Rewiring asset and wealth management - Roland Berger · To successfully transform their DNA, asset...

Rewiring asset and wealth managementThe what, where and how of digitalization

August 2018

Management summary

Traditionally, asset and wealth management (AWM) and its workings have been clouded in mystery for con-sumers. Processes lack transparency, most of the cru-cial decisions seem to happen behind the scenes and the asset managers themselves are rarely available for face-to-face meetings. Moreover, the cost of asset and wealth management services means that they are only really an option for wealthy individuals.

But things are changing – thanks to digitalization. Modern data-analysis technology and the use of "Robo Advisors" make guided investment feasible for regular customers. Clients' needs are met, too. The new technol-ogy enables contact with clients 24/7 and an unprece-dented level of transparency.

To maximize the power of digitalization as an enabler, asset and wealth management companies should trans-form their entire value chain, refocusing every step on what customers need and supporting every activity with data. But even companies that are not able to take this radical approach should start bringing in innovative tools and strategies to prepare them now for the more significant challenge ahead.

In this study, we examine the size of the potential market for digitalized approaches to asset and wealth manage-ment and ask what companies should be doing. To help them decide whether to focus on efficiency or client value as their primary goal in the short term, we suggest a four-step process showing where they should be digi-talizing. And we examine options for how they should be going about the transformation.

With the help of automation for tradi-tional back-office activities, cutting- edge analytical tools, smartphone applications, algorithm-based portfolio management and a whole range of other innovative approaches, companies in the area of retail AWM can turn digi-talization to their advantage. It's time to rewire asset and wealth management and bring it firmly into the digital age.

2 Roland Berger Focus – Rewiring asset and wealth management

Contents

1. Open up the black box ................................................................................................................ 4 Digitalization can bring tailor-made asset and wealth management to the mass market.

2. Transform your DNA .................................................................................................................... 6 Every step of the value chain must focus on the client.

3. Address the potential conflict ........................................................................................... 10 Is there a trade-off between efficiency and client value?

4. Take action ........................................................................................................................................ 13 Players can build partnerships or go it alone.

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Rewiring asset and wealth management – Roland Berger Focus 3

How asset and wealth management companies work is something of a "black box" for clients. The traditional in-dustry approach involves decisions based mainly on the expertise of the asset manager. Unfortunately, personal advice is expensive, and this type of AWM is only feasible for wealthy clients. Moreover, since the asset manager's time is limited, clients only meet them face-to-face peri-odically. What is happening behind the scenes, how decisions are being reached and how the investment pro-cess itself works remains a mystery to clients.A fundamental change is necessary. Clients, both exist-ing and potential, are demanding better-performing, more cost-efficient, convenient solutions. They are call-ing for transparency. And fortunately, there is a solution: digitalization. Digitalized asset and wealth management differs in various key aspects from traditional practices. Decisions are enhanced by modern data-analysis tech-nology, making guided investment cost efficient and feasible for mass-market customers. Technology en-ables 24/7 mobile interaction with clients, including im-mediate remote assistance. Instead of being faced with a black box, consumers can enjoy a high level of trans-parency about the entire investment process.We believe that the asset and wealth management in-dustry should see digitalization as an enabler. Ideally, digitalization will affect every step of the value chain, doing away with the old front/middle/back-office structure entirely. In other words, it should transform the DNA of AWM. But even where wholesale transforma-tion is not possible, asset managers should start using innovative tools and approaches within the traditional setup as a preliminary step before taking on the bigger challenge.In this paper, we examine the digitalization of asset and wealth management. We look at the size of the potential market and answer the question of what needs to be done to develop it. We then move on to where asset managers should use digitalization and to what extent. Finally, we

ask how they can go about the transformation, on their own or with the help of strategic partners. The what, where and how of digitalization will vary for different players and different parts of the value chain. But we believe that "no action" is not an option when it comes to rewiring asset and wealth management. A

In this paper we focus on the digitalization of asset and wealth management in the B2C (business-to- consumer) market, including retail AWM. The process of digital transfor-mation should cover the entire AWM value chain, not just end-to-end optimization but innovation in every part of the product and services portfolio. Innovations may include the likes of 24/7 personal advice via smartphone, full automation of traditional back-office activities, cut-ting-edge analytical tools, real-time interaction and monitoring, remote or automated advice, automatic portfo-lio management based on algorithms – in brief, any use of digital technology to enable client-centric, high-per-formance, cost-efficient solutions.

