Panelists at this year’s Fidelity Leadership Thought Series have urged the managers of assets and wealth firms to take advantage of the numerous opportunities presented by the COVID-19 pandemic to maximise the benefits for their clients and themselves.
They, therefore, urged them to leverage on Information and Communication Technology (ICT) opportunities to improve on their penetration of services to ensure more people benefitted from the great potential of the industry.
Mr Samuel Aidoo, Deputy Managing Director of Wholesale Banking of Fidelity Bank Ghana, and a panellist said, asset management firms, like many businesses, were not shielded from the effects of COVID-19 and would, therefore, need to reprioritise and reorganise their operating models in order to survive, as clients would still require firms to deliver value in the midst of the turbulence associated with the pandemic.
He said even though the pandemic challenged the normal operational methods of the investment industry, it also presented unfolding opportunities for innovation and growth.
“It is, therefore, imperative for asset and wealth managers to reposition their organisations in the strongest position possible to succeed,” he added.
This year’s edition of the series was on the theme: “COVID-19 Asset and Wealth Management Realities: Tapping the Right Opportunities for Growth.”
Organised by the Fidelity Bank in partnership with Fidelity Securities Limited, it was hosted on webinar and streamed live on facebook.
It brought together seasoned industry practitioners such as Mr Sampson Akligoh, Director, Financial Sector Division of the Ministry of Finance; the Reverend Daniel Ogbarmey Tetteh, Director General, Securities and Exchange Commission (SEC); Mr Akwasi Adu-Boahene, Head of Fidelity Securities Limited (FSL); and Dr Suzy Puplampu, Chief Executive Officer of Octane DC Limited.
Mr. Adu-Boahene, Head of Fidelity Securities Limited (FSL) said asset managers, for the long term, must be ready for an industry that would change significantly from manual operations to strong virtual engagement with clients.
He explained that current and new businesses must critically analyse the new market reality and reinvent their businesses for growth, with the shift to advisory and optimizing the balance of physical and online channels.
“Asset and wealth management firms should be opened to new ideas, form partnerships to grow stronger and offer better services to their clients,” he said.
The Fidelity Securities Limited, he said, last year launched two collective investment schemes: Fidelity Balanced trust and Fidelity Fixed Income Trust.
The products are for individuals, associations and organisations who seek to build wealth.
The FSL was adjudged the Investment Fund Manager of the Year in 2018 and 2019; and was recognised as the Fund Manager of the Year and Pension Fund Manager of the Year at the 2019 Ghana Accountancy and Finance Awards.
FSL is licensed and regulated by the Securities and Exchanges Commission of Ghana and also by the National Pensions Regulatory Authority as pension fund manager.