» Forum Concept

Please click on the link below for a printer friendly program outline for Friday, September 21, 2006

» Program Outline
 


The once conservative financial sector is in a state of transition. What would have been unthinkable twenty years ago is now commonplace. Lagging slightly behind the other banking segments, private banking or wealth management is now also in the throes of a radical transformation. However, the greatest challenges lie not in the immediate future but in the medium to long term. The restructuring of the sector is still ongoing, driven by the underlying forces of information technology, scientific advance, de-regulation and re-regulation. For service providers this has meant heightened competition, faster innovation in products and processes, and the advent of globalized markets.


Changes in the financial sector have been accompanied by changes among the clients. Today’s private clients have individual and he-terogeneous financial needs. They are more discerning and better informed about financial matters than ever, and understand the relationship between income, risk and cost. They can pick and choose from a wide array of offerings by the asset management industry, and can select from a large and diverse range of products and services. And they are well aware of the power of consumer demand.



Knowledge is important not only for banks and clients but also for countries and regions. In developed countries the financial sector typically accounts for around 4-5% of gross domestic product and in Switzerland this rises to 16%. Wealth management alone is estimated to generate annual revenues of around USD 300 billion worldwide. Clearly the financial sector is a key part of any country’s economy.


We live in a knowledge-based society in which knowledge has become a new and powerful success factor for providers and customers alike. Financial knowledge is gained at school, at university and in business, indeed wherever people are engaged in work, training, research or development. Today, knowledge is key to mastering innovation in products and processes. What remains unchanged is the need to ensure that knowledge gained through research, learning and experience does not undermine traditional core skills, which will continue to be indispensable in the future.


The ZURICH WEALTH FORUM was set up as a leading platform for business and universities to share information and ideas on future-oriented areas of wealth management. In ancient Rome, the forum was a marketplace and meeting point, a central public space. Today’s forum is a platform or meeting place where experts can engage in open and informed discussions on a variety of topics and issues. By bringing together experts from the scientific and business community the Zurich Forum seeks to help shape the future of wealth management, whether through plenary discussions with key speakers addressing important strategic issues, or through workshops where participants can dissect and discuss specific topics in greater detail. In the workshops, which are run in parallel, scientists expound on recent research findings while practitioners present business solutions and concepts relating to the subjects in question. A key aim of the Forum is to promote dialogue between the business and scientific communities, and by so doing, lend fresh impetus to both sectors. Wishing to represent an international perspective, the Forum is conducted in English.


Besides the presentations and discussions, the Forum gives participants an opportunity to cultivate personal contacts and to share information and ideas. The University of Zurich has made its facilities available for such informal exchanges for the full duration of the Forum and participants are also invited to an evening social event where they will have a further opportunity to foster personal contacts.