1. Open up the black box Digitalization can bring tailor-made asset and wealth management to the mass market.


A: Asset and wealth management is undergoing radical transformation.Digitalization is crucial for asset managers to remain competitive long term.

Source: Deutsche Bank Markets Research, Roland Berger

Low profit marginsHigh cost pressure through increased price transparency and competition with passive AMs, FinTechs, etc.

1

Outdated product offeringsAsset managers' current broad product offering is associated with high costs and organizational complexity

3

Intervention by regulatorsIncreasing costs from implementation of MiFID II requirements; financial licensing is highly complex

5

Platform approachTechnological progress supports platform approach in AM – increasing outsourcing of tasks beyond AM's core competencies

7

Cooperation with FinTechsIncumbents increasingly cooperate with FinTechs (e.g. BlackRock and Scalable Capital, ING.Diba and Easyfolio)

9

Growth of passive productsExchange-traded funds with a global market volume of USD 3.2 trillion in 2016 – 32% of all passively managed funds

2

Maturity level of FinTechsPressure on established players rising as FinTechs expand their existing product and services offering

4

End-to-end digitalizationCustomized products and services offered through E2E digitalized value chain – middle and back-office digitalization most cost efficient

6

Digital client interfaceDigital and customized client interaction as a must-have for approaching young customers, e.g. by Robo Advisors

8

Transfer from B2C to B2BCurrent focus of digital innovation on B2C business; asset managers adapting B2C digitalization to B2B area

10


with little or no human involvement. CAt present, three countries account for more than 95 percent of assets under management in the Robo Advi-sor segment worldwide. They are the United States (EUR 218 billion), China (EUR 66 billion) and the United Kingdom (EUR 9 billion). While the United States is clearly still way ahead, the Chinese market is growing rapidly. By contrast, the European market is rather small and fragmented, although things are primed to expand quickly here, too.

COMPLETE TRANSFORMATION OR STEP BY STEP?We consider complete DNA transformation to be the ul-timate goal for all asset managers. Many players will not be in a position to take on this significant challenge im-mediately. Be that as it may, they ignore the unstoppable progress of digitalization at their peril. Traditional asset managers who cannot immediately restructure their front/middle/back-office setup should start introducing innovative tools and approaches into their processes now. This alternative approach will serve to enhance their business while preparing them for the bigger chal-lenge ahead.Indeed, the two approaches are not mutually exclusive. Making smaller-scale changes in specific areas or parts of the process can help asset managers evaluate their strengths and weaknesses, not only along the value chain but also within classic IT and change manage-ment topics. A step-by-step approach carries fewer risks than large-scale implementation. Individual initiatives can function as lighthouse projects within the organiza-tion, sending out a clear signal that digitalization is both achievable and beneficial.

TOOLS AND APPROACHESIn the traditionally front-office areas of marketing and cli-ent acquisition, asset managers can introduce new digital tools, such as content engines and content marketing, to

Built into the DNA of traditional asset and wealth man-agement firms is the fact that the only point of contact with clients is the front office. Portfolio management and risk management take place in the middle office, while the administration is firmly relegated to the back office. Different steps along the value chain are handled by different offices. The result? A lack of consistent focus on generating client value. In addition, data is located in the back office and is not considered vital to the business, which frequently hinders the flow of infor-mation throughout the organization.For firms equipped with the new, digital DNA, things are very different. Every step of the value chain is focused on the client and supported by data, which is used across the entire organization. This way, each step can focus firmly on generating client value.To successfully transform their DNA, asset and wealth management companies need to break up their existing value chain. They must change the order of some steps and eliminate others in order to achieve client-centric value generation. This is a radical step, but it translates into real, measurable business value: Our project experi-ence and analysis of the market indicate that with a trans-formed DNA at the heart of the business, process costs can fall by up to 93%. And it's not just automation that drives down prices but also the better connection be-tween steps and the improved flow of infomation. BDigitalization potentially opens up a much larger mar-ket for asset and wealth management. While it is diffi-cult to assess the precise size of the total market for digitalized AWM, even conservative forecasts predict a compound annual growth rate (CAGR) of 20-40 percent through 2022, compared to just six percent for tradition-al asset and wealth management. Growth will be driven by increasing numbers of players acquiring the knowl-edge and technology to provide products based on "Robo Advisors" – digital platforms providing financial advice on the basis of mathematical rules or algorithms,

2. Transform your DNA Every step of the value chain must focus on the client.


...

