{"id":29113,"date":"2021-05-16T21:26:21","date_gmt":"2021-05-16T19:26:21","guid":{"rendered":"https:\/\/www.investglass.com\/?p=29113"},"modified":"2025-03-19T08:34:51","modified_gmt":"2025-03-19T07:34:51","slug":"hvordan-robotradgivningsvaerktojer-forarsager-gebyrdeflation-og-ikke-gebyrkollaps","status":"publish","type":"post","link":"https:\/\/www.investglass.com\/da\/how-robo-advisory-tools-are-causing-fee-deflation-and-not-fee-collapse\/","title":{"rendered":"Hvordan robotr\u00e5dgivningsv\u00e6rkt\u00f8jer for\u00e5rsager gebyrdeflation og ikke gebyrkollaps"},"content":{"rendered":"

Som altid handler det om knaphed og produktivitet<\/h3>\n\n\n\n

I mange \u00e5r h\u00f8rte vi, at robotr\u00e5dgivning ville sl\u00e5 bankerne ihjel og f\u00e5 gebyrerne til at kollapse. Efter fem \u00e5rs r\u00e5dgivning af formue- og kapitalforvaltere har vi set et helt andet billede. Det er tydeligt, at digitale vaner har \u00e6ndret nogle kunders adf\u00e6rd og deres r\u00e5dgivning. Nogle \u00f8nsker selvbetjening. Du kan scanne dine varer i et supermarked, men du kan ogs\u00e5 stadig f\u00e5 en kasseassistent til at tage sig af dig.<\/p>\n\n\n\n

Hvad har \u00e6ndret sig p\u00e5 fem \u00e5r?<\/h3>\n\n\n\n

Vi bem\u00e6rkede, at rentabiliteten faldt fra 80 basispoint til 65 basispoint. Robot World, der opkr\u00e6ver 0,25% eller mindre, revolutionerede ikke traditionel formueforvaltning; de forvalter historisk set til 1%. Rentabiliteten faldt, men driftsoverskuddet forblev ret stabilt uanset st\u00f8rrelsen eller placeringen af formuer\u00e5dgiverfirmaet.... med eller uden MIFID2. Derfor er jeg ret skeptisk over for budskabet om at fusionere, vokse eller d\u00f8, som vi h\u00f8rer hver dag siden MIFID2 i Europa og med det nye schweiziske LSFIN i Schweiz. <\/p>\n\n\n\n

Implementeringen af Markets in Financial Instruments Directive II (MiFID II) har haft stor indflydelse p\u00e5 kapital- og formueforvaltningsfirmaer i hele EU. En bem\u00e6rkelsesv\u00e6rdig effekt har v\u00e6ret en reduktion i forskningsbudgetterne; en unders\u00f8gelse foretaget af CFA Institute i begyndelsen af 2019 viste, at kapitalforvalternes forskningsbudgetter var faldet med gennemsnit af\u00a06.3%<\/strong>siden MiFID II blev indf\u00f8rt.<\/a><\/p>\n\n\n\n

De fleste virksomheder, vi arbejder med, har arbejdet i et milj\u00f8 med lave gebyrer i mange \u00e5r nu... Den n\u00e6ste gr\u00e6nse er ikke lavere gebyrer, det er stordriftsfordele og dominoeffekt. Virksomhederne \u00f8nsker at opbygge deres fintech Appstore. De vil oprette forbindelse til cold storage-l\u00f8sninger til kryptohandel og onboarde kunder som en neo-bank. Vil formue- og kapitalforvaltere blive det, vi i dag kalder banker? If\u00f8lge Gartner vil de fleste banker ikke v\u00e6re relevante i 2030.<\/p>\n\n\n\n

Vil gebyrerne stige igen? Ja, m\u00e5ske. Vi har set en stigende eftersp\u00f8rgsel efter komplekse tjenester af h\u00f8j kvalitet. Gebyret steg i SAAS-forretningen p\u00e5 internettet, da kunderne var alvorligt opr\u00f8rte. (Noget, jeg ville foresl\u00e5 et firma, der tilbyder Revolution to a debit card). Jagten p\u00e5 nye afkast og et lille engagement i aktieopturen gjorde, at banker og r\u00e5dgivende<\/a> firmaer til at tilbyde ejendomssynthesizers og private equity til alle... Afkast, risiko, servicekvalitet eller firmaets rentabilitet? <\/p>\n\n\n\n

Ren, gennemsigtig, plug and invest<\/h3>\n\n\n\n

Udskillelsen af ikke-kerneaktiviteter \u00f8ger omkostningerne ved at drive forretning. Fra Storbritannien og Frankrig til Singapore ser vi kunder, der bruger tredjeparts investeringschefer - de eksternaliserer s\u00e5 meget som muligt af investeringsprocessen og bruger robotteknikker til at rebalancere portef\u00f8ljer p\u00e5 \u00e9n gang. Denne tendens er ikke gebyrkompression, men gebyrdeflation!<\/p>\n\n\n\n

En anden grund til de eksternaliserede ressourcer er manglen p\u00e5 talent. I Schweiz st\u00e5r vi tydeligvis over for et alvorligt problem: bankfolk smelter ligesom vores gletsjere! Hvordan regenererer man en befolkning af aldrende formue- og kapitalforvaltere? Schweiz er ikke det eneste sted, hvor talentmanglen er \u00e5benlys. I USA er der ogs\u00e5 stor mangel p\u00e5 CFP-certifikater.<\/p>\n\n\n\n

