Pandora Mather-Lees
Director
IORMA Luxury and Creative Centre
May 2024
Report on Wealth Management: Insights from the Citywealth Forum in London
IORMA Luxury Centre team recently spoke to the organisers of London’s Citywealth Forum. Founded in 2005, Citywealth is an award-winning media organisation providing for the private wealth management industry.
Introduction
The fourth annual Citywealth Forum, held on 14th May at The Clermont London, amassed leading figures from the global wealth management sector to discuss critical issues affecting the industry’s future.
The likes of Rothschild, Zedra, UBS and Goldman Sachs are regular attendees and presenters.
This year, given the political turmoil and world events, the conference content was placed in a geopolitical context.
This report synthesizes the key discussions and insights shared by the international mix of speakers, covering topics from the stability of financial centres to the future impact of artificial intelligence and investment strategies.
Stability of International Financial Centres
During these exceptionally turbulent times, the need for strong, stable expertise in financial jurisdictions has become more critical than ever. Representatives from the Channel Islands and the Isle of Man conveyed a reassuring message about the constancy and reliability of these regions. Michael Crowe, CEO of Isle of Man Finance, Joe Moynihan, Head of Jersey Finance, and Rupert Pleasant from Guernsey Finance emphasized the importance of well-established legal frameworks that provide comfort and security to Ultra-High-Net-Worth (UHNW) families.
HSH Prince Michael of Liechtenstein highlighted the paramount importance of defence in times of political and economic conflict. From a European perspective, where the threat feels more immediate, he underscored the necessity of military spending to ensure peace and stability. While acknowledging the debate that military expenditures might detract from ethical investments, he argued that a stable and secure environment is a prerequisite for flourishing peace and ethical investment opportunities in the first place.
The Impact of Artificial Intelligence
How will Artificial Intelligence (AI) affect the future of wealth management. AI was a focal point of discussion at the forum. Derek Southall, founder of Hyperscale Group, described the development of AI as one of the most profound changes humanity is undergoing. He projected a bumpy road ahead over the next five years due to the rapid advancements in AI technology. Philip Higson, founder of Carlyon Services, provided a more cautionary outlook, predicting financial difficulties for some high-profile tech enterprises, including those of Elon Musk, due to resource constraints.
Wealth Management in the USA: State Hopping
Joshua Rubenstein, a leading American lawyer from Katten Muchin Rosenmann LLP, discussed the differences in laws and taxes between US states. He noted that these variances often lead individuals to relocate to states with more favorable tax regimes, such as Florida, to optimize their financial position.
Contentious Issues in Wealth Management
The forum addressed several contentious topics, including the non-dom status, which sparked vigorous debate among attendees. Additionally, issues such as trusts, succession planning, private debt, and litigation were explored with depth and clarity, providing valuable insights into these areas of wealth management which have now become quite complex.
Conclusion
The Citywealth Forum, created by Citywealth editor & CEO Karen Jones, serves as a crucial platform for the global wealth management industry. Moreover it plays a role in facilitating the exchange of ideas and strategies among industry leaders. The discussions held at this year’s forum have shown the importance of stability, defence, and ethical considerations in investments. In particular delegates are looking to the future of wealth management in terms of the transformative potential of AI. The wealth management landscape is continually evolving and has a direct effect on consumer commerce because managing this efficiently will ensure the benefits trickle down – not just into the luxury sector but beyond to the economy as a whole.
Further Information
Citywealth runs awards, produces editorial content, networking events, and a user ratings directory. Visit https://www.citywealthmag.com/citywealth-forum/ for more information.
For more details, please contact Charlotte Ellis, Head of PR at Citywealth. [email protected]