U.S.

Launch Event

A New Era: Redefining Ways To Deliver Trusted Advice Global Private Banking and Wealth Management Survey June 30, 2009
Information you can use.*

*connectedthinking

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Welcome

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• • •

Welcome – Thank you for joining us This presentation is a summary of our 2009 Global Private Banking and Wealth Management Survey which was released on June 29th The 2009 Survey contains responses from respondents all over the globe plus specific points of view from PwC on topics critical to the future of wealth management Similarly, there are other launches scheduled globally. If you would like your colleagues to be invited, just send us a note with their details Today’s event qualifies for CPE credits and the appropriate forms are outside We would ask for everyone’s consideration to switch their mobile devices to silent

PricewaterhouseCoopers

Slide 2

Agenda
Introduction and five key themes
Steve Crosby

Performance in crisis – what to do now?
Jeremy Jensen

Client service - Disciplined segmentation lifts quality
Steve Crosby

The people agenda - A new strategy required
Janet Hanson

Operations and technology - Delivering client value and cost efficiency
Jay Burstell

Products and services – Delivering ‘Nouveau Classic’ banking
Logan Allin

Risk management – Protecting the client promise
Steve Crosby

What to do now?
Logan Allin

Wrap up
Steve Crosby

Questions for the panel Reception upstairs in lobby
PricewaterhouseCoopers Slide 3

Introduction
Survey highlights
Steve Crosby

Survey background

• • • • •

The survey originated in 1993 Continues to be one of our most widely read publications Data collected from 238 wealth managers in 40 countries Quantitative data is as of FYE 12/31/08 and qualitative information is through the end of Q1/09 and reflects a 24 month planning horizon Input spans all components of senior management as well as client-facing relationship managers whether they are characterized as private bankers, FAs or CRMs Participants ranged from universal global banks, large private client groups in broker/dealers, specialist boutiques and family offices as well as some high net worth individuals Our survey is independent, not sponsored by any client or vendor and undertaken in service to the industry by the partners of PricewaterhouseCoopers, LLP

PricewaterhouseCoopers

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Survey background (continued)

Data has been collected, secured and analyzed by our International Survey Unit
Split of participants by AuM (US$) Home region split of global participants

12% 26% 21%

13% 16%

71% 14% 27%

$0-1bn

$1-5bn

$5-10bn

$10-50bn

$50bn+

Americas

Asia Paciffic

EMEA

PricewaterhouseCoopers

Slide 6

Assisting with the Global Private Banking & Wealth Management Survey 2009
PwC’s International Survey Unit (ISU)

Full Service Statistical Analysis Toolbox

Survey Design

Survey Professionals

Robust Data Validation

Independent

Deliverables

Trend Analysis
PricewaterhouseCoopers

PricewaterhouseCoopers LLP

Slide 7 Slide 7

We identified five core themes in our 2009 survey

• •

Global firms are taking a “nouveau classic banking” approach, going back to basics and re-focusing on clients and their needs Achieving “trusted advisor” status and delivering consistently on key advice processes is the paramount goal for all wealth managers. These are supplemented by additional services such as aggregated reporting Firms are focused on a ruthless drive for operational efficiency and cost take-out often with “creative approaches” to execution. At the same time, they are remaining mindful of market differentiation, capturing flight-to-quality opportunities and preparing for the eventual upturn through prioritized strategic initiatives Transparency is the new “gold standard” in terms of products and client servicing. It reflects heightened appreciation of risk, an increased granularity and real time perspective on where client assets are and the integrity of the processes and agents involved Government is the new “Elephant in the Tent” placing increasing political, fiscal, tax, and regulatory pressure on wealth managers
Slide 8

PricewaterhouseCoopers

Performance in crisis
What to do now
Jeremy Jensen

Performance in crisis – What to do now Summary of key findings
• • • • • During the downturn, average global firm client and asset attrition was 6-10% Respondents indicated they expect an economic rebound in Q1/Q2 2010 Size does not correlate to profitability Sheer size/scale is no longer the goal for wealth managers Branding strategies are moving away from familiarity and migrating to differentiation – “brand value” is a key differentiator with “strength of relationships” a close second Firms found the $1-20MM segment to be the most profitable, followed by the >$50MM+ segment, but believe that these will change positions and the UHNW/Family Office segment will become the most profitable in 2 years Expansion plans have been scaled back except for leading Americas-based firms Middle East, and Asia are top expansion sites CFO key metric forecasts for ’09: Return on capital (10%), total new AUM (15%), cost/income ratio (52%), revenue growth (13%), and profit before tax growth (0%)

