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Laurent Simeon (Refinitiv): Reinventing Wealth Management

Laurent Simeon, Sales Specialist AIM at Refinitiv says the Covid-19 crisis has redefined the business of asset managers, who have been forced to renew essential contacts virtually and to ensure the flow of relevant information in all directions and on all channels.


How has COVID-19 impacted the wealth management industry?


This unprecedented event has caused an unprecedented reaction in the wealth management industry. A key challenge for many of us has been learning how to integrate our work and home life effectively.

Our customers need to be continuously updated and informed on market movements regardless of their location. From a global market perspective, all industries have been financially impacted by Covid-19. In these challenging markets, we have seen record breaking transaction volumes as firms deal with abnormal levels of volatility. For wealth managers this volatility can mean different things to different clients, either trying to diversify and mitigate risk or take advantage and find opportunities for growth. Furthermore, the lack of mobility and the closing of borders has stifled opportunities for new business.

Refinitiv’s superior digital solutions are pivotal in keeping wealth managers informed of important market changes for their clients’ portfolios and access to information wherever and however they need it.

How have global wealth managers had to recalibrate and adjust to the new reality?


The extreme volatility of the markets- as a result of the new reality- and the resulting irrational behaviours, means advisors need to effectively navigate the speed of information to gain a higher understanding of how investors react to the latest news (including social news) and how it affects their investments in real-time. A key success factor for wealth managers is building strong relationships with clients and meeting face to face. During COVID, wealth managers have had to re-define their engagement strategies and transform how they interact with clients in order to continually deliver value, especially in these times, when portfolios and mandates are shifting constantly. We understand that many elements must be taken into account, very quickly and, it is essential to have reliable and trusted partners such as Refinitiv, with vast experience, resources and trusted solutions.

What digital capabilities will be essential for successfully weathering the COVID-19 crisis?


One of the most important aspects of providing digital capabilities for front-end activities is the service we provide to clients. What underpins this is data and analytics. When it comes to, for example, monitoring investments and producing performance reports, data and analytics are key. This is where Refinitiv thrives, enabling our customers to make critical decisions with confidence, based on the most relevant and adequate information to the investors profile in the shortest possible time.

Our newest flagship workflow solution, Refinitiv Workspace for Wealth Advisors, provides the digital capabilities needed- delivering market-leading news, data, cutting edge technology – and the ability to gain access on any device. Furthermore, Refinitiv Workspace allows advisors to quickly respond and engage with clients when working at home or remotely, easing the challenges faced by a reduction in human interaction that we currently see, and will most likely continue to see as we head towards a “new normal”.

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