Fifth edition of the BROSETA Forum of Wealth Management

BROSETA has held a new edition of the BROSETA Forum of Wealth Management, a meeting that has seen the participation of more than 150 professionals of the sector and recipients of these services and which, in its fifth edition, has debated and reflected on the main regulatory changes and new developments in this industry, such as MIFID II and Fintech, as well as some of the most important aspects that affect wealth and its preservation.

The meeting, was kicked off by the head of Macroeconomic Analysis of BBVA Research, Rafael Doménech, who reflected on the influence of technology in the new economic environment and its impact on savings, and discussed Mifid II, the European directive that wants to regulate relations between banks and clients so that  lending is carried out with maximum transparency.

Jorge Gordo, Director of Private Banking at BBVA; Fernando Álvarez-Ude, Legal Advisor of A & G Banca Privada, Carlos Trinchant, Legal Advisor of Arcano Wealth Advisors, and Juan Antonio López, senior advisor of BROSETA, delved into the current context in relation to the adoption in Spain of a law whose main challenge is, for Carlos Trinchant, that “transparency comes and is understood by all investors”. Jorge Gordo, for his part, considers that “MIFID II is going to make advice much stronger,” adding that the law is more “an evolution than a revolution”. Fernando Álvarez-Ude pointed out that this new law “was necessary” for the market, and makes it easier for clients to make decisions with more information”.

At the second round table of the day, Jesús Pérez, from the Spanish Association Fintech and Insurtech; Marisol Menéndez, Open Innovation of BBVA, and Gabriel Castelló, director of Wealth Management Europe of UBS, exchanged opinions from their different approaches in relation to Fintech technologies and their eruption in the market. In this context, Gabriel Castelló highlighted the need for “the big banks to reinvent us, something that we are indeed doing”, and also indicated how “the thieving advisors have come to stay, and probably capture a share of those managers who do not offer added value , but they will not crowd the market.” Marisol Menéndez, on the other hand, highlighted how some “artificial intelligence tools such as machine learning or deep learning are reinforcing the work of advising while offering a higher quality service to the client”.

The third part of the meeting featured the participation of Mrs. Elena de Ancos from the Ministry of Finance and Public Service, deputy general director of Tax Relations with the Autonomous Communities, from the General Secretariat of Autonomic and Local Financing; and of Mr. Manuel de Miguel, deputy general director of the IRPF from the Directorate General of Taxes.

Elena de Ancos focused her presentation on the area of property taxes and regional financing, explaining for this the Lagares Report and the Report of the Committee of Experts for the revision of the Autonomic Financing Model; while Manuel de Miguel reflected on changes in international taxation within the scope of Directive 2016/1164, which establishes rules against tax avoidance.

Finally, Luis Trigo, Partner of BROSETA and Director of the Wealth Management Department of the Firm, broke down some of the most relevant aspects to take into account in terms of succession and family (problems, succession planning, civil, tax and business perspectives etc.), and introduced into the debate a new field of action with an interesting path to the future, such as philanthropy linked to the tax system, and the possibility of developing a system of voluntary contributions complementary to the tax to finance social needs.

The meeting, in which the Partners of BROSETA Javier Morera, Alejandro Ríos, Miguel Geijo, Julio Veloso, Carmen March, Joaquín Giráldez and Pablo Bieger, also participated, served as a meeting and reflection point around the problems and needs of assets under professional management for all professionals in the sector and the recipients of these services.