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How Do You Pick the Best Wealth Manager? · Merryn Talks Money

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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. Welcome to Meren Talks
0:18
Speaker 1: Your Money, the personal finance edition of Merin Talks Money.
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Speaker 1: In these bonus podcasts, we talk about the best strategies
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Speaker 1: for making the most of your money. Now, this episode
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Speaker 1: is slightly longer than usual. I'm speaking with Gareth Wilton,
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Speaker 1: who's chief vice president at cap Gemini. They publish annually
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Speaker 1: a World Wealth Report, which looked at where wealth is
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Speaker 1: concentrated and where wealth is growing, why it's growing, and
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Speaker 1: who's getting that money. Gareth, thank you so much for
0:42
Speaker 1: joining us today. We really appreciate it.
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Speaker 2: Great to be a Maren. Thanks for invitation.
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Speaker 1: Let's start by talking about this World Wealth Report. It's
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Speaker 1: super interesting. It's jams all of fascinating findings. But tell
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Speaker 1: me first, how is it put together?
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Speaker 3: The cap Gemini World Wealth Report. This is actually the
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Speaker 3: twenty ninth edition of this particular industry report that covers
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Speaker 3: seventy one countries. When we look at the wealth management
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Speaker 3: industry globally, we interview something like six and a half
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Speaker 3: thousand high net worth individuals. We also talk to a
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Speaker 3: number of wealth management executives across captureminised clients and other
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Speaker 3: industry players as well as some of the kind of
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Speaker 3: ecosystem by that I mean some of the technology companies
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Speaker 3: that specifically support wealth management. And then we talk to
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Speaker 3: some of the relationship managers. And again, relationship managers is
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Speaker 3: one of the key rules that we talk about in
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Speaker 3: our World Wealth Report twenty twenty five in terms of
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Speaker 3: the role they have to play and the opportunity that
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Speaker 3: is represented to them going forward.
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Speaker 1: Okay, so let's start with these six and a half
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Speaker 1: thousand people, and that's a lot of people to talk to.
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Speaker 1: How are we defining high net worth ultra high networth?
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Speaker 1: Who are these people?
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Speaker 3: High net worth individual We look at them effectively in
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Speaker 3: three classifications. So individuals who have investable assets over a
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Speaker 3: million dollars and the millionaire next door marin that we
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Speaker 3: all have, we have investible assets between one and five
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Speaker 3: million dollars. The next category up, which we call mid
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Speaker 3: tier millionaires, is between five and thirty million, and then
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Speaker 3: you get into the ultra high net worth individuals with
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Speaker 3: investible assets of greater than thirty million US dollars. Fundamentally,
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Speaker 3: if you're above a million dollars, you're included in our
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Speaker 3: high networth individual discussion.
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Speaker 1: And investible assets is liquid cash, so that doesn't include property.
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Speaker 3: It doesn't include property, It covers investments that individuals have.
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Speaker 3: It obviously includes cash. It obviously includes some crypto currency,
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Speaker 3: which is an increasing consideration.
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Speaker 1: Okay, you interviewed six and a half thousand. How many
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Speaker 1: of these people are there across the board? What percentage
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Speaker 1: of the population falls into this bit.
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Speaker 3: When we look at high network individuals three categorizations, something
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Speaker 3: like two point six percent of the world's population falls
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Speaker 3: into this categorization. It does vary by geography. We've seen
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Speaker 3: how that variation has evolved because, as I say, we've
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Speaker 3: done this report for multiple years, and when we look
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Speaker 3: at that two point six percent, six point two fall
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Speaker 3: into that ultra high net worth. So six point two
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Speaker 3: percent of the two point six percent have had investible
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Speaker 3: assets of greater than thirty million dollars.
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Speaker 1: Okay, And the richest populations are going to be, presumably
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Speaker 1: in the US, where it's not going to be two
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Speaker 1: point six percent, it's going to be very significantly higher.
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Speaker 3: It is, and when we look at it, when we
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Speaker 3: look at the population within North America, seven point three,
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Speaker 3: so seven point three percent fall into this high net
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Speaker 3: worth individual we look in Asia, it's something like two
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Speaker 3: point seven, and we look at Europe it's two point one.
