Most private banks have taken anti-money laundering obligations seriously and as the ongoing 1Malaysia Development Berhad scandal shows, the penalties for falling foul of regulations are severe

Clients tend to be loyal to their wealth managers and would recommend them to others. Firms must make more of this in a Covid-ravaged world

The drive by co-presidents Iqbal Khan and Tom Naratil to put digital at the heart of UBS's wealth management offering has been given a boost by Covid-19, but both insist human interaction remains vital

Alongside the Wealth Tech Awards for 2020, PWM hosted a video discussion around the key wealth management themes being highlighted and accelerated by the current Covid-19 crisis, including digital transformation, big data analytics and finding the illusive combination of human and robotic advice

Private banks, who were already promoting private equity before Covid-19 hit, now see even more opportunities in the sector as a result of depressed company valuations

While older investors remained relatively calm during the market fluctuations earlier this year, younger clients required more reassurance from wealth managers

Private banks will only survive if they adopt new ways of doing business, believes David Durlacher, CEO of Julius Baer International

The Swiss wealth management industry is facing numerous challenges and must do more to embrace digital solutions if it is to remain the market leader