It was great to attend the FT Wealth Management Asia Summit recently. Industry leaders gathered in person at the ballroom of the Westin Hotel in Singapore and many more joined virtually from around the world. 

During the full-day event, there were interviews and lively panel discussions to address the key trends and challenges in the wealth management industry and to discuss how private banks can capture growth opportunities in Asia. 

Yuri Bender, Editor-in-Chief, of PWM, moderated two keynote interviews with industry leaders. H.S.H. Prince Max von und zu Liechtenstein, Chairman, LGT and Arnaud Tillier, CEO, Asia Pacific, BNP Paribas Wealth Management. Kaye Wiggins and Stephanie Findlay, both of the Financial Times, moderated several panel discussions on various topics.. 

I had the opportunity to ask a couple of questions, which were well received. 

1. I have identified a trend, that has accelerated recently, for the industry to prioritise the requirements of the regulator and the objectives of the shareholders. After 32 years of working in senior roles within wealth management, I moved to the client side 4 years ago. I founded  Legacy Wealth Advisors following a calling to put clients back at the centre. I asked the speaker when they felt that the pendulum would swing back to be more balanced and consider the needs of the clients. The speaker agreed that the clients are important and that even with more regulatory requirements it is important to prioritise clients.
2. During a panel discussion on revamping relationship management for Asia’s wealth transfer, I asked the panellists how young talent coming into the industry can be cultivated to have a long-term holistic approach. I asked the panel if they agreed that training also requires a change in culture and even structural changes. For example many remuneration systems in wealth management reward short-term revenue. When I was leading a wealth management business and hiring relationship managers, I interviewed candidates who have daily revenue targets. The panellists agreed on the importance of training in wealth structuring and setting KPIs which encourage relationship managers to take a holistic view.