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Speaker 1: Can you break that out for the UK at all?
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Speaker 3: Not specifically the point I want to make here marinaction,
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Speaker 3: let me just clarify that those figures in terms of
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Speaker 3: population are in terms of growth.
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Speaker 1: Okay.
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Speaker 3: So when we look at North America, there's seven point
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Speaker 3: three percent growth in terms of the high net worth
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Speaker 3: individual population. Within Asia Pacific, it's two point seven percent
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Speaker 3: growth when we compare twenty four to twenty three, and
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Speaker 3: actually in the UK it's two point one percent decline.
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Speaker 3: So we've seen a decline in terms of this high
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Speaker 3: net worth individual population here in the UK for many
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Speaker 3: of the reasons that you would expect. When we look
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Speaker 3: at twenty twenty four, it's a year, but North America
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Speaker 3: is growing apex growing Europe and the UK we've seen
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Speaker 3: a decline.
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Speaker 1: Okay, so I decline in Europe as well.
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Speaker 3: Yeah, indeed, I know you said.
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Speaker 1: You all know the reasons for this, but would you
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Speaker 1: run us through them so we can just feel miserable
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Speaker 1: about them all over again.
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Speaker 3: We've seen a fall in terms of the kind of
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Speaker 3: return on equity investments and fundamentally the stock market that
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Speaker 3: was obviously contributed. We've seen declines in some of the
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Speaker 3: investments with regard to private equity, and all of.
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Speaker 2: This has contributed to this reduction.
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Speaker 1: Okay, interesting, I thought you were going to say that
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Speaker 1: that number was falling because people were leaving the UK
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Speaker 1: and the EU and taking their investable assets with them
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Speaker 1: to go else well, and we've seen a lot of talk,
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Speaker 1: for example, about the well of leaving the UK for
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Speaker 1: tax reasons. So I'm surprised that you put it down
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Speaker 1: to falling returns from their investments, not to actual departures.
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Speaker 3: Your point is valid, Marin in terms of the kind
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Speaker 3: of globalization of this particular segment of the society. They're
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Speaker 3: definitely looking at opportunities to invest globally. They're certainly looking
5:49
Speaker 3: at some of the benefits of tax jurisdictions outside.
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Speaker 2: Their domestic market.
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Speaker 3: In our report this year, we've seen growth in locations
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Speaker 3: like Singapore. We've seen growth in locations like Hong Kong,
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Speaker 3: the BI seems to be a well known location for
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Speaker 3: the relocation of wealth, but also Saudi Arabia.
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Speaker 1: We should say, just to be clear, although I think
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Speaker 1: probably is clear that this is last year's information, and
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Speaker 1: obviously there's been a big change in the way the
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Speaker 1: markets have moved so far this.
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Speaker 2: Year twenty four versus twenty three. The shift here is
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Speaker 2: based on the twenty four data.
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Speaker 1: Okay, let's talk about the main theme and one of
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Speaker 1: the big themes of this year's report, which is all
6:29
Speaker 1: about the great wealth transfer. The number that you put
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Speaker 1: in there is there'll be a wealth transfer of eighty
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Speaker 1: three point five trillion dollars to a new generation of
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Speaker 1: investors or rich people, whatever related called by twenty forty eight.
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Speaker 1: And that's that's real money.
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Speaker 3: Is a huge shift in wealth from one generation to
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Speaker 3: the next, eighty three point five trillion dollars by twenty
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Speaker 3: forty eight. Now that twenty forty eight signs a long
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Speaker 3: way away, Maren. But actually, when you look at the
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Speaker 3: short term, thirty percent of that wealth will actually transfer
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Speaker 3: before twenty thirty over the next five years, and a
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Speaker 3: further sort of thirty percent transition before twenty thirty five.
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Speaker 3: So it's a big number, but it also is an
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Speaker 3: imminent consideration for the individuals, obviously, particularly if you're about
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Speaker 3: to receive or inherit that wealth. But also it's an
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Speaker 3: important consideration for the wealth management organizations in terms of effectively,
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Speaker 3: how do they mean relevant to their client's kids generation
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Speaker 3: in a way that they've being relevant to their to
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Speaker 3: the parents' generation.
