Financial Institutions Topical Series
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1 Financial Institutions Topical Series The Future of Wealth Management: Defining the Winning Product, Channel, & Tactical Strategies (Table of Contents) September 28, 2017
2 TABLE OF CONTENTS Evolution of the Financial Services Industry Key Driving Factors... Financial Services Industry Role in the Economy... US Corporate Employees... US Corporate Revenues... US Corporate Net Profits... US Corporate Market Capitalization... The Oligopoly Trend... Employees By Firm... Revenues By Firm... Net Profits By Firm... Market Capitalization By Firm... Government Backstops & the Too-Big-to-Fail Debate... Government Backstops... Too-Big-to-Fail Debate... Governance Issues... Built in Conflicts... Moral Hazard... Shadow Banking System... Market Statistics... Employees... Assets... Revenues... Net Profits... Market Segments... Registered Investment Companies... Credit Intermediaries... Government Sponsored Enterprises... Structured Finance Vehicles... Private Equity Firms... Money Market Funds... Hedge Funds... Risks... Facilitate the Insurance of Credit by Acting as Clearing Houses Offering Reserve Services, & Cashing Checks... Offer Financing to the US Housing Marketing that Has Been Characterized as Both Lowering the Cost of Financing & Destroying the Market & Excluded from Financial Stability Board Report... Excluded from Financial Stability Board Report & Create Securities from Pools of Assets Such as Loans, Credit Card Receivables, & Bonds... Seek to Unlock Unrealized Value by Acquiring Underperforming Private Companies or Public Ones that they then Take Private & Restructure... Compete with Bank Deposits & Provide No Government Guarantees The Future of Wealth Management 2
3 Lightly Regulated & Gained Widespread Popularity with Institutional & Wealthy Individual Investors... Cross-Border Issues... State-Controlled Institutions... Varying Regulations Emergence Phase... Financial Product Development Phase... Markets & Distribution Channels Development Phase... Market Growth... Firms... Branches... Employees... Clients... Accounts... Net New Accounts... Deposits... Assets Under Admininstration... Net New Assets Under Administration... Assets Under Management.... Net Flows... Insurance in Force... Revenues... Net Profits... Market Definition Products & Services Firms... Markets & Distribution Channels Firms... Leading Financial Services Institutions... Branches... Employees... Clients... Accounts... Net New Accounts... Deposits... Assets Under Admininstration... Net New Assets Under Administration... Assets Under Management.... Net Flows... Insurance in Force... Revenues... Net Profits... State of the Financial Services Industry Key Driving Factors Evolution of Key Driving Factors... Consumer Confidence & Sentiment Measures The Future of Wealth Management 3
4 Financial Services Industry Reputation Measures... Financial Services Industry Success Measures... Key Driving Factors... Economy & Markets... Natural Disasters... World Affairs... Financial Services Industry Stumbles... Consumer & Institutional Wealth (Total Wealth)... Legislative & Regulatory Agenda... Future Predictions for the Financial Services Industry... Lower Consumer Confidence & Sentiment... Increased Fiscal Responsibility, Delayed Retirements, & Increased Savings Rate... Consumer Skepticism & the Resulting Financial Services Industry Backlash... Enhanced Legislative & Regulatory Agenda... Financial Services Industry Success Measures Challenges... Products & Services... Evolution of the Financial Products & Services Businesses... Market Definition... Market Growth... Leading Financial Products & Services Companies... State of the Financial Products & Services Business... Cash Investment Products... Investable Asset Products... Lending Products... Insurance Products... Wealth Management Services... Future Predictions for the Financial Products & Services Business... Low Interest Rates & Cash Investments Conflict... Redefinition of Fee-Accounts (Unified Managed Accounts) as Core Investment Accounts... Accelerating Product Shifts: Low Cost Mutual Funds and Indexing & Exchange Traded Funds... Consumers Increasing Fiscal Responsibility & Deleveraging... Need for Guranteed Return Products... Markets & Distribution Channels... Evolution of Markets & Distribution Channels... Market Definition... Market Growth... Leading Markets & Distribution Channels Companies... Markets & Distribution Channels Segments Direct Distribution Channels... Financial Advisor Channels... Institutional Channels... International Channels... Future Predictions for Markets & Distribution Channels Continued Importance of Financial Advisor Channels with Increasing Market Share Gains by Independent Advisors The Future of Wealth Management 4
