How are regulations shaping sales trends?
Regulatory change is one of the greatest challenges advisers and providers face in many jurisdictions.
We have seen GN15 come into force in Hong Kong, GN16 is round the corner, the Financial Advisory Industry Review in Singapore, and so it goes on.
Many years ago we made the business decision to focus on single premium business, so the impact on us has not been as great as it has for other providers in, say, Singapore.
Keeping ahead is important, and advisers who are evolving to being advice-led and building valuable long-term relationships with their clients will overtake those who remain led by sales.
We are developing our support in this area in response to growing demand from advisers for more help as they look to transition their businesses.
How does your company differentiate itself from its competitors?
I believe the opportunities our vertically integrated business model presents are unrivalled in the industry. While some providers just focus on one part of the solution, such as providing a product wrapper, we can help offer the complete solution for advisers and customers, underpinned by a compelling investment proposition.
Building solutions that are focused around the adviser and customer is something we do well, and this is evidenced by the number of industry awards we have won over the years.
Offering credible investment solutions that enable the adviser to focus on advice rather than stockpicking should help create better customer outcomes and reduce the risk of unsuitable esoteric assets being chosen. Wealth Interactive, our online proposition, is building momentum and will provide a solid foundation for the business to build on.
What regions have the most potential?
It depends who you listen to; each of my heads will tell me that their region has the most potential.
I think our greatest potential lies in the regions were we can leverage the Old Mutual group presence, such as in South Africa, Africa and Latin America.
This is helped by our rebrand to Old Mutual Wealth, which makes it easier for us to create synergies in these markets and access the Old Mutual distribution channels.
Are you targeting any new markets?
Our focus is very much on developing business in our core markets, such as Hong Kong, Singapore, Latin America, South Africa and the Middle East.
We have recently expanded in Africa and this is going extremely well, we are doing great work with the banks and building societies there. With Africa’s wealthy elite expanding at a rapid rate we see great opportunities in this area, especially as we can leverage off our Old Mutual group presence.
Looking ahead, what your priorities?
It will be an exciting next couple of years as we build our footprint in our core international markets and raise the bar on the solutions that are available to international advisers and customers.
The purchase of Quilter Cheviot in February 2015, and the creation of the investment division in Old Mutual Wealth, is a game changer. It helps us become a leading wealth provider and will enable us to provide compelling investment solutions to advisers and their clients.
Quilter Cheviot will help open up many new opportunities for the international business, where there is strong demand for tailored investment solutions from high net-worth investors.
The development of Wealth Interactive, our online wealth management system, is another priority. We believe we have a system that is unrivalled by any other provider, and that it will transform the way we deal with advisers and clients.