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Speaker 1: Yeah, And one of the interesting things about this is
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Speaker 1: the extent to which that wealth, as it's passed down,
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Speaker 1: stays in the market and the extent of which it
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Speaker 1: is removed for living costs, particularly down at the lower end. Right,
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Speaker 1: do you inherit a million dollars or two million dollars
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Speaker 1: and you're in your thirties or forties, what are you
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Speaker 1: going to do? You're probably going to buy a house
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Speaker 1: and maybe paid for school fees, that kind of thing.
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Speaker 1: So there is this dynamic where you can't necessarily expect
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Speaker 1: that eighty three point five trillion to hang around in
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Speaker 1: stock markets and private equity and crypto exactly. You can
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Speaker 1: expect it to be taken out for living on dadlie, that.
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Speaker 2: Will be the case.
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Speaker 3: I think everybody's situation is fundamentally different. However, when we
8:13
Speaker 3: look at the gen X to those of us who
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Speaker 3: are between there are forty four and fifty nine years
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Speaker 3: of age, we have one perception in terms of what
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Speaker 3: that inheritance will mean. The millennials the famous millennials who
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Speaker 3: are all sort of between their late twenties and early
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Speaker 3: forties in twenty twenty five have a different outlook and
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Speaker 3: to your point, is very relevant, and Maren, that's where property.
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Speaker 2: School fees, lifestyle will be.
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Speaker 3: And then you have Gen Z's, which are really only
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Speaker 3: teenagers in their early twenties.
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Speaker 2: But there also will be a recipient for this wealth.
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Speaker 3: So I think we'll see different behaviors depending on the
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Speaker 3: generations and obviously by individual, but fundamentally the point we're
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Speaker 3: making here is how can the wealth management industry take
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Speaker 3: advantage of this transfer but also mitigate the risk that
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Speaker 3: it represents because there's a chance that the wealth management
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Speaker 3: firms will lose some of those assets.
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Speaker 1: Let's put the decumulation point aside for the moment. The
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Speaker 1: secondivetic thing, as you say, is this idea that it's
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Speaker 1: something of a threat to the wealth management business, partly
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Speaker 1: in terms of that flow out, but also in terms
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Speaker 1: of the different expectations and needs that the younger generation
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Speaker 1: will have. One of the terrifying statistics for wealth management
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Speaker 1: companies the put in this report is it eighty one
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Speaker 1: percent of those who inherit a likely to shift wealth
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Speaker 1: management company within one or two years. Can it really
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Speaker 1: be that much? Can people really be that non apathetic?
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Speaker 3: I think they can, and that statistics definitely support that
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Speaker 3: potential risk. Now, of course, there's things that we can
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Speaker 3: all do to mitigate that. You know, do we really
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Speaker 3: understand what the inheriting generations want to achieve in terms
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Speaker 3: of their objectives? And as I say, the baby boomers
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Speaker 3: have somewhat been in a little bit of a wealth
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Speaker 3: preservation mindset. I think when we look forward into the millennials,
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Speaker 3: it's all about long term growth and that's where some
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Speaker 3: of these maybe higher risk assets come into the frame.
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Speaker 3: We've talked about cryptocurrencies, We've talked about private equity, you know,
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Speaker 3: a movement towards some of these types of investments in
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Speaker 3: a portfolio potential consideration. I think this global diversification. I
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Speaker 3: think future generations will look at the world in its
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Speaker 3: entirety and think, well, quite franky. If they want to
10:30
Speaker 3: invest in markets in Asia, they want to invest in
10:32
Speaker 3: censors like Singapore, then.
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Speaker 2: Again much more open to do so.
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Speaker 3: And then thirdly, I think that nature of the services.
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Speaker 3: I think our senses and the report very clearly draws
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Speaker 3: out that concanerge services, trust planning, property management are willingness
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Speaker 3: to have a more encompassing relationship that's not just purely
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Speaker 3: based on the scale of your wealth and the growth
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Speaker 3: of that particular portfolio, but with a set of cervices
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Speaker 3: are wrong that really contribute to a lifestyle. Our report
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Speaker 3: draws out that this idea of luxury, certainly for those
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Speaker 3: high networth individuals, is becoming an increase in consideration in
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Speaker 3: terms of where they spend their wealth. How can the
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Speaker 3: wealth management firms bring some of those lifestyle concierge support
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Speaker 3: services to bear to make sure that they're bringing that
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Speaker 3: all encompassing relationship for the future generations.
