Last night, I had the pleasure of attending an event sponsored by the New York Society of Security Analysts (NYSSA) on the State of Private Wealth Management. The speakers were Hinton Crawford of TD Wealth Management; Chip Packard, Managing Director and Head of the Eastern Region for Deutsche Bank Private Wealth Management and Mason Salit, Head of the International Private Bank for HSBC.
They noted several trends in the private banking business. Clients were interested currently in investment products that protect principal, are liquid, reduce risk, reduce tax burdens through Master Limited Partnerships and senior level tranches of structured products. However, investors tend to have short term memories and the preferred products were different a couple of months ago. Investors want simplicity, control, consolidated reporting, help with generational wealth transfer and philanthropy. Returns were ranked seventh. Private bankers are spending a lot of their time with legal, compliance and risk in the current environment.
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