SEI, global provider of outsourced asset management, investment processing and investment operations solutions, recently held its third annual Executive Symposium outside London.
The consensus of the attendees at the Symposium was that in order to be competitive in the future, firms will need to differentiate themselves through their client experience and make key resource allocation decisions across their value chain.
Malcolm Gladwell, best-selling author of Blink: The Power of Thinking Without Thinking and The Tipping Point: How Little Things Can Make a Big Difference, delivered the keynote address. He stressed the importance of combining intuitive and analytical decision-making for success and connected them to the current state of the wealth management industry.
Reviewing the resource allocation across the wealth management value chain in terms of advice, asset allocation, alpha generation and administration was cited as critical. Also, it was agreed that the ongoing war for talent requires additional investment and innovative approaches beyond traditional acquisition and retention programs.
“We believe change in the wealth management industry stems from the creation of a business model that centres around the client experience and the relationship between the wealth manager and the client,” says Joe Ujobai, Executive Vice President of SEI and head of the Global Private Banking business. “The sourcing strategy of a wealth management organisation should be grounded in innovation and collaborative partnering.”