CHANGING NATURE OF THE WEALTH MANAGEMENT INDUSTRY

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1 Point of View - Wipro Banking and Financial Services CHANGING NATURE OF THE WEALTH MANAGEMENT INDUSTRY Challenges and opportunities for wealth advisors Author: Dr. Ashok Hegde, Global Head of Financial Services, Business Analyst Practice, Wipro Technologies

2 Changing Nature of the Wealth Management Industry The global wealth management industry is confronted with new challenges that find their roots in the economic slowdown in the US and the upheaval of several European economies. The grim economic scenario, particularly in the North countries, has influenced a significant number of high-net-worth individuals (HNIs) globally to opt for low risk, low margin investments to the detriment of the wealth management industry. The negative economic newsflow has visibly shrunk the inflow of new money into investible asset classes, although emerging economies like India and China have provided key support for the global economic resurgence. For wealth management firms, the high watermark achieved in 2007 will continue to be the aspirational goal. However, the economic landscape is vastly different now, and any effort to retrace the growth path should require a dramatic shift in strategy. Key Challenges In the years leading up to 2007, wealth management firms in the US had seen a rapid expansion of the HNI segment, which grew at 8.4 percent CAGR compared to 7 percent CAGR in other matured economies. This was facilitated by a series of economic factors that included sustained buoyancy in the capital markets, pervasive wealth distribution, and a boom in the housing market, all of which contributed toward keeping investor confidence high. But the subprime crisis in the US and the global economic slowdown that followed appeared to have taken the wind out of the sails of the wealth management industry, mandating fresh thinking on how the HNIs could be brought into the fold. The 'crisis of confidence', as Nobel Laureate and economist Paul Krugman would put it, can be overcome with fresh growth strategies. In the realm of wealth management, firms would need to come up with new investment options that will induce the HNIs to return enhancers and not lean too heavily on capital-protected investment vehicles. Return enhancers had become the preferred option for a wide crosssection of investors in the period up to 2007, with a new range of high risk, high return asset classes beckoning investments. The initial positive outcome of these investments lulled the investors into believing that high returns was the new normal. But, that was not to be. The economic downturn exposed the frailty of investing in asset classes about which only limited market information was available. A very large number of investors bore the brunt of rapid capital erosion, there-by considerably weakening their confidence in return enhancers. Contraction of the housing market and rising unemployment levels in the US did little to shore up the overall investor confidence. Investors have since been rather reluctant to repose their trust in wealth advisors, which has caused a steep dip in the yields of wealth management firms. Nonetheless, key wealth management service providers are now focusing upon new strategies to leverage growth opportunities in the future. The key questions being addressed are: Ÿ How to bridge the investor 'trust deficit'? Ÿ How best can wealth advisors approach potential clients and what would be the key differentiators? Ÿ What kind of infrastructure, support logistics and IT applications are required to support the new strategies?

3 New Strategy These questions are easy to comprehend but addressing them would call for a well thought out strategic plan. Different wealth management service providers are seen to adopt different strategies to deal with the emerging economic realities. The following steps could greatly enhance the effectiveness of their communication with existing and prospective investors. Act 1: Build an 'Inside Out' View Large wealth management service providers networked with investment banking, private banking and commercial banking business lines have access to rich information sources. However, their efforts to connect the dots and convert data into meaningful information to service their investors are seen to be at best sketchy. Their general inability to effectively mine the information source so as to create an 'inside out view' limits their potential to service clients and differentiate their offerings in the fiercely competitive wealth management industry. For these firms, the solution lies in harmonizing information sources and utilizing insights to create new offerings with compelling value propositions. Act 2: Build an 'Outside In' View Social networks have profoundly changed the way the new generation interacts with the external world. The wealth management industry has taken cognizance of the potential of social media such as Twitter, Facebook, LinkedIn and others in reaching out to their target. audience. But there is a great opportunity to build a mechanism to harness the views of the investing class which can serve as insights for shaping the wealth management firm's service offerings. This would be particularly relevant to firms that are positioning their products and services to the net-savvy, socially networked HNI. Wealth advisors who have failed to comprehend the changing profile of HNIs are likely to fall behind in this increasingly tech-driven business environment. Technology adoption will progressively assume great significance in the wealth management domain. In the western markets, it will take some time before new money will flow into asset classes other than fixed income and capital protected investment vehicles. However, firms that are willing to tap new opportunities in emerging economies, as well as adopt relevant technologies, are likely to lead from the front in the markets of the future. The crisis of confidence can be overcome with fresh growth strategies. In the realm of wealth management, firms would need to come up with new investment options that will induce the HNIs to return to enhancers and not lean too heavily on capital-protected investment vehicles.

4 About the Author Dr. Ashok Hegde has 18+ years of experience in the banking and securities industry. His experience includes providing high-end consulting services to global investment banks and investment management firms. Ashok was extensively involved in systems development related to order management, risk management and custody applications. He has managed business transformation projects and engagements supporting outsourcing initiatives of large banks. Dr. Ashok Hegde Ashok was Principal Advisor for risk system implementation for a large private bank. He has worked with the equity research team of an international investment banking company covering the emerging market desks. Ashok has been associated with financial systems development for clients across geographies and specialized in front and middle office application suits. He was Council Member for the Finance Stability Stress Test Study of Reserve Bank of India. At Wipro he is the Global Head of Financial Services, Business Analyst Practice. Ashok has an MBA in Investment Banking and a Ph.D. in Economics. Wipro Banking and Financial Services Wipro serves the top 10 Banks, top 4 Insurers, top 2 Brokerages and supports the top 5 Investment Bank's business transformation initiatives across the globe. Wipro is the leader in BPO + IT integration initiatives and supports a banks' initiatives to bringing a change in the fixed cost structure. Wipro's expertise and experience cut across front, middle and back office. Wipro's Banking and Financial Services has already garnered more than $1bn in revenues and has 85+ customers spread across continents. To know more please write to: About Wipro Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company, that delivers solutions to enable its clients do business better. Wipro Technologies delivers winning business outcomes through its deep industry experience and a 360 degree view of Business through Technology helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner s approach to delivering innovation and an organization wide commitment to sustainability, Wipro Technologies has 120,000 employees and clients across 54 countries.

5 DO BUSINESS BETTER NYSE:WIT OVER 120,000 EMPLOYEES 54 COUNTRIES CONSULTING SYSTEM INTEGRATION OUTSOURCING WIPRO TECHNOLOGIES, DODDAKANNELLI, SARJAPUR ROAD, BANGALORE , INDIA TEL : +91 (80) , FAX : +91 (80) North America South America Canada United Kingdom Germany France Switzerland Poland Austria Sweden Finland Benelux Portugal Romania Japan Philippines Singapore Malaysia Australia Copyright Wipro Technologies. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without express written permission from Wipro Technologies. All other trademarks mentioned herein are the property of their respective owners. Specifications subject to change without notice.

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