOBALISED WORLD
![Page 2: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/2.jpg)
Experts:Pierre Even, Head of Relationship Management Private Equity & Real Estate, Banque de Luxembourg Christian Kratz, Co-Founder, InvestifyDennis Nygren, Head of Wealth Management, Catella Bank S.A.
Moderator:Yves Maas, Chairman, The Luxembourg Bankers’ Association (ABBL)
Panelists
![Page 3: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/3.jpg)
Wealth Management in LuxembourgGlobal results
![Page 4: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/4.jpg)
Evolution of Wealth Bands in terms of Assets
![Page 5: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/5.jpg)
Evolution of Geographic Origin of Client Assets
![Page 6: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/6.jpg)
Wealth management and digitalisationü Shifting client needs combined with available technology are disrupting traditional private
banking models while also creating huge opportunitiesü Growing demand for digital:
• from customers: high demand for digital tools to improve the global interaction experience. New generation of clients is digital.
• from Wealth Managers: growing demand for digital instruments to better reach and interact with client. Capgemini study reveals that 80% of Wealth Managers believe digital tools have positive impacts on their overall ability to interact with customers
ü Traditional and digital channels no longer co-exist but merge => hybrid model (Robo advisor, RegTech,…)
ü Increasing digitalisation implies increasing investments and recurring costs (tools development, cyber-security,…)
![Page 7: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/7.jpg)
Luxembourg Wealth Management Service Offer
![Page 8: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/8.jpg)
KAPITALFÖRSÄKRINGAR - FÖRMÖGENHETS- OCH SUCCESSIONSPLANERING UR ETT
PAN-EUROPEISKT PERSPEKTIV
![Page 9: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/9.jpg)
Experts:Cecilia Bjerke-Quirke, Country Manager Sweden, Foyer InternationalRoberth Josefsson, Sales Director Sweden, Swiss Life Luxembourg Daniel Starberg, Senior Wealth Planner, Lombard Intermediation Services
Moderator:Marc Lauer, Vice-Chairman, Luxembourg Insurance and Reinsurance Association (ACA)
Panelists
![Page 10: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/10.jpg)
Non LifeLocal Market
4%Non Life Insurance
abroad11%
Life InsuranceLocal Market
7%Life Insurance
abroad78%
CROSS BORDER LIFE INSURANCE EXPERTISE
Source: Luxembourg Insurance and Reinsurance Association (ACA), Q4 2016
Luxembourg Insurance Premiums
![Page 11: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/11.jpg)
Source : ACA Source : Commissariat aux Assurances (CAA)
20,4
13,5
19,818,4
21,919,7 20,3
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016
PremiumsBn €
82,4 85,7101,1
111,1
136,6148,7
159,8
020406080
100120140160180
2010 2011 2012 2013 2014 2015 2016
Assets under ManagementBn €
Life insurance
![Page 12: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/12.jpg)
France31%
Italy21%
Germany7%
Belgium6%
Luxembourg8% Sweden
5%Portugal
4% UK3%
Spain3%
Finland2%Poland
1%Other EU countries
1%
EEE2%
Outside EEA6%
Other12%
CROSS BORDER LIFE INSURANCE EXPERTISELife Insurance Premiums 2016 - Split
Source : Luxembourg Insurance and Reinsurance Association (ACA)
![Page 13: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/13.jpg)
Source : Luxembourg Insurance and Reinsurance Association (ACA)
377258
1140
287169
1359
960
0
200
400
600
800
1000
1200
1400
1600
2010 2011 2012 2013 2014 2015 2016
PremiumsMn €
1,61,4
1,61,8
1,2
2,8
3,7
0
0,5
1
1,5
2
2,5
3
3,5
4
2010 2011 2012 2013 2014 2015 2016
Assets under ManagementBn €
Luxembourg life insurance for Swedish customers
![Page 14: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/14.jpg)
Principle (since 1994): 1 European country authorised to market its products and provide cross-border services in other European states
3rd European life insurance directive framework
14
26,46 billion € Contract law
=Policyholder country of residence
Luxembourg prudential rules
![Page 15: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/15.jpg)
_ bank_ insurance_ reinsurance _ securities_ Investment funds_ EU passport being implemented_ hedge funds_ private equity_ real estate
EU Passport
15
26,46 billion €
1 500 KM
2 100 KM
LUXEMBOURG
2 100 KM
![Page 16: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/16.jpg)
Clients’ needs
FlexibilityPrivacy
Asset & Investor protection
Insurance Tax Framework Portability
Estate Planning
![Page 17: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/17.jpg)
_ CAA Investment rules _ Quarterly checks _ Protection against creditors_ Separation of clients' assets_ ‘Super Privilege’
Luxembourg’s unique policyholder protection
CAA
Insurer
Policy -holder
CAA Approved Custodian
Bank
![Page 18: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/18.jpg)
INSURER
Key players
Policyholder
CAA
Tax Advisor
Legal Advisor
Family Office
Asset Manager
Intermediary Custodian Bank
![Page 19: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/19.jpg)
Authorised financial instruments
* Circular letter 15/3 (CAA)
Specialised Investment Funds Unlisted assetsAssets with reduced liquidityHedge fundsRaw materialsPrecious metals
External fundsUCITSEquitiesBonds
Other EU countries
Luxembourg*
![Page 20: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/20.jpg)
Why choosing Luxembourg life insurance?
