Wealth Management Renaissance - Financial Simplicity

02Mass Portfolio Customisation & The Unique Investor
Copyright © Financial Simplicity Australia Pty Ltd 2012
1. Mass customisation considered
i. Mass customisation addresses parallel consumer needs
Consumer control is core to mass customisation. This motivation reveals
The Renaissance of
Wealth Management
© Copyright Financial Simplicity Pty Ltd 2013

The Renaissance of Wealth Management | January 2013 1
Contents
Introduction 2
I. What is the wealth management renaissance all about? 3
i. Technology remains a key driver 3
ii. The rise of the investor in the context of social media 4
iii. The rebirth of financial advisory to consumer standards 5
iv. Market fragmentation and globalisation 6
v. Continued financial market regulation 6
II. Critical Challenges 7
i. Investor uncertainty – The paradox of primacy 7
ii. Continuing cost concerns 8
iii. Structural issues in global markets 8
iv. Insufficient retirement savings 9
III. Implications of five key renaissance attributes
in context of critical challenges 9
i. Greater awareness and understanding 9
ii. Greater choice and trusted advice 10
iii. Greater control 10
iv. Greater transparency 11
v. Fairer remuneration 11
Conclusion 12

Introduction
Much of the world has experienced significant increases in economic
prosperity in the past three decades. However, the global wealth
management environment has never been more challenging,
nor fraught, with the potential for misstep.
These pressures facing the wealth management industry are well
recognized and much continues to be written about them. However,
less is written about the key positive elements of change and, more
importantly, what is needed to sustain these attributes of “new
thinking” in wealth management.
We are seeing the effects of the failure to grapple with an
increasingly complicated system now revealing serious structural
deficiencies. These include, inter alia, highly leveraged investing and
mass pooling of retail investments, both of which have emerged
as key investor security policy issues. The infrastructure itself has
been vulnerable to manipulation at the very highest levels and, as
a result, there is a distinct gap between those who are benefitting
from the system and those whom the system has failed to serve,
namely retail investors. However, emerging slowly, and at differing
rates, from a prolonged period of complexity, the global wealth
management industry has entered a period of profound change.
Such is the scope of this transformation that it can be classed as
a genuine renaissance, a period of complete renewal in which
investors, not asset managers, have become paramount. The
implications for this are, naturally, enormous and it is fair to observe
that these are generally not well understood by industry participants.
The continued inability (of governments, businesses and individuals)
to comprehend actively the imperatives of, and opportunities for,
these changes will, sadly, result in periods of great difficulty for some
wealth management businesses. However, equally, those companies
that are embracing the renaissance and are genuinely seeing the
opportunities inherent within, will themselves undergo a period of
tremendous growth. These organisations, along with the investors
they service, will be the ultimate beneficiaries of the renaissance
and will be the leaders of the future in wealth management.
This paper looks at five areas we consider to be most critical to the
renaissance and, consequently, have the greatest implications for
the future prosperity of the wealth management industry.

I. What is the wealth management
renaissance all about?
Over the past five to 15 years in particular, several areas of profound change
and renewal within the wealth management sector have been occurring
simultaneously and, depending on the global region, at various speeds.
The first area, naturally enough, is the continuously increasing impact of
technology. Innovations in technology have made, and continue to make,
significant adjustments to the overall supply chain experience in all its
component parts – from portfolio managers to back office administrators
to investors. The continued influence of technology on transforming the
wealth management model cannot be overstated and is discussed in more
detail in Item I(i).
Technology’s direct impact on investors themselves is the second key facet
of the wealth management renaissance. This is perhaps the one that has
taken longest to come to obvious fruition. Investors of all shapes and sizes
are now served by wealth management which was, until fairly recently,
generally considered the preserve of the very affluent. Extending wealth
management to the common investor, the second area of renaissance as
it were, has created a very different complexion for the industry and has
resulted in an entire new category of imperatives including personalization
(Web 3.0) and mobile access. The incidence and importance of investors
has not, however, resulted in a general feeling of security.
Lack of investor confidence can be attributed both to sustained volatility in
financial markets and a decline of trust in the traditional financial advisory role.
It is in this third area of the renaissance in particular that much work remains
to be done.
A fourth and compelling area of the wealth management renaissance is
fragmentation of a traditional consolidated market and the concurrent
expansion of globalisation. This has resulted in considerable challenges for
smaller wealth players in their efforts to build sustainable operations without
traditional economies of scale while facing increasing volumes of information
(and competition) on a literally 24/7 basis.
The fifth and final area of change to be reviewed in this paper is in the area
of financial markets regulation. This is not new but, given its intensified
activity in recent years, and its critical importance, it should be considered an
important attribute and facilitator of the renaissance in wealth management.
Its commercial implications are certainly profound.
i. Technology remains a key driver
The rise of technology has been the single greatest attribute of the
renaissance in wealth management and permeates each of the four
remaining areas. Fuelled by technology innovation in the 1990’s particularly
relating to unitized (‘pooled’) products which solved the issue of managing
efficiently a portfolio of assets on behalf of mass investors and the internet
which connected investors with financial service providers like never before,
The continued influence of
technology on transforming
the wealth management
model cannot be overstated.
”
“

