【英文】2022年全球财富报告（40页）

英文研究报告 2022年09月27日 14:44 管理员

In markets with an open stance, WMs could explore a full range of crypto use cases and innovations—including DeFi products such as staking rewards (passive returns gained by depositing tokens in liquidity pools), NFT custody and advisory, and structured crypto products to hedge against the risk of volatility of coin price movements. These markets can also function as affiliate crypto-service locations to serve customers in other jurisdictions. How to Play To develop the product proposition, WMs must think through the entire customer journey, including risk disclosures and fact sheets to educate customers. Partnerships can also be valuable. They can take the form of technology collaborations, such as BNY Mellon’s partnership with Fireblocks on digital asset custody capabilities, or educational collaborations, such as Julius Baer’s partnership with SEBA Bank. WMs will also need to adapt their sales practices. The process of onboarding crypto wallets requires specialized anti-money-laundering and know-your-customer processes.

Relationship managers will need new training, leadgeneration processes, and sales enablers. These supports should extend to the after-sales stage to help relationship managers understand cross-selling and upselling pathways. Given the high demand for crypto talent, WMs should approach hiring and upskilling strategically—such as by hiring crypto specialist product teams that can support sales teams with relevant expertise and product knowledge. Forward-thinking banks and financial institutions such as Goldman Sachs, JP Morgan Chase, Fidelity, and Well Fargo have added roughly 1,000 cryptorelated jobs since 2018, according to Revelio. Supporting data and technology are crucial as well. Certain products, such as crypto trading using outsourced processes, may not require significant changes to the WM’s data and technology backbone; but others, such as custodial wallets and staking, will. WMs must assess these needs and prioritize investment accordingly. Finally, risk management is essential.