Research and product development

Client onboarding & account opening

Risk, legal and compli-ance reporting

…

B: Breaking up the value chain and rethinking your DNA is necessary to achieve digital readiness. From static legacy organization to agile setup.

Source: Roland Berger

Transformation

Client focus

Data management

DIGITAL VALUE CHAINTRADITIONAL VALUE CHAIN

Front officeMarketing &

client acquisitionClient onboarding & administrationCustomer care &

client relations

Middle officeResearch & product

developmentAsset allocation (customer view)Portfolio & risk

managementRisk & reporting

Back officeLegal & compliance

Asset administrationTransactions/tradingFund administration

Data management

Client focus Data management

...

(Automated) portfolio and risk management

Transactions/ trading

Marketing and client acquisition

Advice and customer care

…


create data-based, personal information or market news that customers consider personally relevant. They can also develop materials on a broad range of topics in dif-ferent formats, such as case studies, how-to guides, arti-cles, podcasts and videos. Distribution of content mar-keting is crucial. Asset managers should make increasing use of social media platforms such as LinkedIn, Twitter, Facebook and YouTube. They should also use native ad-vertising platforms – the likes of Redirect, Outbrain, Na-tive and Gravity – whose job is to blend advertisements into regular content as seamlessly as possible.Scalable is a good example of a company that takes this innovative approach to traditional front-office activities. The asset manager communicates its message actively in all relevant marketing channels, with a strong focus on social media platforms. It also produces its own vid-eos and articles.Digital innovation is also necessary in client onboarding and administration, another traditionally front-office area. Asset managers can use video or online identifica-

tion to speed up the onboarding process. Addition- ally, innovative firms can leverage digital technology to collect all relevant data about clients from social media, their use of applications, website behavior, online dy-namics and so on. They can then feed this data into al-gorithms for advanced client profiling, building an ac-curate understanding of clients' preferences within seconds. We are currently witnessing a shift from unscientific psychology-based profiling techniques to scientific sys-tems based on predictive technology. New approaches help reduce business risk and improve client focus by applying greater scientific rigor to the initial assessment of clients' preferences and the ongoing updating of their profiles. Understanding and predicting client behavior enables you to talk to them in a customized fashion, us-ing their preferred channels to address their specific needs – sometimes before they are even aware of them themselves.Customers increasingly expect personal support when and where they want it. Digital communication and video chat make it possible for asset and wealth management firms to deliver personal advice to clients 24/7. Compa-nies such as Betterment and Charles Schwab make good use of the possibilities in their approach to advice and customer care, combining the digital capabilities of a Robo Advisor with personal interaction and guidance.Research and product development also traditionally fall into the category of front-office activities. Here, text and voice recognition technology can extract informa-tion from non-database sources such as news reports, speeches and social networks. Machine learning, where-by "intelligent" robots browse the web for information, structure the data they find and then enhance it through feedback and "deep learning", is particularly useful for research. Also of increasing interest are artificial net-works that attempt to replicate how the neural struc-tures in the human brain operate.

C: Digitalized AWM on the rise. Annual growth rate in digitalized vs. traditional asset and wealth management.