wealth management has become truly global and almost overwhelming
in scope. The combination formed the DNA of retail wealth management,
which in turn fostered the DNA of the wholesale industry resulting in an
industry comprising some 45,241 equity securities, 139,933 debt securities
and 650,000 OTC derivatives today. Worldwide assets under management
are estimated in excess of $122 Trillion.
Many forward-thinking businesses are benefiting from technology
advances, particularly in the field of investor communication and portfolio
management. However, those that are not embracing new tools and
associated methodology energetically risk serious competitive decline and,
more absolutely, elimination. Specifically, to increase operational excellence
and consumer relevance, wealth management businesses need sustainable
ways of directing and adjusting a myriad of tailored investment portfolios
simultaneously and easily.
The way of the now immediate future appears to be toward “open architecture”
product models. Open architecture’s approach is to offer a broad choice of
funds and products to place investors in control of the investments they wish
to select or dissolve. In an open architecture environment, investors have the
freedom to choose, and manage, whatever products they choose without
incurring traditional heavy fees. According to a recent industry survey, two
thirds of wealth management firms confirmed their intention to expand the
incidence of open architecture embedded in their investment solutions over
the next two years.
ii. The rise of the investor in the context of social media
People define wealth more broadly than ever before. In this, today’s investors
are not just concerned with the growth of financial assets. They have a more
holistic appreciation of what true wealth is and, as such, are more participative
than yesterday’s investors many of whom subscribed to a disengaged,
outsourcing mentality.
The interconnectedness of wealth management (fuelled in growing part
by social media and an insatiable appetite for financial news) is making the
universal pursuit of wealth less remote, more immediate and, as importantly
for investors, broader in scope. Increasingly, encouraged by social networks,
other considerations are being promoted as integral to the “investment
mix”. These include: personal values, education, life experience, community
activities, family and personal interests. Collectively, these attributes,
combined with more traditional investor profiling, drive greater relevance of
overall investor understanding. Increasingly, they are a valuable means of
building more relevant portfolios in a structured fashion in order to manage
investments more effectively.
Traditionally, wealthy people cost more to serve than the relatively less
affluent: wealthy people also receive commensurately better service. Wealth
managers aim to strike a balance between cost and revenue by delivering
service according to extent of individual assets. However, this is beginning to
change due, in large part, to a combination of technology innovation and the
ability of investors to ‘spread the word’.
The way of the future
appears to be toward
“open architecture”
product models.
Today’s investors have a
more holistic appreciation
of true wealth.
”
”
“
“