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Speaker 1: Okay, let's go back a bit to this idea of
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Speaker 1: that young wanting a different class of assets and risk
11:33
Speaker 1: a class of assets. So crypto okay, private equity. I
11:38
Speaker 1: mean again, there's a rising evidence that in fact, private
11:41
Speaker 1: equity is not a higher return asset class at all.
11:45
Speaker 1: As we say these days, it's not magic, it's debt, right,
11:48
Speaker 1: And as interest rates rise, and we've seen over the
11:50
Speaker 1: last couple of years, it's huge difficulty that private equity
11:53
Speaker 1: companies are having and exiting any of their positions. So
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Speaker 1: it's possible that private equity may not be one of
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Speaker 1: the asset classes that the young end up looking at.
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Speaker 1: But I'm really interested in the idea that they might
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Speaker 1: want to invest in a more global way, because we
12:10
Speaker 1: have had over the last couple of decades, even global
12:13
Speaker 1: has meant the US right in the six seventy percent
12:17
Speaker 1: of world industries are still America. So even if people
12:20
Speaker 1: say I want to be globally diversified, they still end
12:23
Speaker 1: up basically invested in the US and more or less
12:26
Speaker 1: invested in those top tech companies. But you think that
12:28
Speaker 1: over the next couple of decades we'll see a shift
12:32
Speaker 1: driven by people genuinely wanting to be more international.
12:36
Speaker 2: Yeah, yeah, we do.
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Speaker 3: It's partly driven by some of those favorable tax regimes,
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Speaker 3: but also the access to those particular sort of financial ecosystems,
12:49
Speaker 3: the stability political stability within those particular regions are all considerations.
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Speaker 3: But I think when I look at the long term benefits,
13:00
Speaker 3: I'm going to bring you back to your point by
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Speaker 3: private equity, I think when you look at private equity
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Speaker 3: in the long term, it's a very valid options, as
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Speaker 3: with crypto, as with the kind of globalization piece.
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Speaker 1: Yeah, I have to have to stop you there. I've
13:11
Speaker 1: got to stop you there because first, on private equity,
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Speaker 1: there is no real long term because the scale of
13:16
Speaker 1: it has only relatively recent, right, so we don't know yet.
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Speaker 1: I'll give you that if you look at the numbers
13:21
Speaker 1: of the private equity industry, gives you it looks like
13:24
Speaker 1: maybe this outperforms over the long term. But this is
13:27
Speaker 1: a tiny industry until relatively recently. It's only become a
13:30
Speaker 1: giant industry during the low interest rate period. We have
13:34
Speaker 1: no idea how at this scale it will perform in
13:39
Speaker 1: a higher interest rate environment. So I'm not giving you
13:41
Speaker 1: that one Cryptocurrency again, I can't give you that because
13:44
Speaker 1: there is no long term. We have no idea. There
13:46
Speaker 1: is no long term. We only have the short term here.
13:49
Speaker 1: We can only guess about the future, right Which doesn't
13:51
Speaker 1: mean that if you have a high risk appetite, shouldn't
13:54
Speaker 1: be in it. But no one can tell you that
13:55
Speaker 1: cryptocurrency has a great long term performance record because there
13:58
Speaker 1: is no long term, right Nless, your definition of long
14:01
Speaker 1: term is different to mine.
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Speaker 3: I'm not going to argue with you on that point.
14:04
Speaker 3: We're seeing organizations invest Goldman Sachs to give an example.
14:09
Speaker 3: You know, they have their GMFRA product proposition, which is.
14:14
Speaker 2: Enabling that b N Y melan. They have what they call.
14:17
Speaker 3: All bridge, which is looking at what we talk talk
14:19
Speaker 3: about alternative investments.
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Speaker 2: So as I say, we.
14:23
Speaker 3: Can argue the pros and cons, but ultimately I think
14:25
Speaker 3: as an industry, I think my key point is important
14:29
Speaker 3: to be cognizant of those those alternative investments and our
14:33
Speaker 3: sense of capt geminis those will be more relevant going forward,
14:37
Speaker 3: and I think the regulation of those particular products, you know,
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Speaker 3: crypto as an example, I suppose they're also increasing let's
14:48
Speaker 3: just say the acceptance of the opportunity they represent.