• •

PricewaterhouseCoopers

Slide 10

The current crisis has taken its toll on wealth managers and their clients in our Survey. Wealth management profits have plummeted since 2007 across all regions
Profit before Taxes
-8 Global

0 Americas

-7 AsiaPac

-9 EMEA

-10 2009

0

10 2007

20 2005

30

40

50

60

70

80

90

100

110

120

130

140

150

Regionally, we see signs of recovery, first in Asia followed by the Americas
PricewaterhouseCoopers Slide 11

Brand value continues to be a key differentiator in 2009 with strength and characteristics of client relationships becoming increasingly more important
2005 2007 2009

Quality of staf f

Brand value

Brand value

Personal relationships

Provision of comprehensive, integrated w ealth

Strength of client relationships

Brand value

Quality of CRMs

Quality of CRMs

0

10

20
%

30

40

50

0

10

20

%

30

40

50

0

10

20

%

30

40

50

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Leaders of wealth management organizations clearly saw the effects of the crisis on their businesses. There were a number of stress points across the business landscape
Some of the more common points highlighted by our respondents included:
Business divestitures

Across-the-board budget cuts

Asset attrition

Client attrition

Head count reduction

We benefited from a flight to quality We weren't affected as adversely as others, we have taken this opportunity to strategically grow 0 20 40
%

60

80

100

PricewaterhouseCoopers

Slide 13

Our survey suggests that there is no direct link between size and profitability. Size simply for size’s sake is not an attractive goal
Size vs. Profitability

500 100
AuM in US$ bn

50 10 5 1 0.5

20

40

60

80

100

120

Cost/Income Ratio

PricewaterhouseCoopers

Slide 14

Client service
Disciplined segmentation lifts quality
Steve Crosby

Client service – Disciplined segmentation lifts quality Summary of key findings
• Focus on achieving trusted advisor status – firms seek to drive disciplined client segmentation, tiered services, and channel strategy. Firms are micro-segmenting beyond investable assets around demographics, source of wealth, and risk-appetite Increased strategic initiatives for targeted firm strategies for specific client segments, especially family offices, entrepreneurs (cross-sell from commercial), retirees and their beneficiaries (younger generations), and professional groups (e.g., accountants, lawyers, and doctors) Firms are focused on client retention with the primary strategy being increased touches by FAs and the on-line channel as well as heightened transparency through reporting (particularly aggregated reporting) and market research Communication and measuring satisfaction/“pulse” with both clients, front office and firm talent has become a constant focus for firm leadership Achieving trusted advisor status demands a disciplined client segmentation, tiered services, and channel strategy as well as effective delivery on advice processes in the front office. However, only 40% of FAs feel they have achieved “trusted advisor” status with their key clients Firms believe their ratio of client to CRM should be 10:1 ($50MM+), 22:1 ($2050MM), 47:1 ($1-20MM), 75:1 ($500K-$1MM), and 80:1 ($100-500K)
Slide 16

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PricewaterhouseCoopers

Over 55% of wealth managers have increased interactions with clients In the current economic environment direct, proactive contact from CRMs is highly valued by all clients
Given the current global economic crisis, what tactics has your organization used to retain clients
Increased client contact directly by CRMs Increased call centre contact to clients Reduction in fees charged to clients Investment in services to clients Increase in frequency of advice to clients Increase in reporting and research information to clients Educational events for clients Marketing / advertising around the 'safety/flight to quality' of our organisation Investment in online channel servicing to clients Other 0 20 % of participants 40 60 80 100

PricewaterhouseCoopers

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Acquisition and retention of clients is the number one CEO focus area

Which of the following are the most important strategic areas where you as CEO spend time?
Acquisition and retention of clients Acquisition and retention of key staff Cost reduction/business refocusing Corporate mergers and acquisitions Entry into new markets Improving profitability Investment performance Managing through economic downturn Managing risk Operational stability, including outsourcing Post merger/acquisition integration 0 50 100 150 200 250 300 350 400 450 500

