The editor takes a look back to the start of the year and subsequent events to run through what sort of year the industry has had, and how this publication has covered it.

We are about to move into August – a month when most people if they are lucky enough can get away from work. This time of the year gives me a chance to look back at what has happened in the first half of this year and into summer. And wealth management has certainly had a lot to chew over.

To say that the New Year started off in a turbulent fashion is an understatement. We have had President Trump’s “Liberation Day” tariffs; the showdown in the White House with Ukrainian president Zelensky; and the subsequent scramble in Europe to rethink how defence spending is paid for and shared. While Trump's pause to tariffs enabled US stocks to recover, not all the shadow of this protectionist move has dissipated. 

The US dollar has lost ground. In fact, the weaker dollar exchange rate against the euro and Swiss franc is being cited by several European banks reporting second-quarter results as a bit of a headwind for their results (see here, for example).

Talking of bank results, the figures from both sides of the Atlantic look broadly positive. Some lenders have been squeezed as interest rates started to come down, affecting net interest margins. But overall, the financial sector looks in decent shape. In the UK, to give one country’s example, shares in lenders such as Barclays, Lloyds, NatWest, Standard Chartered and HSBC are up quite strongly. In Europe, shares of Deutsche Bank (+67 per cent) and BNP Paribas (31 per cent), to name the largest German and French banks respectively, are also up significantly since January. A few more results are coming out in the next few days, such as UBS and HSBC, but I am not expecting a big shift from the recent positive trend. 

In the case of UBS, however, it has a headache; the Swiss federal government is proposing tougher capital rules that would, so the Zurich-listed bank says, put it at a competitive disadvantage to its international rivals. 

Part of our coverage in 2025 has focused on the UK. Under the Labour government, the tax hikes announced late last October, such as the widening of inheritance tax to cover farm and family property, have caused great controversy. The inclusion of worldwide assets of non-doms for their IHT treatment means that tens of thousands of them are reported to have left or are contemplating leaving the UK. We carried this interview with a non-dom to give more colour and a personal story behind the headlines.

Rival jurisdictions appear quite keen to attract this group of people although there are no “perfect” places to go. For all the problems the US has with its worldwide tax code, President Trump wants to get into the global citizenship act, proposing a “gold card” for those who wish to live in the US. European policymakers recently slammed Malta’s “golden visa” and now the Mediterranean island is rolling out a new, more “merit-based” programme. 

We have plenty of stories about how Singapore, Hong Kong, Dubai and others are battling it out to be wealth management hubs par excellence. (See coverage of how they stack up, here.) One highlight in our coverage this year has been our profiles of Asian external asset managers and the opportunities and problems of this sector. That’s a topic we continue to track closely. In the Gulf, there is a steady stream of wealth managers and associated firms setting up shop in places such as Dubai and Abu Dhabi. As for Hong Kong, it is on track – so some say - to overtake Switzerland as the world’s top offshore centre by assets at some point in the next two to three years. We shall see if that turns out to be true. There are pluses and minuses – I recently mused on why Monaco was put on the naughty step by European watchdogs, and on the lack of specific reasons given.

Tech
As I expected, artificial intelligence is a major topic across the board, and we continue to cover the use cases of AI, and how they can improve wealth management. AI influences a wide range of areas, from risk management and compliance through to investment analysis and client communication. The editorial team could spend all its time on AI topics, given the sheer volume of them. At all times, we try to see AI in context and avoid getting too bedazzled by the tech cleverness, asking the point: how does all this benefit our readers?

We’ve also kept an eye on how the market for digital assets, including cryptos such as bitcoin, continue to make themselves felt. A change of regime in Washington DC appears to have propelled the price of bitcoin higher. Sceptics about cryptos have, so far, been frustrated. In June, my colleagues at Family Wealth Report ran an important forum on cybersecurity and related topics; we have another important look at fintech in New York during October.

I am also really proud that our publications don't allow the hype and boosterism that can enter our industry to pass without resistance. Case in point: private market investing. My colleague and US correspondent Charles Paikert was willing to ask difficult questions about whether including private market assets on the menus of retail/mass-affluent investors is always wise. 

An important topic that we examine throughout the year is that of “protecting the client” – this ranges from cybersecurity, reputation management and media awareness through to physical security, health and wellbeing. Readers can see how we often devote guest article space to topics, however unpalatable, such as divorce and handling property disputes. This all sits within the “protecting the client” area.

Finally, we’ve had plenty of content so far this yer on how banks and other firms develop new specialisms, connect with clients in new ways, and keep clients engaged. Articles have ranged from new ways to invest in classic cars through to the private banking role in advising on buying sports teams or using fine art as loan collateral. We have even written about where art is located and how it is insured. There hasn't been a dull moment at our publications. 

As ever, if you have stories to tell, tips and comments, please email me at tom.burroughes@wealthbriefing.com.