Advocacy Talking Points 7 July 2020
Toward Greater Trust: Fees, Disclosures, and Professionalism
CFA Institute Webinar
What does it take for someone to entrust their savings to someone else to manage? The newest trust survey by CFA Institute shows a decline in client trust in Australia and Singapore. What are the reasons and how should the industry respond?
Webinar Presentation: Toward Greater TrustDownload PDF
Trust is a multi-layered concept, and it is essential to the proper functioning of capital markets. Without it, financial interactions would become more inefficient, costly, or cease. The CFA Institute Trust Equation identifies credibility and professionalism as two major components of trust. In earlier research on sales inducements, we have also highlighted how fees and commissions and disclosures may help mitigate conflicts of interest, and ensure a high level of investor protection. How are industry stakeholders reacting to these components and what are the main factors driving investors’ trust in APAC?
Read CFA Institute 2020 Trust Study Report: "Earning Investors' Trust: How the Desire for Information, Innovation, and Influence Is Shaping Client Relationships" >
In this webinar, we combine the major findings from our recent research studies on professionalizing financial advice, managing sales inducements, and earning investors’ trust to discuss ways to build an industry that engenders trust. Key areas of focus include:
- Regulatory and industry practices around fees and commissions, as well as the duty of care owed to clients
- The role of technology and innovation in building robust relationships
- Industry responses to management, mitigation and elimination of conflict of interest
- Whose responsibility is it anyway? Investors vs advisors vs regulators
- Mary Leung, CFA, Head, Advocacy, Asia Pacific, CFA Institute
- Daryl Liew, CFA, Co-chair, Advocacy Committee, CFA Society Singapore
- Maria Wilton, CFA, Board of Governors, CFA Institute
- Piotr Zembrowski, CFA, Manager, Advocacy Research and Content, Asia Pacific, CFA Institute
Watch the Webinar
Mary is the Head, Advocacy, Asia Pacific at CFA Institute. She leads the team that is responsible for building market integrity in APAC by developing and advocating capital markets policy positions that raises investor protection and fosters sustainable industry growth. She also oversees the promotion and development of Asia-Pacific Research Exchange (ARX), a research hub through which we engage with societies, members, governments, regulators, academia and other industry stakeholders 6o advance the wider CFA Institute mission.
Mary has over 20 years of experience in the global financial industry, having worked in corporate finance, wealth management advisory, and fund management. She joined Coutts & Co, where she was director of Business Development and Management for North Asia. Prior to that she was executive director at UBS AG, where she led the Corporate Advisory Group in Hong Kong. With experience in both the buy- and sell-sides, Mary has a strong understanding of the drivers and dynamics of different investor groups, including institutional investors, corporates, family offices, asset owners, and high-net-worth individuals.
Mary graduated from Peterhouse, Cambridge with a degree in Engineering. She is a CFA charterholder and speaks English, Putonghua, and Cantonese.
Maria Wilton, CFA, has a 30-year history in the investment industry with leadership experience in asset management and superannuation. She is a member of the Board of Governors of the CFA Institute, deputy chair of Infrastructure Victoria and a director of Victorian Funds Management Corporation. She is chair of the National Diversity Committee and a member of the Advocacy Council of the CFA Societies Australia. Maria is the former managing director and chair of Franklin Templeton Investments Australia and senior director of International Advisory Services - a role she held for 12 years. She was responsible for the management of Franklin Templeton's activities in Australia and New Zealand, and for driving the strategic direction of the Australian business. Prior to joining Franklin Templeton, Ms. Wilton was with BT Financial Group (formerly Rothschild) and County Investment Management where she was a diversified fund and fixed income portfolio manager. She began her investment management career at JP Morgan Investment Management as an economist and portfolio manager. Before joining the investment management industry, Ms. Wilton worked for the Commonwealth Treasury in Canberra in an economic research capacity. Maria is a fellow of the Australian Institute of Company Directors and the Australian Institute of Superannuation Trustees. She was a board member of the Financial Services Council and co-chair of the Investments Board Committee. She was a trustee director of AGEST and Emergency Services and State Super and a member of their Investment Committees. She was a director of Melbourne Water, the Transport Accident Commission, the National Breast Cancer Foundation and Victoria Legal Aid (VLA), and chair of the VLA Audit Committee. Ms. Wilton holds a bachelor of economics from the University of Tasmania and is a Chartered Financial Analyst (CFA) Charterholder.
Daryl Liew, CFA is CIO for REYL Singapore, a subsidiary of independent Swiss banking group REYL & CIE. Daryl is in charge of managing the investment portfolios for REYL's Singapore-based clients and providing Asian coverage for REYL & CIE's private banking investment team based in Geneva. Prior to REYL, Daryl was Chief Investment Strategist at Providend, a Singapore Independent Financial Advisory firm. Daryl received the Bachelor of Law degree from the National University of Singapore and was subsequently called to the Singapore bar. Later Daryl obtained his MBA, majoring in Finance, from the Asian Institute of Management in the Philippines. Daryl is a CFA charterholder and is an active volunteer with CFA Society Singapore where he co-chairs the Advocacy Committee. An experienced trainer, Daryl recently completed the training requirements to be a CFA Ethics trainer.
Piotr Zembrowski, CFA, is manager, advocacy research and content, Asia Pacific Advocacy & Policy Outreach, at CFA Institute. He conducts research into financial regulation, to support the advocacy team's development and promotion of capital markets policy perspectives in Asia Pacific. He is also responsible for content management and editorial aspects of Asia-Pacific Research Exchange (ARX), an online research-publishing platform. Piotr has four years of experience as a financial journalist in Hong Kong, covering asset management, fintech and ESG, among other topics. Previously, he worked at TD Bank in Canada, where he was responsible for development of online and mobile banking and investing platforms. Piotr has a Master of Science degree in astronomy from University of Toronto and a Master of Journalism degree from the University of Hong Kong. He earned his CFA charter in 2006.