Ballooning regulation has wealth managers scrambling to keep pace with changes and allocating an ever-growing portion of their budget to cover compliance costs.
Wealth managers in the Americas are now spending a quarter of their operating budgets on compliance costs according to a report by consultancy Capgemini and RBC Wealth Management a unit of Royal Bank of Canada.
In Asia, the regulatory burden has swollen to a similar proportion said RBC Wealth Management’s Asia head Andrew Turczyniak at a conference in Hong Kong on Wednesday.
Hefty compliance costs are partially offsetting the profits to be made from servicing the world’s swelling ranks of millionaires....
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