Technology drives fundamental shift in global wealth management industry
Equities are to become a larger part of asset allocation in the next decade supported by the Indian Government initiative and the favorable taxation equity instruments enjoy relative to other asset classes, says Umang Papneja, Managing Director & CEO, Julius Baer India .
Speaking at the 9th edition of India Wealth Management Conference (IWMC) in Mumbai on 2 Aug 2024, he also highlighted the need to lookout for talent in the wealth industry needs to be across India.
In his address to the session on ‘Wealth Management: The Road Ahead’ he noted the exponential rise of wealth assets in India in the process, and spoke about the opportunities for wealth managers in India for the years ahead nse.
Papneja highlighted the importance of educating wealth managers as well as the new generation of investors inheriting inter-generational wealth bse.
A trend in wealth managers setting up their respective practices with a long-term focus as individuals, NRIs, and family offices seek financial planning extending over two to three decades, noted Shamit Chokshi, CFA, Director, CFA Society India, Principal – Offshore Fund Investments, International Business at ICICI Prudential AMC .
He recognized India as a standalone asset class and added that the role of wealth managers and investment advisors are extending beyond the traditional investment planning and financial management deutsche-boerse .
The role of digital tools and data analytics in creating personalized and efficient client experiences, was underscored by Daniel Farley, Chief Investment Officer, Investment Solutions Group, Executive Vice President – State Street Global Advisors during a session ‘Global Wealth: Money in Motion’.
He also spoke about the fundamental shift driven by technology that is being witnessed in the global wealth management industry that is otherwise a century old.
Farley noted the expected rise in the number of millionaires and emphasized a holistic approach to wealth planning by focusing on the overall objectives of the client rather than simply looking for winning ideas. He called it ‘prioritizing Investor Alpha over Investment Alpha’.
Vikram Srinivasan, CEO and Co-Founder at Needl.ai, shared his views on the role of AI in financial practices, and the importance of exercising care when implementing AI in the organization and having the right mentors to navigate such implementation.
Different opportunities for value addition across areas such as product development and portfolio management, along with functions such as taxation, finance, and US GAAP, were reviewed by Navin Upadhyaya, Chief Human Resources Officer, 360 ONE .
Speaking at a session on ‘Wealth Management: Talent Landscape’ he addressed the myth that wealth management is just about sales.
The importance of building two-way trusts while building partnerships and fostering a constant give and take as an effective mechanism for resolving conflicts was highlighted by Hemendra Kothari, Non-Executive Chairman, DSP Asset Managers.
Speaking on ‘How to Build and Manage Wealth over Generations’ he shared with audience through his personal journey as he built businesses and collaborated with various global institutions for growing the same.
The importance of leadership succession and management succession was underlined by Bijal Ajinkya, Partner at Khaitan & Co at a session on ‘Succession Planning: The Why, The How, and The What’.
She shared her views in greater details the multiple facets concerning succession planning when it comes to passing on personal assets and businesses to the next generation amchamindia .
“It is the core mission of CFA Institute to lead the investment management profession by establishing the highest standards for education, excellence, and ethics,” said Arati Porwal – Country Head – India, CFA Institute who delivered the conference opening remarks by reiterating the role of CFA charter-holders as guardians of the various financial dreams of their clients sbi .
She emphasized on the importance of upskilling, building competencies, and being future-ready investindia .
Over 400 investment professionals gathered to explore emerging trends, technological integration, and long-term investment strategies in wealth management bengalurutechsummit .
The 9th IWMC, organized by CFA Society India, focused on domestic and global wealth management trends as investors focus on long-term sustainable growth, personalization at scale, and diversification at a time when India presents opportunities as the fastest-growing major economy and when artificial intelligence and technology are expected to witness a deeper integration into wealth management practices phdcci .
The Indian Association of Investment Professionals (IAIP), the India Society of CFA Institute, was established in April 2005 as an association of local investment professionals consisting of portfolio managers, security analysts, investment advisors and other financial professionals. Fiinews.com
