The first door on the Advent calendar is now opening, marking the beginning of the countdown to Christmas. Days are spent manically finishing off work before the new year, while evenings are spent at parties, before most can switch off for a well-earned break.

As the festive period takes hold, it might not be visions of sugar plums dancing through wealth managers’ heads, but there are a few gifts they might be hoping are waiting under the tree.

Dear CEO letter

Dear CEO letters may strike fear into chief executives and chief operating officers’ (COOs) beings, usually highlighting a major issue or pain point in the industry.

However, there is one letter they may be hoping to receive. It would read something like this:

Dear CEO,

We know Consumer Duty caused far more headaches and took much more work than we initially suggested it would, but we are really happy with how firms have implemented it. We will not be introducing any further regulation at this time, nor will we put any more pressure on firms to reduce fees.

This does really seem a bit too good to be true, so might remain in wealth managers’ dreams…

Positive market performance

Investment managers have one major wish on their Christmas list and that’s positive market performance.

After the Covid-19 pandemic, the war in Ukraine, persistent high inflation and interest rates, investment managers are understandably tired.

A year without a major crisis and positive market performance would be welcomed by all.

It does seem unlikely with a recession still looming and geopolitical tensions remaining incredibly high…

A new trend

This one is not too specific; wealth managers are not fussy. They just want any new trend to overtake AI and become firms’ focus.

Currently you cannot escape conversations about AI and how it will transform the industry. Many agree and nod along, despite not being able to tell their ChatGPT from their Google Bard.

For an industry that is still getting to grips with more basic technology, AI feels like a step too far.

Fair pay

Finally, pay is on the minds of most people, particularly given inflation still remains high. While most would have a pay rise on their wish list, some are simply hoping for fair pay.

This is particularly true for female wealth managers – and male allies. The wealth management industry’s is still among the highest in the UK.

Let’s hope 2024 brings a reduction in this gap.