A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL AND GLOBALISED WORLD

Transcription

1 A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL AND GLOBALISED WORLD

2 Panelists Experts: Pierre Even, Head of Relationship Management Private Equity & Real Estate, Banque de Luxembourg Christian Kratz, Co-Founder, Investify Dennis Nygren, Head of Wealth Management, Catella Bank S.A. Moderator: Yves Maas, Chairman, The Luxembourg Bankers Association (ABBL)

3 Wealth Management in Luxembourg Global results

4 Evolution of Wealth Bands in terms of Assets

5 Evolution of Geographic Origin of Client Assets

6 Wealth management and digitalisation ü Shifting client needs combined with available technology are disrupting traditional private banking models while also creating huge opportunities ü Growing demand for digital: from customers: high demand for digital tools to improve the global interaction experience. New generation of clients is digital. from Wealth Managers: growing demand for digital instruments to better reach and interact with client. Capgemini study reveals that 80% of Wealth Managers believe digital tools have positive impacts on their overall ability to interact with customers ü Traditional and digital channels no longer co-exist but merge => hybrid model (Robo advisor, RegTech, ) ü Increasing digitalisation implies increasing investments and recurring costs (tools development, cyber-security, )

7 Luxembourg Wealth Management Service Offer

8 KAPITALFÖRSÄKRINGAR - FÖRMÖGENHETS- OCH SUCCESSIONSPLANERING UR ETT PAN-EUROPEISKT PERSPEKTIV

9 Panelists Experts: Cecilia Bjerke-Quirke, Country Manager Sweden, Foyer International Roberth Josefsson, Sales Director Sweden, Swiss Life Luxembourg Daniel Starberg, Senior Wealth Planner, Lombard Intermediation Services Moderator: Marc Lauer, Vice-Chairman, Luxembourg Insurance and Reinsurance Association (ACA)

10 CROSS BORDER LIFE INSURANCE EXPERTISE Luxembourg Insurance Premiums Non Life Local Market 4% Non Life Insurance abroad 11% Life Insurance abroad 78% Life Insurance Local Market 7% Source: Luxembourg Insurance and Reinsurance Association (ACA), Q4 2016

11 Life insurance Premiums Assets under Management Bn Bn ,4 19,8 18,4 21,9 19,7 20, ,6 148,7 159, , ,4 85,7 101,1 111, Source : ACA Source : Commissariat aux Assurances (CAA)

12 CROSS BORDER LIFE INSURANCE EXPERTISE Life Insurance Premiums Split Belgium 6% Germany 7% Italy Luxembourg 8% Sweden 5% Portugal 4% UK 3% Spain 3% Other 12% Outside EEA 6% 21% EEE 2% France Other EU countries 31% 1% Source : Luxembourg Insurance and Reinsurance Association (ACA) Poland 1% Finland 2%

13 Luxembourg life insurance for Swedish customers Premiums Assets under Management Mn Bn ,5 3, , , ,5 1 0,5 1,6 1,4 1,6 1,8 1, Source : Luxembourg Insurance and Reinsurance Association (ACA)

14 3 rd European life insurance directive framework Principle (since 1994): 1 European country authorised to market its products and provide cross-border services in other European states 26,46 billion Contract law = Luxembourg prudential rules Policyholder country of residence 14

15 EU Passport KM LUXEMBOURG KM 26,46 billion KM bank insurance reinsurance securities Investment funds EU passport being implemented hedge funds private equity real estate 15

16 Clients needs Privacy Flexibility Asset & Investor protection Estate Planning Insurance Tax Framework Portability

17 Luxembourg s unique policyholder protection CAA CAA Investment rules Quarterly checks Protection against creditors Separation of clients' assets Super Privilege Policy -holder Insurer CAA Approved Custodian Bank

18 Key players Family Office INSURER Tax Advisor Legal Advisor Policyholder Asset Manager CAA Intermediary Custodian Bank

19 Authorised financial instruments Other EU countries External funds UCITS Equities Bonds Specialised Investment Funds Unlisted assets Assets with reduced liquidity Hedge funds Raw materials Precious metals Luxembourg* * Circular letter 15/3 (CAA)

20 Why choosing Luxembourg life insurance? An integrated and sophisticated solution Policyholder Tailor-made Tax neutrality Centralisation protection Management Taxation Centralisation Security triangle Dedicated of the country of financial with separated Funds of policyholder assets and assets Specialised country estate planning Insurance of residence while abroad Funds

21 KAPITALFÖRSÄKRINGAR - FÖRMÖGENHETS- OCH SUCCESSIONSPLANERING UR ETT PAN-EUROPEISKT PERSPEKTIV

22 Panelists Experts: Cecilia Bjerke-Quirke, Country Manager Sweden, Foyer International Roberth Josefsson, Sales Director Sweden, Swiss Life Luxembourg Daniel Starberg, Senior Wealth Planner, Lombard Intermediation Services Moderator: Marc Lauer, Vice-Chairman, Luxembourg Insurance and Reinsurance Association (ACA)

23 Cross-border life insurance expertise Luxembourg Insurance Premiums Non Life Local Market [POURCENTAGE] Non Life Insurance abroad [POURCENTAGE] Life Insurance abroad [POURCENTAGE] Life Insurance Local Market [POURCENTAGE] Source: Luxembourg Insurance and Reinsurance Association (ACA), Q4 2016

24 Life insurance Premiums Assets under Management Bn Bn ,4 19,8 18,4 21,9 19,7 20, ,6 148,7 159, , ,4 85,7 101,1 111, Source : ACA Source : Commissariat aux Assurances (CAA)

25 Cross-border life insurance expertise Life Insurance Premiums Split Source : Luxembourg Insurance and Reinsurance Association (ACA)

26 Luxembourg life insurance for Swedish customers Premiums Assets under Management Mn Bn ,5 3, , , ,5 1 0,5 1,6 1,4 1,6 1,8 1, Source : Luxembourg Insurance and Reinsurance Association (ACA)

27 3 rd European life insurance directive framework Principle (since 1994): 1 European country authorised to market its products and provide cross-border services in other European states 26,46 billion Contract law = Luxembourg prudential rules Policyholder country of residence 27

28 EU Passport KM LUXEMBOURG KM 26,46 billion KM bank insurance reinsurance securities Investment funds EU passport being implemented hedge funds private equity real estate 28

29 Clients needs Privacy Flexibility Asset & Investor protection Estate Planning Insurance Tax Framework Portability

30 Luxembourg s unique policyholder protection CAA CAA Investment rules Quarterly checks Protection against creditors Separation of clients' assets Super Privilege Policy -holder Insurer CAA Approved Custodian Bank

31 Key players Family Office INSURER Tax Advisor Legal Advisor Policyholder Asset Manager CAA Intermediary Custodian Bank

32 Authorised financial instruments Other EU countries External funds UCITS Equities Bonds Specialised Investment Funds Unlisted assets Assets with reduced liquidity Hedge funds Raw materials Precious metals Luxembourg* * Circular letter 15/3 (CAA)

33 Why choosing Luxembourg life insurance? An integrated and sophisticated solution Policyholder Tailor-made Tax neutrality Centralisation protection Management Taxation Centralisation Security triangle Dedicated of the country of financial with separated Funds of policyholder assets and assets Specialised country estate planning Insurance of residence while abroad Funds