Taxation of the country of policyholder country of residence
Centralisation of financial assets and estate planning while abroad
Centralisation
Security triangle with separated assets
Dedicated FundsSpecialised Insurance Funds
Tax neutrality Policyholder protection
Tailor-made Management
An integrated and sophisticated solution
![Page 21: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/21.jpg)
KAPITALFÖRSÄKRINGAR - FÖRMÖGENHETS- OCH SUCCESSIONSPLANERING UR ETT
PAN-EUROPEISKT PERSPEKTIV
![Page 22: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/22.jpg)
Experts:Cecilia Bjerke-Quirke, Country Manager Sweden, Foyer InternationalRoberth Josefsson, Sales Director Sweden, Swiss Life Luxembourg Daniel Starberg, Senior Wealth Planner, Lombard Intermediation Services
Moderator:Marc Lauer, Vice-Chairman, Luxembourg Insurance and Reinsurance Association (ACA)
Panelists
![Page 23: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/23.jpg)
Non Life Local Market
[POURCENTAGE] Non Life Insurance
abroad [POURCENTAGE]
Life Insurance Local Market
[POURCENTAGE] Life Insurance
abroad [POURCENTAGE]
Cross-border life insurance expertise
Source: Luxembourg Insurance and Reinsurance Association (ACA), Q4 2016
Luxembourg Insurance Premiums
![Page 24: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/24.jpg)
Source : ACA Source : Commissariat aux Assurances (CAA)
20,4
13,5
19,818,4
21,919,7 20,3
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016
PremiumsBn €
82,4 85,7101,1
111,1
136,6148,7
159,8
020406080
100120140160180
2010 2011 2012 2013 2014 2015 2016
Assets under ManagementBn €
Life insurance
![Page 25: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/25.jpg)
Cross-border life insurance expertiseLife Insurance Premiums 2016 - Split
Source : Luxembourg Insurance and Reinsurance Association (ACA)
![Page 26: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/26.jpg)
Source : Luxembourg Insurance and Reinsurance Association (ACA)
377258
1140
287169
1359
960
0
200
400
600
800
1000
1200
1400
1600
2010 2011 2012 2013 2014 2015 2016
PremiumsMn €
1,61,4
1,61,8
1,2
2,8
3,7
0
0,5
1
1,5
2
2,5
3
3,5
4
2010 2011 2012 2013 2014 2015 2016
Assets under ManagementBn €
Luxembourg life insurance for Swedish customers
![Page 27: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/27.jpg)
Principle (since 1994): 1 European country authorised to market its products and provide cross-border services in other European states
3rd European life insurance directive framework
27
26,46 billion € Contract law
=Policyholder country of residence
Luxembourg prudential rules
![Page 28: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/28.jpg)
_ bank_ insurance_ reinsurance _ securities_ Investment funds_ EU passport being implemented_ hedge funds_ private equity_ real estate
EU Passport
28
26,46 billion €
1 500 KM
2 100 KM
LUXEMBOURG
2 100 KM
![Page 29: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/29.jpg)
Clients’ needs
FlexibilityPrivacy
Asset & Investor protection
Insurance Tax Framework Portability
Estate Planning
![Page 30: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/30.jpg)
_ CAA Investment rules _ Quarterly checks _ Protection against creditors_ Separation of clients' assets_ ‘Super Privilege’
Luxembourg’s unique policyholder protection
CAA
Insurer
Policy -holder
CAA Approved Custodian
Bank
![Page 31: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/31.jpg)
INSURER
Key players
Policyholder
CAA
Tax Advisor
Legal Advisor
Family Office
Asset Manager
Intermediary Custodian Bank
![Page 32: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/32.jpg)
Authorised financial instruments
* Circular letter 15/3 (CAA)
Specialised Investment Funds Unlisted assetsAssets with reduced liquidityHedge fundsRaw materialsPrecious metals
External fundsUCITSEquitiesBonds
Other EU countries
Luxembourg*
![Page 33: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL …](https://reader031.fdocuments.us/reader031/viewer/2022012018/61daea3edf19b74bac293d38/html5/thumbnails/33.jpg)
Why choosing Luxembourg life insurance?
Taxation of the country of policyholder country of residence
Centralisation of financial assets and estate planning while abroad
Centralisation
Security triangle with separated assets
Dedicated FundsSpecialised Insurance Funds
Tax neutrality Policyholder protection
Tailor-made Management
An integrated and sophisticated solution