Wealth management companies say the coronavirus pandemic has dramatically changed the way businesses in the sector operate.
The Covid-19 pandemic has transformed almost every aspect of our personal and professional lives in a matter of a few short months. Many question whether life will ever return to the way things were as people struggle to come to grips with the new normal.
According to executives at Irvine Humphries Global and UBS Group, the wealth management sector has not escaped dramatic changes to the way it operates. Investment clients are growing increasingly cautious and becoming more tech savvy. Many are expressing a greater interest in sustainable investments than ever before.
Amy Lo, co-head of the Asian Pacific wealth division for UBS says the global pandemic has changed the way business and banking institutions operate, with a definite shift towards digital operations on a more local level.
Investors look to diversify wealth portfolios
Lo added that clients across the Asia Pacific region have understandably become more determined to preserve their existing wealth while re-balancing their portfolios as the global economy faces a recession not seen since the time of the Great Depression.
For most clients, the primary goal is to diversify and successfully navigate market volatility.
UBS has made sizable investments in its digital infrastructure. This has proved tremendously beneficial during these uncertain times by as it has enabled the bank’s clients to communicate via online platforms using various conferencing and chat tools available.
In a recent interview with Bloomberg Television Lo stated that the coronavirus crisis has drastically altered the way wealth management brokers interact with their clients. There has also been a surge in digital banking which is now seen as the safest way to execute transactions.
ESG investments gain popularity, Irvine Humphries
UBS and Irvine Humphries Global say their clients are also demonstrating a greater awareness of social, state and environmental investing with a growing interest being expressed in ESG (Environmental, Social and Governance) assets.
This indicates that investors are understanding the importance of investments that promote sustainable growth.