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Speaker 1: Let's go back to crypto because I get in a
14:53
Speaker 1: lot of trouble from the bitcoin bros all the time
14:56
Speaker 1: about confusing bitcoin and crypto because they're different things. Right,
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Speaker 1: So when you say crypto and you say that the
15:03
Speaker 1: young or the younger generations would like to include crypto
15:05
Speaker 1: as an asset class inside their portfolios, what do you mean.
15:08
Speaker 3: Anything that qualifies as a digital asset, Maren, including bitcoin?
15:12
Speaker 1: Can I just interrupt to give my usal message was
15:14
Speaker 1: if any of you would like to send hate mail
15:16
Speaker 1: about the differentiation between crypto or bitcoin, NFTs, etcetera. Please
15:20
Speaker 1: can you send them direct to Gareth. I'll give you
15:22
Speaker 1: his contact details at the end.
15:23
Speaker 2: Thank you, thank you, My.
15:25
Speaker 3: Pleasure, My pleasure.
15:26
Speaker 1: Get enough everyone, Everyone should share the.
15:28
Speaker 2: Joy exactly exactly.
15:31
Speaker 4: I think fifty six percent fifty percent of gen zd's
15:36
Speaker 4: and millennials view alternative investments as a valid part of
15:42
Speaker 4: their portfolio.
15:44
Speaker 1: Alternative investments, we're putting crypto, we're putting private equity. What
15:48
Speaker 1: else are we putting.
15:49
Speaker 2: ETFs for example? Yeah?
15:51
Speaker 3: Yeah, yeah, is that alternative?
15:54
Speaker 2: Depends on the product type? Yeah, yeah, all right.
15:57
Speaker 3: The other thing about the future generations is the digital
16:02
Speaker 3: experience very much moving away probably from the classic face
16:06
Speaker 3: to face. When you look at the millennials, they really
16:08
Speaker 3: want the mobile interface. They want personalization. So they want
16:14
Speaker 3: us to use their data. When I say us, the
16:16
Speaker 3: banking industry, the wealth management industry, they want us to
16:19
Speaker 3: use their data to bring proactive propositions that are relevant
16:23
Speaker 3: to their investment strategy. And fundamentally, they probably also want
16:27
Speaker 3: to see only for these high network of individuals their
16:30
Speaker 3: extensive wealth in one place.
16:33
Speaker 1: Yeah, and I'm really interested in this idea that a
16:35
Speaker 1: wealth manager should also provide a sort of luxury concierge
16:39
Speaker 1: service that does travel and does bespoken experiences, education, medical, cybersecurity,
16:48
Speaker 1: all these things in a wanna that would love. That
16:51
Speaker 1: sounds great. Do you think that the next generation has
16:54
Speaker 1: different expectations of how they will spend to the current generation.
16:58
Speaker 1: And one of the things that we've talked but again
17:00
Speaker 1: quite a lot on the podcast, is the way, particularly
17:02
Speaker 1: in travel and people with a much lower level of
17:05
Speaker 1: wealth than the luxury travel industry previously have expected are
17:10
Speaker 1: spending very large amounts of money on luxury travel.
17:13
Speaker 2: I think it's the experienced generation.
17:15
Speaker 3: I think, I think fundamentally and with this this segment,
17:20
Speaker 3: next generation high networth individuals, it probably just amplifies that Meren.
17:25
Speaker 3: You know, travel experience, passion. You know, we talk about
17:29
Speaker 3: passion investments. I can see you look steering.
17:33
Speaker 1: It's not physical, it's a snare.
17:37
Speaker 3: But you know, art art wine cars. And again in
17:44
Speaker 3: our cap Gemini report last year, we talked about the
17:46
Speaker 3: roll of the family offers.
17:48
Speaker 2: This is an extension merin in.
17:49
Speaker 3: Terms of bringing some of those non financial services to
17:53
Speaker 3: bear in a way that I see is very much
17:56
Speaker 3: in line with the client expectations and their desire for experiences.