Thanks again to profound technology advances, the vital ability to scale
portfolio adjustments easily, deliver relevant client reporting and ensure
continuous compliance makes it possible to provide genuinely tailored
service to the mass affluent. This is just as well since increasing numbers
of dissatisfied individuals are turning to social media and other outlets as a
means of finding alternative service in the context of connecting with friends
and business associates for advice.
Investors, fuelled by an expanding network of ready conversation via the
internet are making comparisons between each other and then demanding
more control and lower fees by their providers. This has led, in Australia in
particular, to the rise of self managed superannuation funds that collectively
total over $700 Billion. Self-managed superannuation continues to be the
fastest growing sector of the Australian superannuation industry.
iii. The rebirth of financial advisory to
consumer standards
In the context of increased investor importance, the way in which financial
advisers view their customers is very important. A key change is the way in
which the ultimate customer – the investor – is actually viewed. Once depicted
at the end of the chain, the investor, as ultimate consumer, is now placed
at the pinnacle of contemporary business models given that this is where
the fees are derived. Investor values are increasingly referenced in articles
covering new thinking in wealth management and management in general.
Increasingly, in line with their consumer-focused colleagues across different
industry sectors, wealth managers are seeing that effective management must
begin with individual values: these are the drivers of customer sentiment.
Financial advisers and wealth managers have traditionally taken sizable cuts
of their clients’ portfolios as revenue without transparent accounting. Far from
“getting what they paid for”, clients were rarely, if ever, aware of what they
were getting in the first place.
In private banking circles, fees in most developed countries have dropped by
as much as 10-20% since the start of the 2008/2009 Global Financial Crisis
(GFC). However, wealth advisers also remain the primary service channel for
clients and the majority of firms expect therefore to continue investing in the
adviser channel to assist servicing of clients. Given that reliance on the wealth
adviser for client service is costly – detracting energies from asset-gathering
activities – wealth management firms are investing significant resources
in technology to support additional service channels. Within this key area
of profound industry renewal, ground-breaking technology is also being
deployed to improve online servicing capabilities and leverage dedicated
service teams and call center efficiency.
The influence of smaller, leaner financial advisory players, or boutiques, utilizing
new technology in wealth management markets is already transforming
the way the rest of the market works. Fees across the wealth management
industry globally are falling and, at the same time, are becoming more
transparent. The intersection between transparency and fairness will force
wealth businesses to provide online services and to invest in online systems
that will provide sensible advice at low cost in a sustainable, secure manner.
The ability to scale portfolio
adjustments easily, deliver
relevant client reporting
and ensure continuous
compliance makes it
possible to provide
genuinely tailored service
to the mass affluent.
”
“
The investor is now placed at
the pinnacle of contemporary
business models.
”
“
Wealth managers are
seeing that effective
management must begin
with individual values.
”
“

iv. Market fragmentation and globalisation
Globalisation affects not only the way investors’ funds are managed and the
information required for effective management, it also shapes the context in
which the individual investor operates.
While one part of the traditional wealth management market is fragmenting
into smaller, often locally-based, operations, the other end of the market is
concentrating itself on ensuring integrated customer service to every part
of the world. The smaller, more local players have a distinct edge in their
own markets in servicing local clients, particularly those countries relatively
new to structured wealth management strategy such as Brazil and China,
for example. The rise of China and the Latin American block (between them
accounting for the fastest growing share of affluent customers worldwide)
has created significant implications for traditional approaches to customer
service, speed of information and investment methodology.
The fragmentation of the wealth management market makes it attractive to
new entrants that generally have cutting edge technology-driven business
models focusing on online offerings and, where regional jurisdictions permit,
financial advice.
v. Continued financial market regulation
While regulation is a mature component of most western financial systems,
it remains subject to continuous change and self-reinvention. The extent of
the renewal, and the implications already emerging, make it a key driver of
the renaissance. The Organisation for Economic Development (OECD) has
expressed serious concerns over the funding adequacy for national pension
schemes and has initiated a pilot project to investigate the situation over a
two-year period.
Most recently, in the name of increased investor security, the Australian,
Singapore and UK financial systems have demonstrated significant
adjustments in their respective systems. In the UK, for example, structural
reforms are a response to serious systemic inadequacies that had
their roots in a complex state-based system and became evident in the
GFC. UK regulators are looking to address these issues in a number of
ways: These include establishing the Financial Conduct Authority (FCA)
in 2012/2013. The FCA’s primary responsibility will be to regulate the
business of all UK financial institutions in the context of more aggressive
consumer protection and engagement.
A key systemic and structural change (and critical in the relationship between
industry participants) is that the UK Financial Services Authority will no longer
allow platforms and product providers to pay financial advisers unless there
is total fee transparency. While the collective banning of commissions and
rebates from financial providers will create considerable threats to the survival
of some operators, it is welcome change for investors who have long sought
clarity in the value of the services for which they pay.
The rise of China and
the Latin American
block has created
significant implications
for traditional approaches
to customer service.
”
“

