International Investment's Middle East Forum held earlier today (2 November) at Dubai's Shangri La Hotel was packed with adviser trends and product insights from some of the most experienced experts in the financial services industry.
Rob Clarry, Investment Strategist at Evelyn Partners, highlighted the four megatrends of the next decade saying "looking forward, it seems that we are now embarking on a period of increased uncertainty compared to the relatively benign period following the fall of the Berlin Wall.
"Policymakers and investors face a series of challenges that will need tackled, including energy security, ageing populations, a reconfiguration of global trade and commerce, and greater geopolitical risk. It promises to be a difficult market environment.
He further argued: "we think we are now at an inflexion point" and there would be a "period of slowbalisation".
Hansard's Global Sales & Marketing Director Graham Morrall presented the findings of an extensive survey conducted with event delegates & advisers across the Middle East & Africa during October.
Among his findings, in answer to ‘What are your new business expectations for the next 12 months?' 63% expected an increase in business and only 7% cited a decrease.
"This positivity was quite significant", he said.
Simon Barwell Board Member/Marketing Director at IFGL Group looked at what the future holds for clients, advisers and providers in the region, also highlighting how advisers saw "a positive future for themselves and the clients they serve".
Dan Kemp, Global Chief Investment Officer, Morningstar Wealth Platform, highlighted the most common challenges investors face and how advisers can support them while strengthening their business.
"If you don't prepare them for the ups and downs they will be surprised", he said.
While Ian Mellows and Nigel Soans, sales managers from Investors Trust, drilled down into the key trends that are driving the growth of specialist offshore life Insurance companies.
They flagged a pending agreement with QB Partners to provide technical support to advisers expected to complete in Q4 of this year.
An adviser panel discussion followed including the question of where they stand on commission versus fees. All said they favoured a hybrid approach.
The advisers on the panel were Noel O'Leary, Managing Director, deVere Acuma; Chris Ball, Managing Partner, Hoxton Capital Management; Con Lillis, Managing Director, Abacus Consultants; and Sean Kelleher, CEO Mondial.
Paul Colley, Director Client Relations, Boal & CO took part in a fireside chat Q&A with II Publisher Gary Robinson to discuss benefit solutions for international employers with employees in the Middle East and looked at options available for end of term gratuity schemes in the region and the best of use of trusts.
A case study was then acted out on stage with participants playing the clients and adviser. In this innovative format, II Middle East Forum's break out groups, came up with ideas and solutions to help a couple moving from the Middle East to the UK, hosted by Nigel Sillitoe, CEO, Insight Discovery.
Simon Pickering, head of Insurance & Pensions - Finance Isle of Man, Dep't of Enterprise, Isle of Man Gov't, took part in a fireside chat with II Publisher Gary Robinson where he explained the journey the Isle of Man took to establish the Insurtech sector on the Island.
The Isle of Man Government is working on a number of initiatives jointly with the private sector from skills to regulation to create a welcoming Insurtech ecosystem on the Island and to ensure that the Island embraces the future of this - evolving industry.
The advisers keynote address came next from deVere Group founder and CEO Nigel Green, which included an update on his ban and fine in South Africa.
The event concluded with a product provider panel on the ‘Future of Life and Wealth Management in the Middle East' looking at the long-term future of international life products amid global regulatory change and consolidation.
Panellists were Graham Morrall, global sales and marketing director, Hansard; Karen Kelly, group general manager Boal & Co; Maurice Keane managing partner, Evelyn Partners; Phil Story, head of distribution, Investors Trust and Ben Lester, head of distribution, Morningstar Investment Management.
