Here is a summary of developments in wealth management for the benefit of WealthBriefing readers. Grexit-induced fears, Swiss disclosures and robo advisor developments were some of the stories of recent weeks.

From Bruce Weatherill, chairman of ClearView Financial Media, and Tom Burroughes, group editor:

This is a summary of the main events and themes that have arisen over the past few weeks in what will be a regular item going forward. We hope that this summary is a useful checklist for readers as they try to make sense of the daily news. The past few weeks have been a busy time for the wealth management industry, both in terms of structural and regulatory issues as well as the broader geopolitical and economic events that affect businesses of all kinds.

At the time of this item going to press, Greece is in talks with other eurozone nations as well as organisations such as the International Monetary Fund on a way to avoid the ignomy – and the severe consequences – of defaulting on debt payments and a possible exit, or “Grexit”, from the euro. While the economic shock from a Greek exit will be relatively limited, wealth managers say, the political fallout from Grexit will be large and could affect how UK voters think about remaining in the European Union as it is currently set up.

Structural change continues to sweep through the wealth management industry, as shown by the latest round of merger and acquisition activity and corporate re-focus: HSBC has announced it is shutting Turkey and Brazil businesses and is simultaneously expanding Chinese and other Asia-Pacific operations, with tens of thousands of jobs in parts of the firm to be shed. Barclays has agreed to sell its US wealth and investment management business – which it had originally bought from the stricken Lehman Bros in late 2008 – to Stifel Financial Corp in the US.

Union Bancaire Privée, the Geneva-headquartered firm which has bought the international arm of Coutts, took time out to explain to this publication how it hopes to make this corporate marriage a harmonious one.

The co-CEOs of Deutsche Bank are stepping down; that bank has been engaged in a major strategy overhaul.

In the aftermath of the 7 May UK general election, tax and legal experts filled the airwaves with their thoughts about what the election of a Conservative Party administration will do. There was much relief over how this result meant that there will not be the end of the UK’s non-domiciled system or the introduction of a “Mansion Tax” on high-value properties. But there are some concerns that the UK will be now embarking on a referendum over the country’s membership of the European Union.

The macro-economic backdrop for global wealth management remains challenging – very low interest rates and a consequent hard look for yield – but there are some signs of improvement. Most indicators of wealth creation seem to be pointing upwards – whether this will be enough to give firms the revenue growth they need to offset rising regulatory costs is another matter.

The industry is still digesting more regulatory action, such as the second iteration of the European Union’s MiFID directive designed, ostensibly, to increase investor protection and competition.

Swiss banks continue to come forward to make agreements with US authorities under the Swiss/US programme for disclosure of possible past wrongdoings over tax. The US and European Union have signed an agreement over automatic exchange of information. A number of jurisdictions have been annoyed at the European Commission’s inclusion of them on a “blacklist” for being allegedly uncooperative on tax matters.

Hard to believe, but 1 July this year marks the first anniversary of the first tranche of the FATCA Act taking effect. FATCA is, as readers know, a sweeping, controversial attempt by the US revenue services to stamp out overseas tax evasion by Americans and its provisions have markedly affected access to foreign financial services by this population group.

There continues to be a diet of stories about the ascent of the much-heralded “robo-advisors” and their potential – and possible limitations and dangers.

This publication also continued to carry a steady series of expert commentaries on issues such as collectibles (fine wine, art), high-value divorce cases and family governance issues. It has published a number of commentaries from law firm Taylor Wessing, for example, on areas such as “investments of passion”.