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SEI warns wealth managers must change their business models

Wealth management organisations need to transform their business models in order to capitalise on the wealth market in the current economic conditions, according to SEI Investments.

Its latest white paper, The Transformation of Wealth Management, warns that current market dynamics present several challenges to firms including growing revenues, minimising costs and optimising capital allocations.

SEI says the global number of high-net-worth individuals grew at a rate of 8.3 per cent in 2006 to reach 9.5 million.

It adds that to become a trusted adviser and integrator to wealthy clients, wealth management organisations must transform their “fragmented” business infrastructure to an integrated, global relationship-orientated model.

SEI executive vice president of private banking Joseph P. Ujobai says it is clear that transformation of the traditional models is needed.

He says: “The ‘co-sourcing’ model that we’ve outlined in the white paper involves an unprecedented degree of collaboration, sharing and learning, not only between the wealth manager and their client, but also in the partnerships of wealth management businesses themselves.

“There is a need to look at whole processes rather than discrete functions. Fortunately, wealth managers already have two elements critical to success: their brands and existing relationships. With co-source partners, they can assemble the business infrastructure, products and services that will enable them to transform client relationships and become the trusted adviser and integrator for their clients.”


Sipp of the iceberg

Research suggests that adviser knowledge of the Sipp rules has improved since the start of regulation last April but there are some key areas where confusion remains.

Signature tune

There is a frustrating and muddling array of provider approa-ches to the subject of whether or not an application form for protection requires a signature. It is perhaps the most unnecessarily confusing aspect of completing a client’s protection purchase.

In Focus image

In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.


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