Vanessa Tubino, a chartered accountant and auditor, set up in Monaco 10 years ago. For the past 4 years she has represented the Ernst & Young network in Monaco. Last November she organized a working breakfast on the theme “Trends and strategic implications of private wealth management. What impact on financial centres?” to which AMAF (Monegasque Association of Financial Activities) members were invited.
During the breakfast event, she invited two private banking specialists, Swiss representatives of Ernst & Young in Geneva, to draw up a picture of the wealth management sector.
It remains attractive, as wealth growth is speeding up: +14.6 % / 2012, especially in Asia (Japan excluded); North America and Western Europe remain the world’s biggest markets to date but will be overtaken by the Asia-Pacific region from 2018.
In today’s context of globalization, customer needs are evolving and wealth management professionals need to adapt to them. While in a constantly changing environment they generally offer effective aid in wealth management terms, from now on they need to demonstrate a more global expertise going beyond the strictly financial framework.
- Firstly, knowledge of the strengthening of regulation. Compliance, reporting to the prudential authorities, taxation changes and the money laundering laws, are making lasting changes to the competitive panorama. They need to be mastered and complied with to perfection.
- They need to take care of IT security and be able to ensure it, as guaranteeing confidentiality has become a real challenge with new technology.
- Lastly, in a context in which the development of on-shore remains a priority, adapting business models is a necessity.
So Vanessa Tubino insists that private wealth management professionals strengthen their dialogue with multiple stakeholders internally i.e. with finance, IT and legal affairs directors. In addition, external experts remain available to put their experience to good use and deliver the best service adapted to such professionals’ needs.
