Dr. Claudia Klümpen-Neusel
German Tax Leader
Private Banking PwC (D)
During the years since the financial crisis, the sheer number of new regulations contributing to a new regulatory framework has risen to an extent that it has become difficult to sufficiently keep track of the various initiatives and to manage their partly contradictory goals. The continuously increasing regulatory requirements, with impacts on legal, compliance and risk management, among others, are contributing to cost levels in the Private Banking sector remaining high. Though the framework for the future may already be set, its implementation still has a long way to go and may likely put the Private Banking cost structure under pressure.
Based on information gathered in the PwC Global Private Banking and Wealth Management Survey 2013, some participants fear a significant increase in the costs of implementing regulations in the next two years.
Scorpio Partnership (GB)
We stand at the foothills of the next stage of development in terms of digital wealth management. Globally, private banks are taking on board the need to upgrade their engagement here. They are also now much more aware this goes far beyond simply having a better website (password protected or otherwise). Our global insight into the needs of HNWs and UHNWs and how this can impact commercially on the engagement with private banks is showing clear paths to the future of digital wealth management and also how it integrates with “non-digital” aspects. We can see into this future and for those banks that are adaptive this is going to be a transformational time.
How can politicians and regulative authorities help to shape a landscape for effective and profitable wealth management?
The general view in the industry is that the regulators and politicians are biased against the industry. We do not agree.
1. Asset Management and distribution strategies in a world without “kick backs”
2. New client servicing and pricing models – what’s new, what comes next?
The following banks (between others) will provide useful hands on case studies:
Credit Suisse – UBS – Deutsche Bank – Coutts & Co. – Standard Chartered Private Bank – Australia and New Zealand Banking Group – ABN AMRO Private Banking – Allianz Global Investors – Vontobel Swiss Wealth Advisors – Rothschild Bank.