20222018

6%

100%

200%Annual growth rate

0%

Digitalized asset and wealth management

Traditional asset and wealth management

20 - 40%


Another essential development for traditionally back-of-fice activities is the emergence of robotic process auto-mation or RPA. RPA uses technology to run processes or sections of processes on core business applications. The RPA technology hovers over the process, producing the same steps and validations as a human working on the same system would. It thus simulates a "virtual employ-ee" and interacts with existing application software in the same way a human being would. RPA software appli-cations focus on standardized, stable processes and fol-low a rule-based decision logic to conduct those pro-cesses. It cuts out grinding through the same tasks over and over again.In the typically back-office area of tax and expense man-agement, RPA can be designed to run queries, perform calculations, perform data validation checks and even populate forms to support many components of the tax assessment and filing process. Fund expense processes can also leverage RPA tools to run validation checks, pro-cess payments on the basis of predefined criteria and up-date budget forecasts. Further applications exist wherev-er simple, repetitive processes are currently carried out laboriously by hand. Running across the increasingly blurred boundaries between front, middle and back office is the need for smarter data management as the basis for effective as-set and wealth management. Big Data analysis and da-ta-mining tools can support marketing, CRM (custom-er relationship management) and research in what was traditionally the front office. The same tools can ex-tract insights from the huge amounts of quantitative data coming from numerous sources in the traditional realm of the middle office. And what was once the back office can be home to a database that acts as a "single source of truth" – a repository for data, where every item is stored only once and any links to it are by refer-ence only, with updates to the data automatically passed on to the entire system.

In the traditionally front-office area of asset allocation, dig-ital systems and algorithms can calculate investment port-folios that match users' requirements. They can then mod-ify investments as the market environment changes. For example, Indian goal-based investment platform Goalwise builds its platform solely around the promise of investing in clients' personal goals rather than market movements.

In the traditional middle-office arena, asset managers can employ digital tools for portfolio and risk manage-ment. New technology enables automated portfolio management based on a predefined fund strategy, and automated risk management based on a portfolio strat-egy. For risk and reporting, solutions with built-in ana-lytics and reporting tools allow administrators to track the performance of systems easily and efficiently. Black-Rock's Aladdin (Asset, Liability, and Debt and Derivative Investment Network), for example, is an integrated plat-form for investment that gives risk managers a detailed understanding of risk early on. Aladdin can also pro-duce individualized risk reports on demand.In the area of legal and compliance, digital tools enable automated monitoring of customers and portfolio hold-ings based on compliance guidelines. Goldmann Sachs Asset Management and JP Morgan Asset Management, for example, both use in-house solutions that make use of Big Data to reduce reliance on manual checks.

Shifting our attention to what is generally considered back-office activities, fund and regulatory reporting is possible using cloud computing. Regulatory technology or "RegTech" solutions typically draw on the latest developments in analytics that enables efficient vetting of transactions and client data, effective management of data, quick and standardized digital reporting and re-al-time compliance monitoring. Vizor, for example, is an integrated platform for monitoring compliance in real time by joining several unconnected systems.


We turn now to the question of where to digitalize. Asset managers must decide whether to focus on efficiency or client value as their primary goal in the short term and then embark on digitalization in the appropriate areas. We propose the following four-step process to resolve the potential tension.

STEP 1DECIDE ON YOUR TARGET POSITIONING ON THE AWM VALUE CHAIN Of course, efficiency and client value are not contradic-tory per se. Focusing on one can have beneficial effects on the other. Indeed, we believe that during most of the journey to transform your DNA, improvements in effi-ciency and client value will go hand in hand. Greater efficiency boosts client value in the long term by en-abling you to pass on the cost savings from leaner struc-tures to clients in the form of lower management fees.However, digitalizing with the goal of raising efficiency does not always automatically lead to enhanced client value, at least not in the short term. Improving the effi-ciency of one part of the value chain can negatively affect another. Standardizing processes can lead to less flexi-bility when it comes to adjusting to individual clients' needs. Similarly, focusing on client value improves cus-tomer satisfaction and loyalty, supports the acquisition of new clients and strengthens the reputation of the wealth manager, but excessively customer-centric ap-proaches can have a negative impact on operating effi-ciency and even costs.Client trust is a key component of perceived client value. Building and maintaining client trust is essential in or-der to attract further funds. Asset managers do this by meeting clients' expectations – offering a superior ser-vice, transparent communication and an appropriate, long-term oriented return that reflects the clients' in-vestment strategy. At the same time, saving costs re-mains an overriding goal for most asset managers.

We believe that companies need to decide where to place their focus. Only a handful of wealth managers will be able to completely transform their corporate DNA at a stroke and differentiate themselves in terms of efficiency. Those players will likely be large companies that can tap into the necessary economies of scale by implementing large-scale software platforms. Most smaller players will prefer to focus at first on generating superior client value, either by offering a unique experi-ence across the whole value chain or by focusing on a specific area of activity. For example, some players choose to provide back and middle-office activities for small and medium-sized enterprises, covering all as-pects of this part of the value chain for them. Others choose to act as third-party advisors or specialize in areas such as property management for asset managers.

