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資産管理における注目すべき動向

2016: Trends to Watch in Wealth Management

発行 Verdict Financial 商品コード 350784
出版日 ページ情報 英文 55 Pages
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資産管理における注目すべき動向 2016: Trends to Watch in Wealth Management
出版日: 2016年01月29日 ページ情報: 英文 55 Pages
概要

世界のウェルスマネジメント (資産管理) は、5年前とは大きく異なっています。国際的な大企業の多くは、消えていくか、金融危機後に大幅なリストラを受けています。資産管理企業は、その提案を縮小するか、絞り込むかするしかありません。

当レポートでは、世界のウェルスマネジメント (資産管理) 市場について取り上げ、規制、製品・サービス動向、資産配分の促進要因など、体系的な情報を提供しています。

エグゼクティブサマリー

資産配分の動向

  • 株式は圧倒的勝者
  • 代替の主流は継続

規制の動向

  • 国際規制はオフショア動向をさらに変える
  • 現地規制 (ロシアのCFCなど) もオフショア市場に影響を与える
  • 手数料の禁止が早期導入者から主流に広がる

顧客ターゲットの動向

  • 資産管理企業はUHNWIを重視

製品とサービスの動向

  • デジタルディスラプションが資産管理チェーン全体に影響を与える
  • 資産管理企業は強制的に資産を成長させる新しい方法を模索

競合の動向

  • 資産管理企業はより選択的な地域戦略を追求
  • 投資銀行は金融危機後の調整の矢面に立つ
  • ロボアドバイザーの統合が始まる

付録

図表

目次
Product Code: VF0001IA

Summary

The face of global wealth management is very different to five years ago. Many of the large international players have gone or are undergoing significant restructures as they adapt to the post-financial crisis world. The universal banking model of old is diminishing and many players are stepping back from investment banking. At the same time, banks are now much more selective in their approach to global expansion - no longer is it a case of the more countries the better. Today's wealth managers are having to slim down and hone their propositions. The previously rich pickings of the offshore wealth management industry are becoming ever slimmer with the advent of the OECD's Common Reporting Standards; meanwhile the march towards commission bans is pushing the industry to a fee-based advice model. All of this, together with advances in the digital world and fintech disruption, means wealth managers are being pushed to rethink their approach to the delivery of investment advice and who they deliver it to.

Key Findings

  • Australia, the Netherlands, and the UK are no longer the outliers when it comes to commission bans, with Canada, the EU, Hong Kong, and South Africa all moving to implement full or partial bans. The ultra-high net worth (UHNW) segment is the fastest-growing, and wealth managers from Credit Suisse to Deutsche Bank are actively seeking to increase their assets from this target group.
  • Cuts within investment banking divisions will have an impact on European wealth managers, both as a form of referral to private banks and in supporting entrepreneur clients.
  • The robo-advice space is likely to undergo consolidation, with incumbent wealth managers moving to acquire providers as a means of gaining a foothold in the automated investment space.

Synopsis

"2016: Trends to Watch in Wealth Management" informs wealth managers and their strategy teams of the key developments emerging across the industry and how best to respond to these changes. The report examines developments across a number of key areas, including regulation, product and service trends, and asset allocation drivers. Specifically the report:Analyzes the impact of regulatory developments in the offshore space, such as the OECD's Common Reporting Standards and Automatic Exchange of Information.

  • Considers the consequences of the steady march towards commission bans in markets such as Canada, Hong Kong, and South Africa.
  • Assesses the impact of digital disruption across the industry, particularly the emergence of the automated advice space.
  • Examines the drivers for the increasingly selective approach wealth managers are taking (or not taking) to global expansion.
  • Reviews the latest asset allocation trends and what is driving the growth of equities and alternative investments in particular.
  • Investigates the growing trend of cutting back investment banking operations at universal banks, and the impact this will have on the industry.
  • Draws on our 2015 Global Wealth Managers Survey of 343 executives to provide fact-led insight.
  • Reviews developments tracked in our Wealth Management Competitor Tracker of over 100 companies.

Reasons To Buy

  • Understand the key trends impacting the wealth management industry in 2016 and how to respond.
  • Get ready for the advent of the OECD's Common Reporting Standards by finding out how you need to prepare.
  • Learn how HNW asset allocation preferences are set to evolve in 2016 and how you should respond.
  • Gain insight into the impact of digital disruption across the wealth management value chain and advice on how technology could help your business.

