EVENTS

CHANGING LANDSCAPE IN WEALTH MANAGEMENT

The Wealth Management industry is witnessing a multitude of changes due to increased regulation and supervision, innovation and the role of digital technology, changing client needs and dynamics, and competition from rising FinTechs and their services for high net worth individuals.

PROGRAM OVERVIEW

FINTECH & INNOVATIVE SOLUTIONS

Wealth Management firms have been slow to react to the threat from new entrants based on the belief that well-established brands and relationships would offset any competitive advantage. FinTech firms have entered with service offerings in investment management and advisory, innovating standard wealth management functions including client acquisition, advice, and compliance. Furthermore, the need to manage complex asset classes, sophisticated portfolios and the demand for personalized advice and real time analytics has forced firms to consider artificial intelligence based analytics solutions.

CLIENT DYNAMICS & DEMANDS

Client needs are changing and becoming more diverse, spanning to include a greater emphasis on wealth transfer, retirement planning, and social impact investing. Within the U.S. alone, an estimated $59 trillion in wealth is expected to be transferred to heirs, charities, etc. by 2061. While this is considered to be a growth opportunity, firms will need to develop services and solutions to align with the expectations of younger high net worth Individuals.

ROLE & IMPACT DIGITIZATION

High net worth individual wealth is at an all-time record but the growth has coincided with decreasing profitability for wealth management firms. One of the key challenges is for firms is to leverage digital technology to transform their business and increase profitability. With that said, digitization raises another set of questions and concerns – with significant amounts of assets and sensitive data involved and accessed by third-party and proprietary services, the wealth management industry is one of the prime targets of data breaches and cyber threats.

MESSAGE FROM OUR CHAIRMAN

ROBERT GARTLAND

Dear Colleagues, 

On behalf of the Gartland and Mellina Group, welcome to “An Evening of Discussion on the Changing Landscape in Wealth Management”. It was recently reported that the Top 40 Wealth Management Firms in U.S. collectively manage over $7 trillion in assets for clients, an increase of 19% year over year.

Buoyant stock markets and higher overnight interest rates have bolstered top line revenue growth but at the same time regulation, digital technology, adviser retention, wealth transfer, cyber security and other forces present challenges and opportunities to Industry participants. We are pleased to be working with a number of prominent firms in confronting these challenges and transforming their businesses to provide better client experiences and investment outcomes.

We have once again brought together a distinguished panel of experts led by our Moderator Vikram Pandit, Chairman and CEO of the Orogen Group, Michael Armstrong, CEO of RBC Wealth Management, Michael McVicker, Managing Director of UBS Wealth Management, John Strauss, CEO of Fall Line Securities, and Greg Fleming, Senior Research Fellow at Yale and former President of Morgan Stanley Wealth Management.

We hope you will find the discussion interesting, relevant, and informative. Thank you for attending!

Sincerely,

 

Robert F. Gartland

PHOTO GALLERY

VENUE - HAROLD PRATT HOUSE

HAROLD PRATT HOUSE

58 East 68th Street at Park Avenue

New York, NY 10065

During the years 1919-1920 an elegant town house was designed and erected by architect William Adams Delano, of the firm of Delano and Aldrich for Mr. and Mrs. Harold Irving Pratt. Only the best materials available were used in constructing the house which is reputed to have cost over one million dollars in 1920. It is interesting to trace the story of the house and its owners.

Mr. Harold Irving Pratt was the youngest of Mr. Charles Pratt’s eight children. Mr. Charles Pratt merged Pratt Astral oil with John D. Rockefeller’s Standard Oil of New Jersey, during the latter part of the 19th century. Mr. Harold Irving Pratt was the managing director or Charles Pratt and Co and was also a Council on Foreign Relations member from 1923 until 1939.

Due to the Great Depression, in 1944 the house boarded up as no one was living in it. With the Council was outgrowing its original space, Mr. Hamilton Fish Armstrong telephoned Mrs. Pratt to see if she would donate her house. The next day Mrs. Pratt called to say that she would give the House to the Council. The House officially opened as the Council of Foreign Relations new headquarters on April 16, 1945.

The exterior is of limestone, custom made in the United States and the inside floors are mainly parquet, oak, or a self-polishing marble. As is typical of other houses of the period, a large kitchen and service area were installed in the basement. The Pratt’s dining room was on the main floor where the current Drawing Room now exists.

Up the winding staircase on the second floor was a library which also functioned as a dining room. The current Mansion Ballroom was the Pratt’s formal drawing/living room. At Mrs. Pratt’s insistence it was square, being modeled after a room she had seen in Ireland. It is decorated with pine paneling and beautiful chandeliers each of whose crystals are different.

It was also Mrs. Pratt’s wish to use the hand-painted Venetian type doors for the entrance to the library and the drawing room, although the architect demurred that they did not fit with the English architecture. The Pratt family gave three paintings of themselves seated with the original furnishings. These are located in the marble Franklin Hall and over the mantel of the sitting room. To this day, the Council has maintained its original integrity.

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Changing Landscape in Wealth Management-