New Delhi [India], Apr 25 (ANI-NewsVoir): CFA Society India, one of the 147 CFA Institute member societies, jointly hosted its annual Putting Investors First event 'Rethinking Financial Services for Millennials' in association with the Institute of Chartered Accountants of India (ICAI) and National Securities Depository Limited (NSDL).
Putting Investors First is a global CFA Institute initiative and part of the Future of Finance program that aims to raise awareness and build support for aligning the interests of investors and their customers in a way that fosters trust and improves out comes for investors.
The event featured two power-packed panel discussions on the state of the investment profession and its preparedness in serving millennials.
Panelists included Navneet Munot, CFA, Chief Investment Officer, SBI Mutual Fund; Kalpen Parekh, Joint President, DSP BlackRock AMC; Ravi Subramanian, Author, If God Was A Banker; Mandar Mhatre, Entrepreneur and Investor; Partha Iyengar, Co-Founder and Managing Partner, Life and Money; Amit Kumar, Partner and Director, The Boston Consulting Group; and Talvinder Singh, Product Head, Flagship, OYO Rooms.
What experts' say: "What millennials are looking for is ease and convenience in investment. It's important for the industry to bring more simplicity in processes or documentation to attract them.
Government should consider bringing a scheme for investment in equities called Jan Nivesh Yojana along the lines of the Jan Dhan Yojana to attract millennials," said Navneet Munot, CFA, Chief Investment Officer, SBI Mutual Fund.
"Most millennials' large investment decisions are emotionally driven; hence we need to understand and guide them on their investment requirements," said Partha Iyengar, Co-Founder and Managing Partner, Life and Money.
"It is a welcome change to see millennials increasing interest insavings and investing at a younger age as compared to earlier generations.
This trend is positive and further educating these potential investors about various investment options will be important," said Mandar Mhatre, Entrepreneur and Investor.
"We need to engage with millennials and make them aware about investments, especially when markets are high," said Kalpen Parekh, Joint President, DSP BlackRock AMC.
In its recently released the Future State of the Investment Profession study, CFA Institute describes an investment industry at an existential crossroads and warns that investment industry leaders who fail to transform their business models may jeopardise the future of their firms.
"Nearly 30 percent of India's population was born between 1980 and 2000. Compared to earlier generations, millennials save, borrow and invest in ways that differ significantly from older consumers.
Investment industry leaders need to make decisions over the next five years that will not only impact their firms but also the entire landscape of the investment profession as we know it.
Ultimately, putting Investors First is about creating the right products and giving sound advice," said Jayesh Gandhi, CFA, President, CFA Society India.
Key Survey Findings -The views of more than 1,000 investment management professionals, including CFA charter holders indicate that significant change on all fronts lies ahead over the next five to 10 years.
Changing Investment Trends -73 percent expect environmental, social and governance factors will become more influential -70 percent expect financial centers in the Asia-Pacific region will become more influential -Business Models Facing Pressure -84 percent expect industry consolidation -70 percent expect to see more assets going into passive investment vehicles -63 percent expect profit margins at asset management firms to remain flat or to contract -57 percent expect institutional investors will look to reduce costs by in-sourcing more investment management activities Opportunities on the Horizon -55 percent expect globalization will offer new opportunities for investment professionals, while 18 percent perceive globalization as a threat -49 percent expect technologies will present new opportunities for investment professionals, while 23 percent see new technologies as a threat Among the megatrends identified are technological advances, redefined client preferences, new macroeconomic conditions, different regulatory regimes reflecting geopolitical changes and demographic shifts.
The scenarios are not forecasts but include possibilities for the future state of the investment industry.
(ANI-NewsVoir).
Source: ANI