Sum of weighted ranked responses

PricewaterhouseCoopers

Slide 18

Many wealth managers are starting to apply behavioral criteria such as ‘investment style’ or ‘attitude to risk’, giving CRMs a far more complete and multi-dimensional picture of clients’ values and behaviors
In segmenting your organization’s client base, what criteria are you currently using?
Current assets (wealth bands) Potential assets Investment style Age (life cycle) Old/new money Reference currency Lifestyle Language Ethnic grouping/cultures Liquidity requirements Income levels Profitability by client Geography Client attitude to risk Product mix usage Distribution channel usage No segmentation criteria used Other 0 20 % of participants 40 60 80 100

PricewaterhouseCoopers

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Not all wealth segments are equally profitable, yet 45% of wealth managers provide services across all 5 of the segments. Organizations need to refine their approach to profitability
Ultra high net worth >$50 million Very high net worth $20 million < $50 million

2 years

• Currently, the HNW $1-20MM segment was viewed as the most profitable • In 2 years, firms see a shift to the UHNW as the most profitable segment

High net worth $1 million < $20 million

Wealthy $500,000 < $1 million

Affluent $100,000 - $500,000

PricewaterhouseCoopers

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The people agenda
A new strategy required
Janet Hanson

The people agenda – A new strategy is required Summary of key findings
• There is little confidence from management in CRM capabilities (with less than 25% having “High” confidence) and firms will thus need to look to rectify recent decreased training spend and provide training on key domain topics (trust/estate, tax issues, etc.), relationship management, portfolio management, business process adoption, succession planning, and soft skills Firms are focused on remuneration that is tied to long-term performance. A balanced scorecard approach to client relationships aligned to driving key behaviors in the front office that are client-centric and attuned to risk and more fiduciary-driven actions Firms are seeking ways to be higher touch with clients, reduce the ratio of CRMs to key clients while managing cost-to-serve – demands a team-based “wealth wheel” (quarterback plus specialists – increasingly virtual) approach, optimized through front-office tools, training, and support centers

PricewaterhouseCoopers

Slide 22

Today’s economic crisis presents challenges for CRMs – New skills are required which calls for new training and support centers
Please rank the top 3 weaknesses of your CRM population…
Lack of business experience Lack of client relationship skills Lack of global experience Lack of product knowledge Lack of understanding of risk Lack of understanding of tax issues Lack of ability to adjust to change quickly Lack of ability to collaborate Lack of ability to lead others 0 50 100 150 200 250 300 350 400 450 500

Sum of weighted ranked responses

PricewaterhouseCoopers

Slide 23

Revising performance measurement metrics and linking these directly with individual and team rewards, will help create clear career paths for CRMs
How important are each of the following criteria in the measurement of your performance as CRM?
Growth of assets under management Meeting revenue targets Number of new clients Client satisfaction with service of the CRM Client retention levels Cross-selling of other products/services Investment performance Complaint levels Number and volume of transactions
0 50 100 150 200 250 300 350 400

Sum of weighted ranked responses

PricewaterhouseCoopers

Slide 24

Reward is now under the microscope. Firms are focused on stock options and other long-term incentive plans. Additionally, 60% of firms are planning on instituting claw back provisions
How does your organisation plan on changing its remuneration structure in the next 2 years?
Stock options and other long term incentive plans

Fringe benefits

Team/local office bonus

Bonus linked to the overall result of the organisation

Individual performance bonus

0

20

40
%

60

80

100

Become less important

No change in importance

Become more important

PricewaterhouseCoopers

Slide 25

The most profitable wealth managers have significantly lower ratios of clients per CRM in the different wealth segments. Taking care of the client really does pay
Average number of clients served per CRM across wealth segments (U.S. participants)
350 300
Average clients per CRM

250 200 150 100 50 0 $100,000 $500,000 Average All participants $500,000 - $1 million $1 – $20 million Lowest C/I ratio participants $20 - $50 million More than $50 million

PricewaterhouseCoopers

Slide 26

Talent needs to be nurtured for the long term. For 47% of wealth managers, the average length of CRMs service is less than 5 years. Furthermore, only 39% of wealth managers have a formal employee retention program
Please rank your top reasons for leaving your previous employer
Lack of career path Size/structure of remuneration package Needed fresh challenge Disagreement with management Uncertain future Did not feel contribuion was recognised Did not agree with corporate strategy Lack of product range Insufficient training and educational prospects Unrealistic expectations/pressure to meet targets Corporate ethos and culture Other 0 20 40 60 80 100

