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Cresto Narang Wealthfront.pdf


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government ’s new Foreign Account Tax Compliance Act, which places pressure on banks in
every country to disclose the bank accounts of U.S. citizens, and the new withholding tax
agreements between the U.K., Austria, and Switzerland. The general consensus is that the
Organisation for Economic Co-operation and Development will ultimately push for full tax
transparency among all its member states, with automated information exchange becoming
a new reality for offshore banking. If this proves to be the case, players will need to reevaluate their offshore strategies. They will feel pressure to withdraw from some offshore
markets and to focus on those where they have a clear value proposition, growth prospects,
and proper compliance capabilities. Many governments are taking a tough line with tax
evasion. UBS’s settlement with the U.S. Department of Justice for allegedly helping U.S.
citizens evade taxes underscores the determination of regulators to close loopholes.” 2
All these means that the financial services industry is undergoing a period of intense
scrutiny, and companies are investing in compliances in order to respect the law, which is
changing at a fast pace.
3.1.1.1.2 HIERARCHY
1. Social – clients are changing and they require more sophisticated and easier
products to understand.
2. Technological – technology is allowing to scale and provide more and more people
with services once reserved for a niche.
3. Economical – economy is improving after the financial crisis.
4. Political & Legal – there is more pressure on financial institutions regarding sensitive
topics such as: data security, privacy, and systemic risk.
5. Environmental: not a real driver.
3.1.1.1.3 PIVOTAL VARIABLES
Social and technological – people are changing and they demand transparency, simplicity
and full access 24/7. Technology is allowing this. These two elements are likely to shape the
financial services industry in the near future.
3.1.1.2 Scenario Analysis
We have decided to build a scenario analysis on two variables:


2

Social – Acceptance of robo-advisors by the public: will the robo-advisors industry be
able to convince investors that algorithms can successfully manage assets in the long
term, especially through financial crisis?

Strategy&, “Global wealth management outlook 2014–15”, 2014

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