Det er ret ironisk, for den potentielle trussel mod r\u00e5dgivningsfirmaernes rentabilitet i dag er ikke robotr\u00e5dgiverens \u201cRAISE\u201d eller gebyrkomprimering, men simpelthen det faktum, at der ikke er nok finansielle r\u00e5dgivere til at samle og \u00f8ge kapitalen.<\/p>\n\n\n\n

I Frankrig presser MIF og \u201chandelsrelaterede skatteincitamenter\u201d formueforvaltere til at koble sig p\u00e5 eksternaliserede allokatorer, begr\u00e6nse deres univers til autoriserede v\u00e6rdipapirer og omhyggeligt udv\u00e6lge \u201crene aktier\u201d fra forh\u00e5ndsgodkendte forsikringsselskaber. Sikke en verden af gennemsigtighed. I Frankrig kan man kun v\u00e6lge mellem to fonde, hvis man \u00f8nsker at investere i en skatteoptimeret amerikansk aktiefond! Derfor ombygger formueforvaltere modelportef\u00f8ljer til SMA separat forvaltede metoder. InvestGlass bruges som bindeled mellem producenter af ETF'er, allokatorer af modeller, formueforvaltere og deres depot-\/forsikringsselskaber: en gennemsigtig modelportef\u00f8lje, der produceres i Nice, forvaltes i Lyon og s\u00e6lges i Paris med afregning i Luxembourg. Sikke en hoppende synkronisering...<\/p>\n\n\n\n

I Schweiz presser frygten for LSFIN formue- og kapitalforvaltere til at udstyre sig selv med digitale l\u00f8sninger. M&A-operationer er helt klart en tendens her, hvor mindre firmaer bliver indlemmet i st\u00f8rre formueforvaltere. Denne tendens er ikke altid en garanti for stordriftsfordele. Tendensen g\u00e5r i retning af st\u00f8rre blandinger, og intet firma under 50 millioner euro kan overleve i et MIFID-milj\u00f8, men vi tror, at man kommer langt med et produktivitetsniveau p\u00e5 3.000 euro om \u00e5ret i InvestGlass. Det er ikke n\u00f8dvendigt at n\u00e5 op p\u00e5 2 milliarder euro under forvaltning.<\/p>\n\n\n\n

Workflow optimeret til at hj\u00e6lpe dig med at spare tid<\/h3>\n\n\n\n

Vi forudser fire tendenser, og den f\u00f8rste er connectivity. P\u00e5 tv\u00e6rs af formueforvaltningsfirmaer vil man se folk foretage due diligence og udveksle noter og en udvalgt liste over v\u00e6rdipapirer. De har brug for v\u00e6rkt\u00f8jer til at v\u00e6re klar i marken. <\/p>\n\n\n\n

S\u00e5 har du CIO'en eller allokeringsteamet, der opbygger modelportef\u00f8ljer. Du kan g\u00f8re det i InvestGlass med vores fintech-regulerede CIO'er og derefter udveksle dem mellem forskellige medlemmer af dit team. Denne tendens kan n\u00e5 et punkt, hvor hver kunde har sin egen robotr\u00e5dgivningsmodel. Noget, vi kunne kalde separat centraliseret r\u00e5dgivning. \u201cSCA\u201d. Det g\u00f8r processen mere gnidningsfri, s\u00e5 du slipper for e-mails og Excel, hvor informationerne bliver for\u00e6ldede, og folk bliver frustrerede. <\/p>\n\n\n\n

S\u00e5 ser du AI-delen, hvor data udnyttes til at forbedre og tilpasse hver enkelt investoroplevelse. Modulopbygningen af widgets kombineret med AI giver en helt unik oplevelse.  <\/p>\n\n\n\n

Den sidste trend er risikoanalyse, hvor vi udnytter et webbaseret v\u00e6rkt\u00f8j og mere kunstig intelligens til at afsl\u00f8re lovgivningens blinde vinkler. Automatiseret workflow er et svar p\u00e5 at forbedre dit teams produktivitet.<\/p>\n\n\n\n

Hvad synes du om det? Ser du det samme m\u00f8nster i dit firma?<\/p>","protected":false},"excerpt":{"rendered":"

As always, it\u2019s all about scarcity and productivity For many years, we heard that robot advisory would kill banks, and cause fee collapse. After five years of advising wealth and asset managers, we have seen a very different picture. Clearly, digital habits changed the behaviour of some clients and their advisory nature. Some desire self-service. […]<\/p>\n","protected":false},"author":1,"featured_media":29114,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[347],"class_list":["post-29113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","tag-robo-advisor"],"yoast_head":"\nHow Robo Advisory Tools Are Causing Fee Deflation<\/title>\n<meta name=\"description\" content=\"Explore how robo advisory tools are driving fee deflation in financial services and reshaping the industry landscape\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investglass.com\/da\/hvordan-robotradgivningsvaerktojer-forarsager-gebyrdeflation-og-ikke-gebyrkollaps\/\" \/>\n<meta property=\"og:locale\" content=\"da_DK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Robo Advisory Tools Are Causing Fee Deflation and not Fee Collapse\" \/>\n<meta property=\"og:description\" content=\"As always, it\u2019s all about scarcity and productivity For many years, we heard that robot advisory would kill banks, and cause fee collapse. 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