%

PricewaterhouseCoopers

Slide 27

Client Relationship Managers: What does the future hold for them?
All relationship executives are not created equal either in terms of the clients segments served or geography
Expected average increase/decrease of CRMs over the next two years by region and globally

Global

Decrease of 24%

EMEA

Decrease of 45%

Asia Pac

Decrease of 17%

Americas

Increase of 1%

PricewaterhouseCoopers

Slide 28

Products & services
Delivering ‘Nouveau Classic’ banking
Logan Allin

Products and services – Delivering “nouveau classic” banking Summary of key findings
• Responsibility shifts back to the firm in terms of product transparency and risk ownership – with emphasis on “vanilla” vs. “complex” product development/distribution Firms are focused on delivering advice with a fiduciary standard of care as the new target – comprehensive advice through profiling, financial plan, proposal/IPS, and client reporting – to meet regulatory requirements, improve the client experience, and serve as a key differentiator for increasingly discerning clients Firms who focus on delivering advice - leading with financial planning for example, have realized significant increases in productivity. Anecdotally, a leading firm found that FAs who embraced financial planning had 65% more investment production. Clients with financial plans in place generate twice the annual revenue with less than half the attrition rate Continued push to hybrid (proprietary and open) architecture supported by operationally efficient packaged, transparent, and client preference-driven products (e.g., sustainability, retirement, etc.) Robust and aggregated reporting is the #1 services focus, driving transparency, institutionalization and stickiness in the client relationship, and improved MIS reporting for firms
Slide 30

PricewaterhouseCoopers

Currently offered products and services vs. go-forward focus for next 2 years…

Tax and estate planning Family office Shariah products and advice New investment alternatives Trust and fiduciary services Sustainability investments Philanthropy Hedge funds Structured products 0 In 2 years 20 Now 40 60 80 100

PricewaterhouseCoopers

Slide 31

Firms continue to leverage a hybrid architecture approach with a mix of producer (proprietary) and advice (open) architecture models
Which of the following best describes your business model, now and in two years’ time?
Advice led model (fully open architecture)

Primarily producer led model

Primarily distributor led model

Both producer and distributor models

0 In 2 years

20 Now

40

60

80

100

PricewaterhouseCoopers

Slide 32

Products and service offerings need to be clearly aligned with client preferences and financial goals
How important do you rate the following product and service offerings in terms of serving your clients over the next 2 years?

Retirement products Intergenerational products Hedge funds and structured products Family office Sustainability investments Philanthropy Shariah products and advice
0 10 20 30 40 50 60

Important

Very Important

PricewaterhouseCoopers

Slide 33

Increasingly, we see custom-tailored offerings which reflect the unique wealth management needs of clients
Emerging products and/or services global firms plan to offer within the next 2 years?
Collectible management

Concierge services Information aggregating and reporting Islamic finance

Real estate management

Philanthropy

Other 0 20 40
%

60

80

100

PricewaterhouseCoopers

Slide 34

Operations and technology
Delivering client value and cost efficiency
Jay Burstell

Operations and technology – Delivering client value and cost efficiency Summary of key findings
• Firms are looking to drive efficiencies internally, shore up capital bases, but also seize the opportunity to capture additional market share, differentiate, invest for the market upturn, and/or benefit further from total balance sheet flight to quality Firms view a 20% reduction in their cost base as the new hurdle for efficiency and cost take-out initiatives, driven by non-traditional (non-FS) approaches coupled with revised operating models, rationalized product portfolios, open architecture and overlay portfolio management, divestitures and consolidation Anticipated expenditure on IT will decline on a global basis over the next 2 years; however, U.S. firms indicated that they are increasing IT spend in “high impact” areas: - Client online channel - Advisor tools - Enterprise data management - Strategic outsourcing

PricewaterhouseCoopers

Slide 36

Continued investment in new technology and streamlined processes that are client-centric is required for all growth strategies to work
As COO, what are your top 3 objectives for your business?
Supporting and enabling business growth Becoming a more customer oriented operation Cost reduction through enhanced efficiency Increasing organisational change agility Setting up new operations/branches Integration of prior acquistions Integration of new/expected acquistions Ensuring legal and regulatory compliance Risk management (reputational, credit, market, ops) 0 50 100 150 In 2 years Now 200 250 300 350 400 450 500

PricewaterhouseCoopers

Slide 37

CRMs currently spend 16% of their time on administration and error resolution. The increased use of technology tools should better support CRMs and their productivity
In which of the following areas do you, as CRM, spend your time?
Contact with existing clients 4% Marketing and prospecting Administration and error resolution Portfolio management Compliance 16% 17% Investment research and analysis Training
Financial Planning tool 0 20 40 60 80 CRM software & databases Portfolio management tool Account aggregation tool Client profitability tool

Which of the following front office tools do you expect to have in place in 2 years’ time?

