Asia Will Benefit from Shift to Advice-Centric Business Model - SEI

Nick Parmee

24 June 2008

Speaking at the Fourth Annual Private Banking Asia 2008 conference held recently in Singapore, Bill Cassidy, managing director, SEI Investments Asia, said: “As the Asian market continues to grow exponentially, wealth management providers face significant opportunities, as well as challenges, in their efforts to drive customer value. Today, organisations are focused not only on their strategic imperatives to grow revenue and reduce cost, but also on becoming more competitive. To capitalise on the market shift, business models need to transform from being product-oriented to advice-centric.”

Mr Cassidy said the market dynamics that are shaping the industry’s future and are likely to drive the transformation of wealth management organisations include changing client expectations for wealth management services and difficulty in creating competitive differentiation.

He also sees a growing need for compliance and enterprise risk management and to benefit from technology deployment; business models will need to evolve.