The ongoing semiconductor shortage is severely impacting the automotive industry, leading to fewer comfort options for new car orders. Manufacturers are hesitant to disclose specific component shortages, as the market change remains unpredictable and could shift rapidly.
This scenario mirrors challenges in private banking, where sudden market changes may prompt banks to reduce the number of client markets they serve. Such abrupt decisions often force relationship managers to resign and wealthy clients to close their accounts. Consequently, relationship managers face the risk of encountering similar issues when moving to another bank. However, transitioning to a client-domicile-focused independent wealth management firm provides a more secure alternative during times of market change.
In these firms, if a chosen custodian bank stops servicing a specific client domicile, relationship managers can retain their positions. They simply guide their wealthy clients to a new bank that supports the relevant client domicile, thereby minimising disruption.
In conclusion, while some conveniences like the hands-free boot release or a powerful hi-fi system may be unavailable, these are minor sacrifices in the broader context of adapting to current market change and client needs.
Source: LinkedIn (SEO adjusted)