In Singapore, the Securities and Futures (Amendment) Bill 2012 was a
direct result of the GFC. Singapore has contributed to international efforts
to develop global reforms which are driving to significant reregulation of
financial markets. Singapore is moving specifically to strengthen protections
for retail investors. The GFC highlighted the need to protect retail investors,
particularly in light of the mis-selling of some investment products. Singapore
conducted an extensive 3-year review culminating in 2010 and proposed a
number of new measures directed at the sale and marketing of investment
products, and put forward a number of proposals to protect the interests of
retail investors. Singapore is also strengthening the protection of retail funds
placed with capital market service firms.
In Australia, the financial system itself remains comparatively robust. However,
for the past decade, commissions and financial adviser remuneration has
been a subject of intense scrutiny and extensive industry debate. The GFC
fanned consumer resentment over bankers’ fees, a trend that has gathered
momentum through the channels of social media, in particular. Australia has
introduced a suite of new reforms called the Future of Financial Advice (FoFA).
These reforms are specifically designed to improve fairness, transparency
and will address conflicts of interest that have constrained the quality of
financial advice provided to Australian investors. This new era of increased
transparency and investor control will start to address the quality issue as
consumers reject organisations that may conflict with their principles.
II. Critical Challenges
Notwithstanding all the excellent initiatives currently being considered and
implemented in the context of the renaissance and the resultant progress
being made in critical areas, the global financial system remains under
moderate to severe duress.
i. Investor uncertainty – The paradox of primacy
The renaissance has placed investors at the centre stage but there is a need
for them to share that stage with trusted advisers. In an interesting paradox,
despite the rising primacy of the investor over the asset/wealth manager,
and the greater potential insights yielded by scope and speed of information
processing, investors are not feeling more secure than they were 30 years
ago. As an example, the rise of online stockbrokers more than 10 years ago
did not, as then predicted, lead to the demise of wealth management. This
was due in large part to the fact that many of the clients, whilst seeking
competitive asset custody and execution services, did not then, and do
not now, feel sufficiently confident to manage their own assets. This is an
important paradox and one of the main reasons why industry reforms have
not been faster or more deep-seated.
In the last years of the 1990s and the first 10 years of the new millennium,
the credit crisis combined with poor performance from falling asset values
to increase dramatically the level of uncertainty among investors. As a result,
the wealth management industry saw a flight to safety of capital to traditional
safe havens such as government bonds and cash products.
Building mutual trust
between investor and
adviser is critically
important for the
stability of global
wealth management.
”
“

Building mutual trust between investor and adviser combined with a patient,
resilient view of investing is vitally important for the stability of global wealth
management. A great deal of money – critical long-term retirement money
– has been lost (often forever) by investors who once believed the system
would support and protect them. The process of making them believe again,
and entice new appropriately-advised investors into financial markets, is a
key priority for governments and monetary authorities around the world.
The world’s financial institutions, irrespective of capital strength, rely on
market funding. In the event of a prolonged debt crisis, and another major
flight to quality, the global financial system is vulnerable indeed.
ii. Continuing cost concerns
It has been widely reported that cost pressures in wealth management
remain severe and the majority of industry decision-makers feel more
effective approaches to managing costs effectively are required urgently.
Technology has proven to be a key means of reducing, and controlling,
costs particularly since much of the current cost burden to business is
generated by manual processes which can now be partially or, in many
cases completely, automated.
Increasingly onerous compliance requirements under emerging regulatory
regimes, especially in areas of the industry where there are natural conflicts
between the consumer and service providers, are a prime reason for
escalating costs. Given that compliance demands are not likely to lessen in
the near future, particularly as regulatory changes gain momentum, wealth
businesses must develop new technology-rich strategies and embrace
innovations designed for automated, fail-safe compliance management.
Another of the many areas in which costs must be managed effectively lies in
tracking management fees and reporting on these in a disciplined, repeatable
manner. This is critical to adhering to emerging legislation in a number of
jurisdictions and is equally important to building client trust discussed in the
previous section.
iii. Structural issues in global markets
A primary cause for concern is the lack of certainty regarding funding for
personal pensions. According to the OECD, governments will need to raise
retirement ages gradually to address increasing life expectancy. This must
be done in order to ensure that their national pension systems are both
affordable and adequate.
Events leading to the collapse of major global financial institutions revealed
catastrophic flaws in the structure of popular financial products, in particular
Over The Counter (OTC) derivatives.
Eurozone and US debt problems continue to constrain growth and create
uncertainty. Improving transparency and discipline in this area to mitigate
broader systemic risks has been a focal point for financial reforms worldwide.
However, the measures discussed earlier in countries such as the UK,
Singapore and Australia have not yet been implemented or have not have
sufficient time for their effects to be felt.
Wealth businesses must
embrace innovations
designed for automated,
fail-safe compliance
management.
”
“
The collapse of major
global financial institutions
revealed catastrophic flaws
in the structure of popular
financial products.
”
“