8% 5% 10%

40%

PricewaterhouseCoopers

Slide 38

Off-shoring and Near-shoring – True cost, privacy and operational risk are causing reflection on sourcing decisions
Off shoring to India, China, Eastern Europe and Singapore seems to be in decline as organizations focus on Latin America and the Middle East
India Singapore Latin America Eastern Europe Hong Kong Middle East Africa China 0 2007 2009 10 20 30 % 40 50 60

PricewaterhouseCoopers

Slide 39

Sourcing trends for IT capabilities

Offshore continues to be critical but near-shore options are gaining momentum when viewed from a total cost perspective including tax
How is your current IT capability predominately sourced and how do you, as COO, expect this to change in two years’ time?
100 90 80
% of Participants

13 1 9 18

13 5 19

70 60 50 40 30 20 10 0

21 27 22 32 20 Now Departmentally Nationally Regionally Global hub Third party off-shore 2 Years Third party on-shore

PricewaterhouseCoopers

Slide 40

Risk management
Protecting the brand delivering the client promise
Steven Crosby

Governments as the new “Elephant in the Tent” driving increasing firm focus on capital, enterprise risk and regulatory requirements
• Less confidence that the appropriate enterprise risk framework is in place – a key go-forward focus, with majority looking to focus on stakeholder value, integrated risk, and linking performance with capital efficiency Firms focused on automated, centralized and proactive compliance monitoring, exception/business rule-driven to address changing regulations – especially with respect to AML/BSA and sales practices/fiduciary standards

PricewaterhouseCoopers

Slide 42

Risk is the third most important area on which CEOs are spending their time. Wealth managers are working to update and evolve their frameworks
Which of the following best describes your organization’s approach to risk management, now and in two years time?

Loss prevention and governance reporting

Risk quantification (value at risk) and alignment to objectives

CEO sponsors and promotes enterprise risk management program

Focus on stakeholder value and integrated risk and value management focusing on linking performance and capital efficiency 0 In 2 years 20 Now 40 60 80 100

%

PricewaterhouseCoopers

Slide 43

Global operational and counterparty understanding and proactive risk management are key elements of transparency which is required for future success
Market risk

Market risk appears to have become the key area that needs to be addressed

Counterparty risk/Credit risk evaluation/Liquidity management

Client and product suitability

Data security

Mis-selling/Inappropriate advice/Mandate breaches/Complaints

Operational processing errors/Compliance risk

IT risk and technology advances

0 2005
PricewaterhouseCoopers

10 2007

20

30

40

50

%
2009
Slide 44

Information security, transparent product offerings and robust due diligence processes are critical, not only to drive customer value, but also to protect the reputation of wealth managers
What do you believe will be the key areas of risk needing to be addressed by your organisation in two years’ time?
Data security IT risk and technology advances Market risk Internal or external fraud risks Development of inappropriate business strategy Client and product suitability Investment performance Service and supplier management Capital requirements Mis-selling/Inappropriate advice/Mandate breaches/Complaints Counterparty risk/Credit risk evaluation/Liquidity management Operational processing errors/Compliance risk Third party failure Human resources 0 50 100 150 200 250 300 350 400 450 500

PricewaterhouseCoopers

Slide 45

Following the financial crisis, regulators want extra layers of control. This will drive wealth managers to change their approach to risk management and thus, significantly increase their costs
What do you believe will be the top drivers for change to your approach to risk management over the next two years?
Pre-requisite for delivery of business strategy Increasing/changing client expectations and demands Reaction to an industry trend Need for increased capital requirements Perceived source of competitive advantage Perceived increase in risk Increased incidence of losses internally Reaction to external loss events Changes in regulatory requirements/developments Emergence of e-business/new technologies Audit Committee/Non Executive directors pressures Head office/parent requirement 0 50 100 150 200 250 300 350 400 450 500

