Global Private Banking and Wealth Management

Wealth management is one of the areas in which banks and other personal financial services players are investing heavily. But the market is changing fast. Going forward, players therefore need to adapt their strategies to the new realities: what worked in the past will not, for the most part, be appropriate in the future. This unique book, written by a former McKinsey consultant, offers an up-to-date, detailed, practical understanding of this exciting area of financial services. Preface.

Acknowledgements.

1. Global Market Overview.

1.1 The wealth management market.

1.2 Key drivers.

1.3 Industry economics.

1.4 Competitive landscape.

2. Industry Challenges: New and Old.

2.1 Clients.

2.2 Products, pricing and channels.

2.3 Competitors and business models.

2.4 External environment.

3. Clients.

3.1 Key characteristics.

3.2 Client segmentation.

3.3 Client value management.

4. New Products and Pricing.

4.1 New products and services.

4.2 Product sourcing and management.

4.3 Pricing.

5. Distribution Channels.

5.1 Relationship managers.

5.2 Other traditional channels.

5.3 New and emerging channels.

5.4 Multichannel management.

6. Players.

6.1 Types of players.

6.2 Business system upheaval.

6.3 Consolidation.

7. Operational Excellence.

7.1 Smart operational sourcing.

7.2 Lean operations.

7.3 Technology transformation.

7.4 Value-added support services.

7.5 Instilling operational excellence.

8. Organisational Design.

8.1 Organisational structure.

8.2 Business unit interfaces.

8.3 International dimension.

9. Regulatory and Tax Issues.

9.1 Money laundering vulnerability.

9.2 Regulatory initiatives.

9.3 Tax initiatives.

10. The Future.

10.1 Introduction.

10.2 Sources of new profitable growth.

10.3 Future industry structure.

10.4 Critical success factors.

10.5 Conclusions.

Appendices.

Appendix 1: Country wealth market analyses.

Appendix 2: FATF 40 recommendations.

Appendix 3: FATF special recommendations on terrorist financing.

Appendix 4: The Wolfsberg anti-money-laundering principles.

Glossary of Terms.

Bibliography.

Index.

DAVID MAUDE is an independent consultant. A former consultant at McKinsey & Company, he serves financial institutions around the world, advising on their key strategic, organisational and operational issues. He has also worked in strategy for Barclays, and spent six years as a senior economist at the Bank of England and HM Treasury. He co-authored the pioneering Euromoney book, Private Banking: Maximising Performance in a Competitive Market, published in 1996. He may be contacted at david_maude@lycos.co.uk. Global Private Banking and Wealth Management.

"David Maude has written a fascinating and comprehensive overview of private banking which will be of great interest to practitioners, clients and students." - Dr. Alex W. Widmer, Chief Executive, Officer, Private Banking, Julius Baer

"The essence of private banking has not changed for hundreds of years, but the global environment in which we operate and the tools at our disposal are evolving at an unprecedented rate. This book is welcome for providing a remarkably thorough, detailed and accurate overview of the industry and the issues it presently faces." - Alexander Hoare, chief Executive, C Hoare & Co

"David Maude has produced a powerful analysis of the wealth management market. At a time when the industry is evolving rapidly and facing numerous challenges, this book will be particularly relevant and helpful to private banking professionals around the globe."- Francois Debiesse, Chief Executive Officer, BNP Paribas Private Bank

"A Comprehensive guide to the wealth management industry in terms of development, the current economic and competitive landscape, and future areas of growth." - Bryan Henning, Global Product Head, Wealth Management, Standard Chartered Bank

Wealth management is one of the areas in which banks and other personal financial services players are investing heavily. But the market is changing fast. Going forward, players therefore need to adapt their strategies to the new realities: what worked in the past will not, for the most part, be appropriate in the future. This unique book, written by a former McKinsey consultant, offers an up-to-date, remarkably detailed, practical understanding of this exciting area of financial services.

Packed with best-practice examples and perspectives on the opportunities ahead, highlights include:

• Wealth management challenges: new and old
• The changing client profile
• New products, pricing and channels
• Competitor and business-model landscapes
• External challenges and opportunities
• Future perspective
• Wealth market analyses for 25 countries

For anyone involved in wealth management, this should be a compulsory read.