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Listen to or watch the original content Malcolm Vincent, CEO of Astoria Finance and president of the SN2CA brokers’ association, shares his perspective…
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Malcolm Vincent, CEO of Astoria Finance and president of the SN2CA brokers’ association shares his perspective on the wealth management market, a heavily regulated market that nevertheless appeals through its overall view of the economy and its unlimited scope across all types of products. Astoria has grown considerably since 2013, and now selects clients based on their potential rather than a typical profile.
The market experienced a strong impact from COVID with the stock market decline, according to Malcolm, which required organisational changes as remote working became widespread, but nevertheless could create opportunities, since he sees wealth management as resilient in times of crisis.
The market consists of a very large number of individual advisers, although there is a strong concentration among the main players. Very little competition between the main players and increasing consolidation of resources characterise this sector. The impact of digitalisation distinguishes players that have the right tools from those that have failed to adapt. The challenges lie in the risks taken on investments, but also in client support and team training, integrating new employees.