Global Private Banking and Wealth Management: The New by David Maude

By David Maude

Wealth administration is without doubt one of the components during which banks and different own monetary companies avid gamers are making an investment seriously. however the marketplace is altering speedy. Going ahead, avid gamers for this reason have to adapt their suggestions to the recent realities: what labored some time past won't, for the main half, be applicable sooner or later. This targeted booklet, written via a former McKinsey advisor, deals an up to date, targeted, useful figuring out of this fascinating region of monetary prone.

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A decade ago, wealth managers mostly cloaked themselves in secrecy; very few people knew the names of more than a handful of players. Today, the types of players calling themselves wealth managers is truly vast – everyone from one-man-band advisors to companies as large as Citigroup. It is difficult to name a single large bank that is not targeting the wealth management market. Traditionally, the industry was dominated by private banks and stockbrokers. But there were important regional differences in the dominant types of player.

6 times higher. Over the same period, the cut-off point for membership of the Forbes group rose 69%. After 1999, the top end led the way to a general downturn in 2001 that continued into 2002. Nonetheless, even at the end of the period, the entire distribution was significantly above the levels of 1989. 2% in 2001. The overall growth in the entire distribution of the Forbes wealth masked a considerable amount of composition churning. Of the 400 people in the 2001 list, 230 were not in the 1989 list.

To some extent, this reflected differences in the structure and regulation of the financial services industry as a whole. Broadly, there are two main models: r North American model, where the industry is dominated by full-service and discount brokerr ages and money managers, whose strengths lie in the investment area, rather than in traditional deposit gathering. As noted above, the traditional emphasis here is on a (transactiondriven) commission-based business model. European model, where universal and traditional private banks dominate, due to their ability to offer a comprehensive range of wealth management products and services.

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