Thailand Wealth Management Forum 2018 Post Event Report17 May I Conrad Bangkok I Thailand

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Summary

Thailand's Wealth Management Industry: Rising Wealth and Sophistication

The 7th annual Thailand Wealth Management Forum attracted over 250 delegates who heard the insights and advice of 48 speakers, all holding senior roles in their respective fields in the Thai, regional or global wealth management industry. A total of five panel discussions, four workshops and six presentations formed the event program. Each featured cutting-edge ideas, concepts and products from leading experts in their respective fields from private banks, financial advisors and technology solutions developers and enablers. Together they formed a comprehensive guide to the growth and evolution of the Thai wealth market.

The first panel of the event brought together top-level local and regional experts to discuss the prospects of the local wealth industry in the years ahead. The audience was treated to a robust discussion on how the Thai wealth management industry is developing to provide a greater array of onshore and offshore solutions to cater to the country's high net worth (HNW) and ultra-HNW individuals. Experts noted that Thailand's expansion is helped, in general, by having some of the most receptive and forward-looking regulators in the region. The Thai investment culture is ever more global, digitisation will play an even more prominent role, and banks are increasingly focussing on the younger generations of HNWIs.

Delegates then enjoyed a panel discussion amongst experts who gave their insights into emerging digital trends in wealth management including distribution, plug-and-play versus bespoke design and the consequences of failing to join the technological superhighway. But experts also cautioned the audience to remember that the essential human connection must be maintained, that digital should empower this, not eliminate it. Panellists agreed that technology is not yet able to replace client advisors; rather it should be designed to enhance them as a hybrid.

The third panel comprised insurance experts, who provided a unique insight into issues including the development of unit-linked business in Thailand, open architecture in insurance, as well as industry priorities as wealth increases and life insurance needs evolve.

Financial literacy and sophistication are rising fast in Thailand, and there is far more awareness around the value of insurance. That growth will come from proper financial planning linked to protecting income, incorporating health insurance, planning for retirement, educating children and legacy planning. Gatekeepers, as highly experienced international investment managers at the private banks and wealth managers are often known, assembled for the fourth panel of the day to analyse how the Thai asset management business has evolved and to predict future trends. The Thai wealth management market is developing a more global perspective, encouraged by regulatory changes and increasing expertise of local professionals. Open architecture is preferred because of the desire to pick and choose the 'best of breed' products.

The last panel discussion of the day brought together a group of experts to discuss products that may suit current market conditions and forecast financial and geopolitical trends.

The first presentation of the day was given by Lee Wong, Head of Family Services at Lombard Odier, who explained her approach to transition planning for ultra-wealthy Asian families and their family businesses; she said this is as much an art as a science.

The second presentation of the event was provided by Manoj Prajapati, Head of Sales for South Asia at Allfunds Singapore. Prajapati described the Allfunds platform and its relevance for wealth managers in

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Thailand and the region, and also presented a detailed Workshop to look under the hood of the Allfunds platform.

The third presentation and associated workshop was given by Oak Samart, managing director and country head for Thailand at Henley & Partners. Samart advised that there are some excellent offshore residence and citizenship options for Thailand's wealthy, as well as highlighting Thailand's attractions for overseas HNWIs, especially those in the Asia region.

The next workshop was led by leading IT solutions provider Comarch; the audience was treated to an explanation of how to align customer and employee experience to boost user experience and the efficacy of AI to help achieve these objectives.

Next up was a workshop presented by Robert Hordon, a New York-based Senior Fund Manager with J O Hambro Capital Management. The workshop focussed on the need to produce income today and capital growth for tomorrow, while also protecting capital. Hordon explained how the search for investments at prices below intrinsic value and investing in durable, sustainable businesses both support the downside and upside potential of a portfolio.

The next presentation was given by Leonteq Securities, with a focus on the benefits of structured investment products, especially in more changeable, less predictable market conditions. Structured products (SPs) can help investors cope with changing market conditions, if they are correctly assembled and if they are tailored to suit the market outlooks of those investors.

An informative presentation given by Franck Fayard, Commerzbank's Asia-based Director and Head of Product Engineering, addressed the benefits for wealth managers in Asia in building smarter portfolios using an active portfolio building site.

Krzysztof Maurer, Managing Director of Comarch (Thailand), then gave a rousing presentation in favour of artificial intelligence, known as AI. According to Maurer, AI is exceptionally relevant and applicable to the global wealth management industry. There is a latent fear of AI-enhanced robots turning against mankind or being used against humankind. Others believe that it is a revolutionary technology that can be compared to the invention of the printing press or a new industrial revolution, as AI never sleeps, never tires, it is continually re-learning and reacting to market changes and numerous other events and data.

The penultimate presentation of the event was provided Irene Lee, Head of Business Development, Intermediary and Partnership at Hawksford Singapore. She shared her insights into wealth management trends, characterised by rapid growth and enduring regulatory proliferation. The creation of tax compliant tools for estate planning can only be achieved with professional advice and services from reputable jurisdictions and by paying close attention to the new world of regulation and compliance.

For the final presentation of the forum, Kelvin Lim, Head of Business Development for Asia at IRESS expertly explained the world of cryptocurrencies and blockchain, and why they are maturing so rapidly. Lim reinterpreted the concept of Blockchains and Bitcoins by creating fictional characters and stories to make them more 'reachable' to the audience. Blockchain is, in essence, digital data to verify actions. The digital footprint is utterly permanent, rather like superheroes.

The Thailand Wealth Management Forum left the delegates and the speakers with a huge amount of information and many ideas to absorb. The conclusion was clear for all - Thailand's wealth management industry and the opportunities it brings are both developing apace and positively.