18:01
Speaker 1: Yeah, I guess that what I object to slightly is
18:04
Speaker 1: idea that something is a passion investment. I kind of
18:07
Speaker 1: feel either it's a passion or it's an investment confusing too,
18:11
Speaker 1: and it's a root to low returns or disaster. So listen,
18:14
Speaker 1: here's the real question for you. Right, we have a
18:16
Speaker 1: lot of listeners out there. Maybe they're going to inherit,
18:19
Speaker 1: maybe they're not. Maybe they already have money or whatever,
18:21
Speaker 1: and they're sitting listening to this and they're thinking themselves,
18:23
Speaker 1: do you know what, Why haven't I got a wealth manager?
18:25
Speaker 1: I should have a wealth manager. This is what I need.
18:27
Speaker 1: And maybe they're inheriting. They're thinking, I don't want my
18:29
Speaker 1: mum and dad's wealth manager. I never liked them anyway.
18:32
Speaker 1: Fusty old people, pursuits, ties, blasts, lunch at Christmas. Don't
18:35
Speaker 1: want any of that nonsense. How do you look for
18:38
Speaker 1: a wealth manager? What are the main things that you
18:41
Speaker 1: should be looking for when you go out trying to
18:43
Speaker 1: find somebody to do exactly this, not just run your money,
18:46
Speaker 1: but effectively manage your long term, long term income and lifestyle.
18:50
Speaker 1: What are we looking for?
18:52
Speaker 2: Really, really good question. I'll probably think about it in
18:55
Speaker 2: three ways.
18:57
Speaker 3: I think, first and foremost, a wealth manager or wealth
19:01
Speaker 3: management organization that fundamentally understands your aspirations, so I think
19:10
Speaker 3: they have to be one hundred percent aligned with what
19:13
Speaker 3: you want to achieve. I think the second thing I
19:16
Speaker 3: would say, Marin is I think a wealth manager that
19:20
Speaker 3: gives you access to the breadth of products, services, and
19:24
Speaker 3: experiences you're looking for for you and your family. And
19:28
Speaker 3: then finally, I think with anything in life, there has
19:31
Speaker 3: to be a degree of chemistry. I think fundamentally having
19:34
Speaker 3: a very real time relationship that's supported by digital and
19:39
Speaker 3: we've talked about this demand for a digital platform, but
19:42
Speaker 3: also that's enabled through a relationship because fundamentally we're talking
19:47
Speaker 3: about the very important conversations for you as an individual
19:52
Speaker 3: and your and your future and your family's future.
19:55
Speaker 1: Okay, and crucially, what should I pay and how should
19:59
Speaker 1: I pay? Is there been any shift in the charging
20:02
Speaker 1: structure for wealth management or are we still just going
20:04
Speaker 1: to pay one percent advalareum forever one and a half
20:07
Speaker 1: whatever it is depending on my eiger.
20:09
Speaker 3: Obviously it varies very much by organization. Don't comment on
20:14
Speaker 3: the kind of pricing models for specifics. But again, I
20:18
Speaker 3: would say, in a world where we're looking to achieve
20:21
Speaker 3: outcomes and experiences, why not link the investment to those outcomes,
20:28
Speaker 3: and that will be as a client, that will be
20:30
Speaker 3: the angle that I would always be looking to take
20:32
Speaker 3: in terms of how can we get some surety in
20:35
Speaker 3: terms of the long term investment and how can we
20:38
Speaker 3: link fees, costs, et cetera on that.
20:40
Speaker 1: Basis, So you would suggest that people find a way
20:43
Speaker 1: to link what they pay to the performance of the
20:45
Speaker 1: assets that they left for the wealth manager rather than
20:47
Speaker 1: pay a flat advalorem.
20:49
Speaker 3: I think if you're able to make sure that all
20:52
Speaker 3: aspects of the kind of investment are aligned to the
20:55
Speaker 3: to the ultimately ams, that would be that for me
20:58
Speaker 3: would be a preferable model. The relationship manager model as well.
21:01
Speaker 2: Maren.
21:02
Speaker 3: Let's just think about that, because the other dynamic we're
21:05
Speaker 3: seeing here is relationship managers are also considering their long
21:09
Speaker 3: term future. You know, many of them are approaching retirement age.