Table of Contents

EXECUTIVE SUMMARY

  • Global wealth management is in a state of flux
  • Key findings
  • Critical success factors

ASSET ALLOCATION TRENDS

  • Equities will be the clear winners in 2016, but not everywhere - and risks remain
    • Equities will continue to dominate in the typical HNW portfolio
  • The mainstreaming of alternatives will continue in 2016
    • Wealth managers should be aware of the various reasons driving demand for alternatives

REGULATORY TRENDS

  • International regulation will change offshore dynamics further still
    • Wealth managers will operate in a world of automatic exchange of information
    • CRS is coming, and financial institutions need to ready themselves
    • The reasons for investing offshore and thus booking center preferences are changing
  • Local regulations such as Russia's CFC will also impact the offshore market
    • Russia introduced CFC in 2015, creating challenges for those servicing this segment
    • FATCA will continue to have an impact, with growing numbers of US individuals renouncing their citizenship
  • Commission bans will spread from early adopters to the mainstream
    • The global commission model is in retreat, changing the look of financial advice
    • MiFID II will ban all third-party commissions, bringing RDR-esque reforms to the EU
    • The South African Financial Services Board has proposed a ban on commissions starting in 2016
    • Canada considers commission ban, with greater transparency already in the pipeline
    • Hong Kong has already moved towards greater transparency
    • The Securities and Exchange Board of India is planning an expansion of its limited commission ban for mutual funds
    • The US is shifting to fee-based advice in the absence of regulation
    • The shift towards fees means consumers need to be shown the value of advice

CUSTOMER TARGETING TRENDS

  • Wealth managers will increase their focus on UHNW individuals, who represent the fastest-growing client segment
    • Wealth managers are reorganizing to reflect the UHNW emphasis

PRODUCT AND SERVICE TRENDS

  • Digital disruption will impact the entire wealth management chain
    • Customer-facing platforms and applications will be truly client-centric
    • Technology will help increase the efficiency of advisors
    • Regulatory requirements will force investment in back-end systems
    • Integration of back and front-end systems
  • Wealth managers will seek new ways to grow mandated assets
    • More tiered advice offerings will emerge as wealth managers seek to attract mandates

COMPETITIVE TRENDS

  • Wealth managers are pursuing more selective geographic strategies
    • Large bank restructures have led to international operations being cut
    • Certain markets are more challenging than others for international players
    • Offshore operations have come under review in a more transparent world
  • Investment banks have borne the brunt of the post-financial crisis adjustment
    • A number of banks have downsized their investment banks as a result
    • The adjustment has not been uniform across the industry
    • Investment bank cuts will disrupt the flow of internal client referrals to integrated wealth managers
  • The robo-advice space will start to undergo consolidation
    • Established wealth managers are making acquisitions to gain a foothold in the digital space
    • Robo-advisors will not be able to grow further on their own
    • Potential entrants from outside the financial services industry can disrupt the market

APPENDIX

  • Abbreviations and acronyms
  • Definitions
    • Double taxation agreement
    • HNW
    • Mass affluent
    • UHNW
  • Methodology
    • Overall approach
    • Verdict Financial's 2015 Global Wealth Managers Survey
  • Bibliography
    • Asset Allocation Trends
    • Competitive Trends
    • Customer Targeting Trends
    • Product and Service Trends
    • Regulatory Trends
  • Further reading
  • About Verdict Financial
  • Disclaimer

List of Tables

  • Table 1: CRS is significantly broader in scope than FATCA
  • Table 2: Wealth managers have restructured to increase their UHNW focus
  • Table 3: Large bank restructures have contributed to divestments and office closures
  • Table 4: Selected divestments of Swiss operations
  • Table 5: Selected traditional wealth and asset managers' activity in the robo-advice space
  • Table 6: AUM of selected robo-advisors in the US (November 2015) and global wealth managers (year-end 2014), $bn

List of Figures

  • Figure 1: HNW investors are heavily exposed to equities
  • Figure 2: HNW demand for equities is forecast to rise in Europe and selected countries across the globe
  • Figure 3: The majority of wealth managers surveyed expect HNW demand for alternatives to rise
  • Figure 4: IPO activity in the US was muted in 2015
  • Figure 5: The CRS will see jurisdictions exchange account information on an annual basis
  • Figure 6: 55 "early adopter" jurisdictions will start sharing information in 2017
  • Figure 7: The vast majority of wealth managers expect HNW demand for tax advice to increase
  • Figure 8: The US is the preferred booking center among HNW investors
  • Figure 9: The number of US individuals renouncing their citizenship has risen significantly
  • Figure 10: Small-scale investors are a minor part of the Australian advisory market
  • Figure 11: Commission models are under threat around the world
  • Figure 12: UHNW wealth is growing at a substantially faster pace than HNW wealth
  • Figure 13: Wealth managers have increased their usage of mobile communication channels
  • Figure 14: In the UK, Barclays offers video banking capabilities to its Premier customers
  • Figure 15: Given the wider economic context, slow and steady profits have been prized at the world's largest banking groups
  • Figure 16: More than one 10th of all new clients are sourced from an investment bank relationship
  • Figure 17: Wealth managers are targeting entrepreneurs, recognizing the lucrative opportunity they represent
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