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Type of firm

40%

23%

12%

8%

8%

5%

4%

Private Bank

Retail Bank

EAM / IFA

Asset management

Insurance

Technology

Consultants

Attendee Profile

Job role

Relationship Manager

Business Head

C-Level

Consultant

Asset Manager

Others

25%

49%

18%

4%

3%

1%

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360FAberdeen Standard InvestmentsAdam CapitalAIAAIRA CapitalAllfunds BankAlumetAmundi Asset ManagementAris PrimePartners Asset ManagementAsia Plus SecuritiesAsiaciti TrustAsset Plus Fund ManagementAxial PartnersBain & CompanyBaker & McKenzieBangkok BankBank of AyudhyaBank of ThailandBBL Asset ManagementBlackRockBNP Paribas Wealth ManagementBualuang SecuritiesCapital CompanyCGS-CIMB SecuritiesChina Access Wealth ManagementCIMB-Principal Asset ManagementCitiCLSACMSKComarchCommerzbankCredit Suisse Private BankingCSOP Asset ManagementEFG BankEnhanced Investment ProductsEquiom GroupERI Banking SoftwareEuroclearFederated InvestorsFinansa Asset Management

Attendees from these firms

FinaportFleur CapitalFWDGeneraliGlobal Precious MetalsHawksfordHenley & PartnersHunton Andrews KurthInfiniti Global InvestorsInfinity Wealth FuturesInnovative Wealth SolutionIRESSJ O Hambro Capital ManagementJittaJRT PartnersK2 Leaders, USAKasikorn Asset ManagementKasikornbankKotak Mahindra Asset ManagementKrungthai Asset ManagementKrungthai BankKrungThai-AXA Life InsuranceKT Zmico SecuritiesLeonteq SecuritiesLGT BankLion Global InvestorsLombard OdierManulife Asset ManagementMaybank Kim EngMBMG GroupMercerMerchant Partners Asset ManagementMerchant Partners SecuritiesMFC Asset ManagementMFEXMoney ChannelMorningstarMSCIMuang Thai InsuranceMuang Thai Life Assurance

New WealthNumerixOne Asset ManagementOrbiumPathomsak HoldingsPhatra Asset ManagementPhatra SecuritiesPhillip SecuritiesPhillipCapitalPossible Wealth Advisory ServicesPrudential Life AssuranceRosemontSamsung Asset ManagementSCB Asset ManagementSCB LifeSCB SecuritiesSDI ConsultingSecurities & Exchange CommissionSiam Commercial BankSociete GeneraleSoutheast Life InsuranceSS&C TechnologiesStandard Chartered BankState StreetSun Life FinancialSwiss-Asia Financial ServicesTemenosTenzing PacificThai Financial Planner AssociationThanachart Fund ManagementTisco Asset ManagementTisco BankUBPUBS Wealth ManagementUCAP Asset ManagementUOB Asset ManagementUOB BankWealth Creation International

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Speakers

Joanne SiuSamsung Asset Management

Leon MirochnikEnhanced Investment Products

Benjamin CavalliCredit Suisse Private Banking

Adrian WilliamsonERI Banking Software

Cholathee PornrojnangkoolBangkok Bank

Malik S. SarwarK2 Leaders, USA

Anna SachaComarch

Darren ThomsonAIA

Janet LiMercer

Manoj PrajapatiAllfunds Singapore

Martin FrickTemenos

Franck FayardCommerzbank

Jean-Louis NakamuraLombard Odier

Krzysztof MaurerComarch

Avishek NandyBain & Company

Grzegorz ProsowiczComarch

Jeroen SimonsSun Life Financial

Lee WongLombard Odier

Michael BlakeUBP

Kelvin LimIRESS

Heena MayaniGlobal Precious Metals

Jirawat SupornpaibulKasikornbank

Kittikun TanaratpattanakitKasikorn Asset Management

Irene LeeHawksford

Anthony SerhanMorningstar

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Michael Gerber 360F

Robert Hordon J O Hambro Capital Management

Tony Wong CSOP Asset Management

Yingyong Chiaravutthi Prudential Life Assurance

Narit KosalathipPhatra Securities

Rory CainesBlackRock

Samdarshi SumitGenerali

Triphon PhumiwasanaKasikornbank

Paul GamblesMBMG Group

Steve KnablSwiss-Asia Financial Services

Vira-anong C. PhutrakulCiti

Oak SamartHenley & Partners

Sornchai SunetaSiam Commercial Bank

Vincent MagnenatLombard Odier

Pote HarinasutaOne Asset Management

Terry TsangCommerzbank

Xavier BurkhardtLeonteq Securities

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Key voting poll results The Hubbis Thailand Wealth Management Forum 2018 event in Bangkok held on 17th May 2018 provided fascinating and thought-provoking discussions and talks for the assembled delegates. As usual we also polled the attendees and mined out the following nuggets.

Are you positive about the growth of wealth management in Thailand? An emphatic response of yes with 100%.

Which country do you think has the Wealth Management best practices? 62% believe Singapore have the best practices.

Do you think you will replaced by a robot? 51% believe they will be replaced by a robot in 10 years.

Do you think we will see significantly less bank branches in the coming years? 79 % thought we would see 50% less branches.

Would you prefer to do all your wealth management online and never speak to anyone? 79% said no to this idea.

54 % thought it creepy for banks to access your information and then use it to sell you targeted products.

73% believe that the life insurance market will grow dramatically over the next five years.

69% believe that the unit linked business will grow dramatically over the next five years.

91% didn’t believe open architecture was genuinely open architecture in Thailand.

100% of respondents believe Thai clients are increasingly focused on diversifying into international funds.

67% of respondents said it was not likely that they would be increasing allocations to ETFs.

71% believe RM education is the most important to grow the business in Thailand.

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Thailand Wealth Management Forum 2019

Thursday 9th May