Trends Taking the Wealth Management Industry by Storm Q4 2023
In the dynamic realm of wealth management, 2023 has unfolded as a pivotal chapter, sculpted by a confluence of regulatory shifts, the rise in AI implementation, political mayhem across the globe, and ongoing inflation. Furthermore, with retail investors seeking increasingly personalised services and regulatory bodies worldwide recalibrating their expectations concerning measuring climate impact, it is fair to claim that we are on the brink of entering a more scrutinised, digitally empowered and environmentally conscious phase of the industry’s lifecycle. As we prepare for the end of the year and chalk out strategies for 2024, let’s delve into the trends that dominated the sector in the last quarter of 2023 and will undoubtedly continue to define the wealth management landscape.
Exploring ALM in Life Insurance: Strategy, Risks, and Innovations
In this interview, Hans Sterte, a seasoned economist, and Senior Partner at House of Reach, shares his rich insights from a career spanning over three decades in the realms of economics, asset management, and strategic investment. Tracing his journey from government institutions to leadership roles in major Swedish pension funds, Hans delves into the intricacies of Asset and Liability Management (ALM) within life insurance companies, highlighting its evolution and current challenges.
Beyond End-of-Service Gratuities: The Digital Dawn of Pension Planning in the UAE
The financial landscape in the UAE is witnessing a dynamic shift, predominantly influenced by an influx of an expatriate workforce and the challenges of catering to their pension needs. Traditionally rooted in familial support and state benefits, the UAE is now leaning into technology, particularly digital pension planning platforms like OutRank®, to democratize retirement savings and offer more personalized financial solutions. Supported by progressive governmental initiatives such as the 'Get Ready - Proactive Financial Planning' campaign and DIFC Employee Workplace Savings initiative, the region is making strides in filling the pension gap. As the UAE spearheads innovative pension planning solutions, it stands on the brink of setting a standard in the digital era's retirement blueprint.
Bridging Gaps in Consumer Duty
The purpose of the UK’s latest regulatory update goes beyond additional reporting and addresses the value created by wealth management and insurance businesses. It aims to set a higher standard of care and deliver better consumer outcomes throughout the customer journey. The overarching principles set out to change how products and services are evaluated, priced, explained and supported, and it should transform the relationships within wealth management value chains.