The forum took place on 18 of June 2015 in fantastic location – Hotel Gran Meliá Don Pepe in Marbella, Spain.
Event was professionally organised by Hansa Fincon.
There are more than 25.000 Russians living at the Costa del Sol and topics raised were of big interest to the audience. The Forum explored different ways to address this community and how to serve their particular needs. Russian and International participants discussed the evolving role of family offices for this client group as well as the challenges and opportunities related with investing in emerging markets, alternative investments, real estate and private equity. They got deep insights on all issues related to the management of family wealth such as succession planning, taxation and regulation, asset protection, philanthropy, asset structuring and many more.
Ed Baginskis, Director and Co-founder of How2Agency presented in Russian on topic “International banking and financial services. Problems faced by clients of banks and solutions”.
Ed shared his massive experience in international banking and explained the roots of the problems we face today – from the events of 2001 and crisis in 2008 – how these events have affected banking system and the way banks changed their communication with clients as well as reduced risk appetite and deglobalisation. Ed explained new developments and reasons behind automatic exchange of tax information, as well as shared experience with failed banks in Latvia, Cyprus, Russia, Cayman and so on. He stressed the importance of asset diversification and careful approach to bank selection.
He continued with sharing his view on the future of banking – increased pressure of compliance and exchange of information will force banks to collect more and more info on clients resulting in huge paperwork burden on both banks and clients. Taking over of bank payment services by specialised payment companies, localisation of banking due to increased regulatory pressure worldwide, full transparency and disappearance of banking secrecy, wireless technology and electronic communication with banks and availability of information.
As to the problems faced by bank clients Ed highlighted the following:
- difficulties in search and selection of suitable bank,
- low transparency of banks re tariffs,
- problems with banks stability (Lehman, Parex, AIG, RBS, etc)
- and even when books are ok there could be problems due to external pressure and Money Laundering allegations (minding recent FBME, Caledonia, Banco Privada De Andorra, etc),
- fines banks are receiving around the globe are in billions,
- and banks are “cleaning” their client books by closing accounts and giving very short notice if any.
- dissatisfaction with bank fees and tariffs like % for management and high transfer fees,
- low deposit rates, low return on their investment portfolios and losses suffered due to mismanagement,
- low LTV on mortgages and project finance and so on.
Ed shared the typical queries our clients have and solutions offered by our project How2Bank :
- assistance with assets diversification and sourcing of international banks for international personal and business needs,
- assistance with understanding of automatic exchange of tax information,
- declarations of tax residency,
- assistance with money transfers,
- review of bank tariffs and search for alternative,
- search for higher deposit rates or ROI,
- search for higher LTV on mortgages and project finance
The feedback from clients was very positive and event resulted in many subsequent queries from new and existing clients.
How2Agency was also happy to meet new service providers who will help our clients with tax advice, residency and citizenship, asset allocation, alternative investments, international banking and so on.
The event was closed with a big party in the garden where the most popular comedy team performed at their best – Comedy Club.
Big thanks to organisers – Hansa Fincon and TOP 5 Agency. We look forward to have another event like this in Marbella!