iv. Insufficient retirement savings
Insufficient self-funding for retirement is a key concern of many governments.
As mentioned earlier, the OECD launched a pilot program at the beginning of
2012 to assess whether the savings of future retirees would be sufficient to
fund them in their lifetimes. Currently, there is a significant pension gap in at
least 12 OECD countries with net replacement rates from national schemes
at less than 60%.
Over the next 50 years, life expectancy at birth is expected to increase by
more than 7 years in developed economies. The long-term retirement age in
half of OECD countries will be 65, and in 14 countries it will be between 67
and 69. As a result, increases in retirement ages are underway or planned in
28 out of the 34 OECD countries.
Retirement savings anxiety is keenly felt in the UK in particular due in large
part to inadequate pension savings, rising debt, and long-term care expenses.
This is a direct result of the current state-based structure driving a low
voluntary retirement savings regime, and large unfunded pension programs.
III. Implications of five key renaissance
attributes in context of critical challenges
The wealth management renaissance and continuing challenges across
the industry have combined to yield some significant benefits and positive
indicators of future improvements. Wealth management companies that
pursue excellence in each of the following areas simultaneously can
differentiate themselves from their competitors and build a sustainable
cost-effective business of relevance (and therefore value) for their clients.
i. Greater awareness and understanding
Awareness is a key area of focus for High Net Worth and mass affluent
clients alike. Wealth managers are looking for distinguishing methods to beat
peer benchmarks, earn best-in-class performance, examine cost containment
strategies to sustain margins and attract new clients.
Almost 80% of respondents in a recent industry survey were employing a
unique servicing model for each distinct client segment they service. Relevant
technology innovations (those that allow for greater portfolio flexibility,
security and mass scale) are critical to the competitive ability to tailor the
client’s individual experience. Greater awareness runs both ways: the wealth
manager must be more aware of the client he is servicing: equally, the client
is much more aware of the products and services on offer. Today’s investors
are not afraid to shop around, particularly given their extensive support
networks built within growing on-line communities.
Differentiation remains a key challenge facing wealth management
companies in an open architecture world. As a result, companies are
increasingly looking to their business models to acquire and retain assets
on which to charge fees. In order to succeed, wealth managers will not
It is estimated currently
that UK workers face
a retirement savings
chasm of £9 trillion.
Wealth management
companies can differentiate
themselves from their
competitors and build a
sustainable cost-effective
business of relevance.
”
”
“
“
There is a significant
pension gap in at least
12 OECD countries.
”
“

only need to develop a robust model to support growth through their own
staff and business partners, but focus on delivering knowledgeable, quality
advice to clients whose needs they will likely need to understand more
comprehensively than in the previous 15 years.
ii. Greater choice and trusted advice
Investors are faced with numerous investment choices that include
exchange-traded funds (ETFs), wrap accounts, principal-protected notes,
segregated and hedge funds. To better understand these products and how
they fit into their portfolios, investors are looking for trusted advisers who can
understand their distinct needs. In addition, more timely feedback and greater
accountability are vital to developing the trust necessary for investors to avail
themselves of choices offered by their advisers.
Understanding that risk and return are key to their clients, technology to
enhance compliance oversight and investment due diligence top the list of
corporate investment in people and processes.
There is also pressure to move away from the concept of an annual or
quarterly review in order to review as situations change. Instant portfolio
rebalancing and modelling tools within a framework of continuous
compliance make this imperative a cost-effective reality.
iii. Greater control
As portfolio reviews are becoming more frequent and comprehensive as
a result of the intersection of regulatory and client demands, more wealth
management firms will invest in adviser desktop tools for client reporting,
according to a recent industry report.
The trend to open architecture product choice is a direct result of technology
innovation intersecting with new regulation and rising client expectations
over the past 15 years. Under so-called guided architecture the distributor
filters investment solutions on behalf of the customer. This perfect storm,
as it were, has increased the pressure on wealth managers to offer investors
a much wider range of non-proprietary investment products and has resulted
in the disaggregation of investment product manufacturing from product
distribution. 60% of global CEOs surveyed recently reported their intention
to adopt an advice-led model with a comprehensive open architecture for
externally sourced products within the next two years.
Nearly 80% of wealth managers plan to expand open architecture strategies
using third-party products in the next two to five years and increase the sheer
number of products on offer. This trend has the potential to drive profound
change in wealth management.
Relevant technology
innovations (those that
allow for greater portfolio
flexibility, security and
mass scale) are critical to
competitive ability.
The trend to open
architecture product
choice is a direct result
of technology innovation
intersecting with new
regulation and rising
client expectations.
”
”
“
“