21:13
Speaker 3: You know, we've seen a significant proportion of relationship managers
21:16
Speaker 3: that will leave the industry. So there's quite a lot
21:18
Speaker 3: of volatility in terms of the relationship manage your community
21:22
Speaker 3: as well. So again This is another consideration for the
21:25
Speaker 3: wealth management organizations. How do they retain and grow that
21:29
Speaker 3: talent that also evolves with their client base.
21:33
Speaker 1: How has it happened that the relationship managers in this
21:36
Speaker 1: business have not recruited at a younger age? Why have
21:40
Speaker 1: we got an aging industry?
21:42
Speaker 3: I think undoubtedly they are, But the key challenge is
21:46
Speaker 3: can you retain and excite that talent, give them the
21:51
Speaker 3: capabilities that we've talked about, you know, digital capabilities.
21:55
Speaker 2: Generational AI.
21:57
Speaker 3: Can you give them access to the products and services
21:59
Speaker 3: that their clients need?
22:01
Speaker 1: You know, we all say it's sorry, Is this really
22:04
Speaker 1: about a lot of people working in this industry who
22:07
Speaker 1: used to be active wealth managers and gradually is the
22:10
Speaker 1: asset management itself is centralized? Men or women or whatever
22:14
Speaker 1: who used to find themselves actively running assets now find
22:16
Speaker 1: themselves really only being a relationship manager because the asset
22:19
Speaker 1: management has been shifted centrally. Is is that what we're
22:22
Speaker 1: talking about here?
22:24
Speaker 3: Undoubtedly there's been a change in the role, but again,
22:27
Speaker 3: as we've said, there's also a change in the client base,
22:30
Speaker 3: and there's a wealth management firm. You've got to make
22:33
Speaker 3: sure that you're giving your relationship managers the tools and
22:36
Speaker 3: techniques to enable them to serve as future generations.
22:40
Speaker 1: Do you know what, Gareth, I think we can now
22:42
Speaker 1: answer one of the questions that we get asked most
22:45
Speaker 1: regularly by listeners, which is what career should my child
22:49
Speaker 1: go into when they leave university? I think you've answered
22:52
Speaker 1: this for us. Become a specialist wealth management relationship manager
22:56
Speaker 1: with an AI and luxury travel specialty. I can I
23:00
Speaker 1: cover it.
23:01
Speaker 2: You here to hear first, Merrit, and you hear to
23:02
Speaker 2: hear first.
23:03
Speaker 1: Oh lucky kids, wonderful. Thank you so much, every one.
23:06
Speaker 1: Last question for you? What are you reading at the moment?
23:09
Speaker 3: Oh? I'm reading a book called Vine Street.
23:13
Speaker 1: Vine Street.
23:13
Speaker 3: Yeah, yeah, there's a drama based in Soho in the
23:16
Speaker 3: nineteen nineteen thirties, classic police drama. Nothing that's all to
23:20
Speaker 3: do with banking, nothing that's all to do with financial.
23:23
Speaker 1: Services, police drama. I love a police drama. Vine Street. Okay,
23:27
Speaker 1: Vine Street.
23:28
Speaker 3: I recommend it, Marion. I'm very much enjoy it. Part
23:31
Speaker 3: way three brilliant.
23:32
Speaker 1: Thank you so much. Thank you so much for joining
23:34
Speaker 1: us today.
23:34
Speaker 3: That was really really interesting, my pleasure.
23:36
Speaker 2: Great to see you.
23:37
Speaker 1: Thank you, thanks for listening to this week's Marin Talks Money.
23:43
Speaker 1: If you like ours, show, rate, review, and subscribe wherever
23:46
Speaker 1: you listen to podcasts and keep sending questions or comments
23:48
Speaker 1: The Merror Money at Bloomberg dot net. You can also
23:51
Speaker 1: follow me and John on Twitter or x. I'm at
23:53
Speaker 1: marinas w and John is John Underscore Stepe. This episode
23:56
Speaker 1: was hosted by Meet MAREN'SUMT web. It was produced by
23:59
Speaker 1: some Asati and Moses and sound designed by Blake Maple's
24:02
Speaker 1: Special thanks of course to Gareth Wilson.