43 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s to-face meetings, phone calls, and digital channels). In such cases, it is essential to address risk tolerance, future plans, and liquidity needs. • Digital reporting: While a few years ago, it was not uncommon for clients to not be able to receive information immediately in all cases, in 2022, it is a legitimate expectation that they will be able to know the status of their portfolio instantly through a cloud-based tool or mobile application. • Demand continuous feedback: It can also be helpful to review customer needs for specific messages and transactions. This can be done through newsletters and various digital feedback tools. How to design a successful wealth management plan? What would be the first course of action? When creating a wealth management plan, professional service providers typically begin with an inventory of existing assets. Assets of five million pounds can be considered a diversified portfolio that includes several types of assets. These may include: • Cash • Foreign currency • Equity investments in companies • Gold • Shares • Bonds • Other money market instruments • Real estate • Movable assets (e.g. motor vehicles or high-quality furniture, antiques) • Works of art acquired specifically to increase wealth. Asset management firms evaluate this framework and learn about the client’s thoughts as a first step. While some people do not care about the details, others are concerned with minor details. Therefore, it is vital to assess the current situation and determine where the client wants to go in the short, medium, and long term. An overview of the structure is also important because an easily liquidated asset consisting solely of listed assets requires the management of artefacts and real estate. As a result of the discussion, the trustee develops an overall picture based on which they create an asset management plan. Thismay include the creation of an appropriate legal form, such as the establishment of a trust for the proper management and simple inheritance of real estate and business assets. Are any significant changes expected in wealth management in the UK in the upcoming years? One of the most significant global trends for the future may be a considerable increase in the number of high-net-worth individuals. Of course, this process has not just started in recent years. However, start-ups and cryptocurrencies have contributed significantly to democratising the path to wealth, making it accessible to an ever-increasing number of people. The digitisation of the field and the use of artificial intelligence, neural networks, and learning algorithms are constantly improving the quality of services and the customer experience in countries around the world. Likely future trends include the proliferation of chatbots, which make contact even easier, and the further personalisation of portfolio management. While the number of Russian oligarchs residing in the UK is not publicly available, at the time of writing, a significant number of them seem to have been restricted in connection with the war between Russia and Ukraine. This restriction primarily includes a complete freeze on assets managed here, including trusts belonging to them that have been uncovered to date - more than £10 billion in total. How the war will end, no one knows at this point. However, there is a good chance of longterm asset freezes that will negatively impact the value of all assets managed by the UK wealth management sector. Other expected trends affecting the future of the industry: • Technology is lowering barriers to access, making some of the services offered by the industry accessible to the less affluent. • Start-ups from the technology sector will occupy part of the market. • In addition to local structures, the role of global legal solutions will likely be strengthened.
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