iv. Greater transparency
Pressure from regulators and investors for increased transparency are leading
to declining margins and higher costs.
A majority of wealth management firms are employing strategies to
improve online capabilities to help service end clients – more to improve
client reporting than for research/ advice and wealth planning (though the
proportion of firms investing there is not trivial). The investment in client
reporting not only improves the client experience, but are clearly important
to reduce the administrative burden on the wealth management adviser.
This is one of the most valuable advances within the context of the wealth
management renaissance as it has lead directly to ensuring that the system
is not only more effective but is also more equitable.
v. Fairer remuneration
The trend toward fairer adviser remuneration has been at the core
of regulatory enhancements in each of the developed countries with
comprehensive reform programs underway.
Many firms have already adopted an enhanced approach based on new
thinking that results in charging flat monthly rates to assess risk tolerance.
Based on individual investor profiles, this will help investors design widely
varied investment portfolios that are managed on a daily basis through
sophisticated algorithms. This is a particularly significant area of renewal within
the renaissance and continues to be refined by new technology innovations.
Investment in client
reporting not only
improves the client
experience, but are clearly
important to reduce the
administrative burden.
”
“

Conclusion
“Renaissance” does not necessarily imply an easier course but it can
mean better when better leads to greater awareness, understanding,
choice, control, transparency and, most importantly, fairer remuneration
in wealth management.
This paper has reviewed areas in which wealth management in some
developed countries has begun a process of significant improvement with
respect to enhanced investor experience. It has also sought to highlight
some of the challenges associated with those areas of renewed strength.
Overall, the fundamental wealth management model is changing. We are
seeing an increasing number of examples that all use technology to build
fully tailored investment portfolios at a fraction of cost charged by traditional
wealth managers.
Firms are able to access data on millions of portfolios in order to obtain
sophisticated and immediate rebalancing for portfolios tailored to client
personalized rules, preferences and constraints. This data can help not only to
manage returns more effectively: they can also illustrate the degree to which
professional management fees have affected portfolio values of the portfolios
in direct proportion to adviser input. The critical implication of this is that it
can ensure investing is more secure and is not, what it has sometimes been
in the past, not far removed from gambling.
In examining those areas of renewal, improvement and innovation, we have
set out some of the critical characteristics of sustainable business operations.
Those that are best placed to succeed are likely to be large international
operations with extensive retail networks at one end of the scale. Or, at
the other end of the scale, smaller, more regional operations with a distinct
affinity for the local market are also likely to do well. Perhaps ideal strategies
moving forward may be a combination of both.
Both models, however, will depend on technology innovation to deliver
what are now increasingly fundamental attributes as opposed to business
differentiators. As a result, the bar is getting higher.
For more information, please contact us at
info@financialsimplicity.com.au or call +61 2 8960 6030.
www.financialsimplicity.com.au
We are seeing an increasing
number of examples –
grounded in technology
innovation – that use
technology to build fully
tailored investment
portfolios at a fraction of
traditional costs.
Firms are able to access
data on millions of
portfolios in order to obtain
sophisticated and immediate
rebalancing for portfolios
to client personalized rules,
preferences and constraints.
”
”
“
“

Wealth Management Renaissance - Financial Simplicity

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