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By Thomas Steiger, Chief Executive Officer of VP Bank (Luxembourg) SA
The media depict a dire image of the financial sector. A new generation of investors is supposedly putting intense pressure on the traditional advisory business. But just how accurate is this portrayal of the industry’s future? Where do things stand for the intermediaries business and what are the risks and opportunities? Between cost pressures, generational change and digitalisation, no stone is supposed to be left standing over the next 10 years.
This state of affairs is due to the next generation of investors, i.e. millennials or digital natives. Such is the conventional wisdom at any rate. Those who advocate this scenario are quick to support their case with statistics....
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