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 Trust
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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?
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
Speakers:
- 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
Host:
- Piotr Zembrowski, CFA, Manager, Advocacy Research and Content, Asia Pacific, CFA Institute
Watch the Webinar
Duration: 1 hr 5 min.
Recorded: 7 July 2020.
Presenters
Mary Leung, CFA, is the head, standards and advocacy, Asia Pacific, at CFA Institute. She is responsible for the development, maintenance, and promotion of capital markets policy perspectives in the APAC region. She also oversees the promotion and development of CFA Institute professional standards in the region. Mary has over 20 years of experience in the global financial industry, having worked in corporate finance, wealth management advisory, and fund management. Previously, she was with 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 pension funds. She is a member of the CFA Institute Board of Governors, deputy chair of Infrastructure Victoria, and a director of Victorian Funds Management Corporation, Australia Post Super and Dexus Wholesale Property Fund. Maria is the former managing director and chair of Franklin Templeton Investments Australia. 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 holds a Bachelor of Economics from the University of Tasmania and is a Chartered Financial Analyst (CFA®) Charterholder. In 2019, Maria became a Member of the Order of Australia for significant service to business and finance and to the community.
Daryl is a Singaporean with more than two decades of experience in the wealth and investment management industry.
He started his career in 2002 with Providend, a Singapore independent financial advisory firm, managing clients' investment portfolios before eventually taking on the role of Chief Investment Strategist.
In 2010, Daryl joined REYL Singapore, a subsidiary of the independent Swiss banking group REYL & CIE, as Head of Portfolio Management and Chief Investment Officer. He was responsible for 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.
Daryl graduated from the National University of Singapore with a Bachelor of Law and was called to the Singapore Bar. He holds an MBA, majoring in Finance, from the Asian Institute of Management in the Philippines. Daryl is a CFA charterholder and an active volunteer with CFA Singapore, where he co-chairs the Advocacy Committee. In addition, Daryl is also a member of the SGX Listings Advisory Committee.
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.