PricewaterhouseCoopers

Slide 46

Transparency defines how wealth managers keep clients informed on how they manage their assets
It reflects a high degree of granularity around processing “life cycle” information and data which will be a challenge for many firms to address
Sophistication/Immediacy Robustness/Reporting

Level 3 Modeling

Aggregate Reporting Scenario Modeling Trend Analysis

Level 2

Valuation

Performance Reporting Valuation

Level 1

Basic Data

Description CUSIP/Date

Transparency: the new gold standard
Source PwC
PricewaterhouseCoopers Slide 47

What should you do now
Critical areas of focus
Logan Allin

As a result of our Survey, we believe the following are some critical areas of focus for wealth managers
Business/Product • Focus on achieving trusted advisor status – demands disciplined client segmentation, tiered services, and channel strategy • Prescriptive front office business processes built around desired client experience and setting fiduciary standards as the target for client deliverables – requires profiling, financial planning (strategic and tactical asset allocation), prudent portfolio construction process, proposal/IPS, and performance monitoring/client reporting • Front office support centers for planning, client reporting, due diligence support, and overlay portfolio management to optimize CRMs • Product launch and packaging - Increased transparency, client-preference tailoring (e.g., sustainable, religious-compliant, etc.) with a focus on operational efficiency - Hybrid (proprietary and open) architecture with increased due diligence and involvement of the investment policy committee - Move to client-segregated vehicles (SMAs, wrap accounts, etc.). UMA for all packaged products (open and proprietary models) facilitated by overlay portfolio management. Growing trend for bank-sponsored overlay product offerings providing UMA product via brokerage channel - Focus on addressing the pre/in-retirement population and beneficiary relationships to capture intergenerational wealth transfers
PricewaterhouseCoopers Slide 49

As a result of our Survey, we believe the following are some critical areas of focus for wealth managers (continued)
Business/Product (continued) • Talent management – Increased emphasis on advice–specific sales/portfolio management training, business process adoption and succession planning • Cost management – Starts at 20% reductions driven by non-traditional (non-FS) approaches coupled with revised operating models, tailored product portfolios, open architecture, divestitures and consolidation

PricewaterhouseCoopers

Slide 50

As a result of our Survey, we believe the following are some critical areas of focus for wealth managers (continued)
Operations/IT • Linking front office business processes with advanced technology tools/automation – looking to leverage a single workstation to support front office business processes • Key areas of focus and benefits for IT investment: - Optimize on-line client channels (lower cost of service, increased potential client base and support cross-selling and greater share of wallet across all wealth segments - Front office tools: • CRM (support integrated, single view of the client and understanding of complex entity hierarchy models in family office segments) • Financial planning, as well as tax planning/preparation • Underwriting supported by enhanced assessment automation (risk management/oversight on credit/loan provision) • Overlay portfolio management (portfolio management efficiencies/common platform) • Client reporting (tiered – aggregated reporting for the UHNW/Family office) • Enterprise data management (normalize/consolidate data and enable advanced IT architectures) • Outsourcing – overlay portfolio management (especially on brokerage platform/for mass affluent), trust operations, and infrastructure
PricewaterhouseCoopers Slide 51

As a result of our Survey, we believe the following are some critical areas of focus for wealth managers (continued)
Compliance/Risk • • • • Proactive Enterprise Risk Management (ERM) Automated monitoring of loan/credit structuring/underwriting and collateral management AML compliance business rule-driven monitoring Fiduciary and suitability/KYC risk management and monitoring

PricewaterhouseCoopers

Slide 52

Closing
Questions and open discussion
Steve Crosby

Trusted advisor to wealth management and private banking… How PwC can help

<footer> PricewaterhouseCoopers Slide 54

How PwC can help

For further information, please contact
John Garvey Gary Meltzer Steve Crosby john.garvey@us.pwc.com 646-471-2422 gary.c.meltzer@us.pwc.com 646-471-8763 c.steven.crosby@us.pwc.com 646-471-4875

PricewaterhouseCoopers

Slide 55

Questions and open discussion

Available On Line: www.pwc.com/wealth
PricewaterhouseCoopers Slide 56

www.pwc.com

This document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

© 2009 PricewaterhouseCoopers LLP. All rights reserved. "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership) or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity. *connectedthinking is trademark of PricewaterhouseCoopers LLP (US).

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