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Digital Wealth Asia Forum 2019 HK - Exclusive Insights - Damien Mooney - 2

Damien Mooney of BlackRock

Nov 29, 2019

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1. How can you justify an expensive front office in the digital age?

Video transcript

1. How can you justify an expensive front office in the digital age?

This notion that the RM is the centre of the world, I think is something that the industry is going to have to move away from for two reasons. One is the cost of delivering personalised services, including so-called advice, are expensive, and they're also very difficult to scale. So, in a world where the cost of serve will not go down so much, you'll have to scale through technology. So the firms that are already looking to grow their business and attract more customers, they won't be able to do that through person-power alone. They're going to have to go beyond the RM and really think about reinventing their businesses and technology. Now, very easy to say and harder to do because of lots of internal tensions around that. I think, as we again discussed the panel, data is always a big inhibitor, and these big traditional firms have got legacy systems and legacy data arrays, which makes it very, very difficult to grow their business through technology. But I think that's something that really needs attention in the coming years.

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