Get in touch - Bank of Valletta - BOV Group
Customer Service Centre - Bank of Valletta - BOV Group
  • ... >
  • ... >
  • ... >
  • ... >
  • ... >
  • ... >
  • BOV Prepaid Cards Christmas 2017 ... >
  • ... >
  • ... >
  • ... >
  • ... >
Maximise Banner
Minimise Banner
next Previous
next Previous
  • BOV Term ISA
    The new BOV Term ISA offers you a solution that will safeguard the future quality of your ...
  • BOV Graduates Package
    The BOV Graduates Package is a comprehensive banking package that provides everything you'...
  • BOV ECO Personal Loan
    Environmental-friendly financing is possible with the BOV ECO Personal Loan....
  • Get a quote
    Life Assurance and Retirement...
  • BOV Home Loans
    At Bank of Valletta we know that whether you are a first time buyer or acquiring your seco...
  • BOV Personal Financing
    Do you need financing? Whether it is to buy a car, a home or finance your studies, we at B...
  • Branch Opening Hours
    Branch Opening Hours...
  • BOV Asset Management
    BOV Asset Management...
  • Get in touch with us
    There are many ways to get in touch with us. Choose your preferred method. We shall be at ...
  • Investor Relations
    Within this section you will find an expanding array of useful and timely financial and ot...
next Previous
next Previous
What does tomorrow's Wealth Management look like?
20 Nov 2017

The wealth management industry as we know it today is steadily being reshaped in ways that demand greater efficiency and revised ways of doing usiness.

A new type of client is emerging with robotic and digitalised platforms. Concurrently,  the plethora of new regulations posing stricter protocols are moulding and changing the rules of the game.

As the future unfolds and a new breed of client emerges, it is important for wealth managers to stay ahead of the game, remain competitive and invest in a transformation which is built around a technologically-advanced, cutting-edge and refreshed core banking system. All this must be done with the least disruption to the ways with which established clients are accustomed.

People’s schedules have become busier. Wealthy young investors seek more efficient ways of investing their hard-earned or bequeathed wealth. They want to make their own decisions and look for options that allow them to do this both efficiently and effectively. However, they also want to ensure that their decision is the right one, getting a second opinion from the skilled, knowledgeable and experienced wealth manager, who, more often than not, would hold some years of experience and have the backing of a robust  research function.

Therefore, although the digital-era is seemingly taking us by storm and changing ways in which clients do business, wealth managers must be aware of the new ways of interaction, but without invalidating their role or function.

Successful service providers are the ones that understand the feelings, approaches and preferences of their clients, and set out to meet them. Yes, digital is set to grow and technology is the way forward for wealth managers in a competitive financial background, but that is not all there is to it. Virtual and digital channels should not be seen as replacing the face-to-face interaction. The two scenarios should be seen as reinforcing one another with face-to-face interaction remaining  the bedrock of the wealth management service.

The investment services landscape is being impacted by other trends, namely:  

Stricter regulations

The financial services industry is in constant scrutiny by the relevant authorities, increasing directives around fraud-prevention and anti-money laundering, amongst others. This has certainly increased pressure on financial services providers augmenting the time-consuming process involved when advice is given to the investor. That said, regulations are in place to safe-guard both parties.

Intense competition

In a saturated market, players are looking for new opportunities for growth. Digitalised portfolio management and dedicated platforms are set to gain ground in the future and the future is now.

Digital tools are a factor to be reckoned with. They help drive efficiencies and ease greater investment choices, whilst supporting portfolio construction discipline and improving the client experience. We live in a world where the investors want to engage with investment advice providers on their own terms. Although human advice and intuition are hard to replace, service providers that fail to align with the newest technologies and develop digital advice capabilities will lag behind.

Aldo Scardino is the Executive, responsible for the Wealth Management function at Bank of Valletta p.l.c.



Share this item:
Print page
Sort reviews by:
This item has no reviews yet.
My Guide has identified the following related material
next Previous
BOV Pjazza
next Previous