5 Growing Importance of Self-Serve Channels... Growing Importance of International Markets... Declining Importance of Institutional Channels... FSI Winning Tactics... Evolution of Financial Services Industry Winning Tactics... Market History... Financial Services Industry Winning Tactics... Target Markets... Sales & Marketing Stretegies.... Technology & Outsourcing... Staffing & Compensation Strategies... Firm Cultures... Future Predictions for Financial Services Industry Winning Tactics... Increasing Focus on Client Communication & Client Retention... Increasing Focus on Target Market Strategies... Better Defined & Measured Sales & Marketing Strategies... Better Utilization of Technology & Outsourcing Opportunities... Increasing Focus on Managing Available Talent... FSI Investment Opportunities... Evolution of Financial Services Industry Investment Opportunities... Financial Services Industry Profitability... Financial Services Industry Firm Benchmarking... Financial Services Industry Firm Valuations... Financial Services Industry Investment Opportunities... Financial Services Industry Venture Capital... Financial Services Industry Public Offerings... Initial Public Offerings... Secondary Offerings... Financial Services Industry Public Stock Investing... Mutual Funds & ETFs... Hedge Funds... Financial Services Industry Private Equity Opportunities... Future Predictions for Financial Services Industry Investment Opportunities... Expanding Financial Services Industry Venture Capital Opportunities... Reasonable Financial Services Industry Public Offerings & Public Stock Investing Opportunities... Rapidly Expanding Financial Services Industry Private Equity Opportunities... Substantial Financial Services Industry Consolidation... FSI Strategic Advisors... Evolution of Financial Services Industry Strategic Advisors Business... Market Definition... Market Growth... Leading Strategic Advisors... Financial Services Industry Strategic Advisors... Consulting Industry... CPA Firms... Law Firms... Investment Banks The Future of Wealth Management 5
6 Future Predictions for the Financal Services Industry Strategic Advisors Business... Increasing Role for Industry-Specific Strategic Advisors... Tiburon Strategic Advisors; McKinsey & Company; Alston & Bird; Paul Hastings; & Goldman Sachs Group to Emerge as Winners... Future Predictions for the Financial Services Industry Rapital Growth in the Financial Services Industry... Market Growth... Firms... Branches... Employees... Clients... Accounts... Net New Accounts... Deposits... Loans Outstanding... Loans Outstanding... Assets Under Administration... Net New Assets Under Administration... Assets Under Management... Net Flows... Insurance in Force... Revenues... Net Profits... Continued Growth in Shadow Banks... Employees... Assets... Revenues... Net Profits... End of Trend Toward Universal Banks... Sub Prediction #1... Sub Prediction #2... Transformation of Role of Banks in New Financial Intermediary Model Centered on Securitization... Sub Prediction #1... Sub Prediction #2... Importance of Interest Rates to Both Savers & Financial Services Firms... Savers... Financial Services Firms... Increasing Regulations But Unsuccessful Movement to Break Up the Largest Financial Institutions... Increasing Regulations... Likely Permanent Estate Tax... Shadow Banks Potential Regulations... Increased Capital... Increased Reporting... Increased Reporting, Board Reorganizations, Accountability, Accessibility, & Transparency... Make Money Market Funds Less Vulnerable to Runs The Future of Wealth Management 6
7 Rein in Risks Posed by Repurchase Markets (Transfer of Cash & Securities Between Banks & Financial Firms)... Unsuccessful Movement to Break Up the Largest Financial Institutions... Continued Focus on Retirement Income & More Risk Adverse Consumers... Retirement Income... Risk Adverse... Other Issues... Slowly Recovering Markets... Low Interest Rate Environment... The Credit Bubble... Fiscal Crises in the Developed World... Baby Boomers Liquidation... More Risk Adverse Consumers... Growth in Investable Assets... Growth in Target Date Mutual Funds... Longevity Insurance... Reverse Mortgages... Estate Planning... Emergence & Importance of Both Women & Gen X Consumers... Women... Gen X Consumers... Emergence of Unbanked Consumers in Emerging Markets... Sub Prediction #1... Sub Prediction #2... Decline in Importance of Investment Banking & Growth in Importance of Wealth Management Business... Decline in Importance of Investment Banking... Growth in Importance of Wealth Management Business... Retail Banks Loss of Power... Wirehouses Loss of Power... Growth of Independent Advisor Channel... Growth of Direct Distribution Models Emergence... New Consumer Class Emergence in China... Digitization of Delivery & Maturization of the Role of Financial Advisors... Digitzation... Maturization of the Role of Financial Advisors... Emergence of Institutionalized Sales & Marketing, Technology & Outsourcing, and Staffing & Compenstion Tactics... Sales & Marketing... Staffing & Compensation... Technology & Outsourcing Tactics... Recovering Financial Services Industry Public & Private Investing Opportunities... Financial Services Industry Public Investing Opportunities... Sub-Prediction #1... Sub-Prediction #2... Financial Services Industry Private Equity Opportunities... Sub-Prediction #1... Sub-Prediction # The Future of Wealth Management 7
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