STEP 2 IDENTIFY WHICH ACTIVITIES ALONG THE VALUE CHAIN ARE KEY ENABLERS FOR YOUR TARGET POSITIONINGThe parts of the value chain with the biggest impact on client value are those where the client is directly in-volved, or where the client benefits directly in the form of higher investment returns. The first obvious area with potential for boosting client value is therefore client on-boarding and administration.Traditional onboarding can entail three meetings, either at the office or home of the client, each lasting up to four hours (including research, preparation, travel and so on). That means ten hours or more per client, including the final meeting to sign the contract. Instead, asset managers should focus on creating a tailored online ap-proach and keep the paperwork for clients to an abso-lute minimum. If clients have a high level of knowledge, the process could potentially be reduced to 15 to 30 min-utes. If they require personal support, it could still be kept to under an hour.

3. Address the potential conflict Is there a trade-off between efficiency and client value?


Source: Roland Bergerxxxxx = To be reshaped/re-ordered in the new value chainxxxxx = No change required

D: Clear priorities.Heatmap of key enablers and value drivers.

CLIENT ADDED VALUELow High

High

1. - 3. Front office4. - 7. Middle office8. - 12. Back office

7. RISK & REPORTING

Risk analysis

Definition of mitiga-tion measures

Risk monitoring

Risk reporting

Tax reporting

Portfolio reporting

Trade reporting

9. ASSET AD-MINISTRA-TION

Revaluation

Accounting

11. FUND ADMINIS-TRATION

Fund accounting

Unit registry

12. DATA MANAGEMENT

Data acquisitioning and provisioning

Data warehousing and business intelligence

Analytics and virtualization

Actions and business process management (BPM)

Data governance

2. CLIENT ONBOARDING & ADMINISTRATION

Lead generation

Opportunity identification

Needs evaluation

Recommendation & product selection

Account opening1. MARKETING AND CLIENT ACQUISITION

Strategy development

Create

Activate

Measure

3. CUSTOMER CARE & CLIENT RELATIONS

Customer portfolio analysis

Customer intimacy

Network development

Value proposition development

Customer lifecycle management

8. LEGAL & COMPLIANCE

Regulatory monitoring

Business audits

Data security

Implementation of controls

5. ASSET ALLOCATION (CUSTOMER VIEW)

Risk appetite assess-ment

Investment research

Due diligence

Portfolio construction

4. RESEARCH & PRODUCT DEVELOPMENT

Analyze and plan

Design and research

Assess and construct

Evaluate and review

10. TRANSACTIONS/TRADING

Trade routing and processing

Trade matching and settlement

OTC processing

6. PORTFOLIO & RISK MANAGEMENT

Portfolio monitoring

Analysis & forecast

Compliance/investment governance

Operational risks

Asset relocation

DIGITALIZATION POTENTIAL


ed value for clients are prime candidates for reshaping or re-ordering within the value chain. D

STEP 4 RE-ORDER THE VALUE CHAIN, COMBINING DIGITAL AND ANALOG ELEMENTSFinally, having decided which activities to digitalize, as-set managers need to rearrange their value chain accord-ingly. Simply automating everything might alienate the customer base or at least parts of it. Great experiences during the entire journey grab customers, bad ones push them away.Digital asset manager LIQID provides some examples of best practice here. The company has automated invest-ment proposal requests, carrying out risk profiling with the help of an investor questionnaire, followed by a pro-posal. This sort of standardization allows for objectivity based on scientific research, rather than having the per-sonal biases of an advisor influence the clients' risk pro-file. It also reduces costs. Onboarding and account opening are also suitable for automation. The result is fewer mistakes and regulatory mishaps. LIQID uses ongoing automated transaction monitoring of payments and trading to ensure that cli-ents' long-term investment objectives are achieved. It also offers a customized, regulatory-compliant investor dash-board to improve customer satisfaction with regard to reporting and communication. The benefits for custom-ers are clear: Automated, standardized processes are cheaper, transparent, convenient, faster and much safer. Other elements of the value chain should remain analog rather than digital. Customers value client relationship management based on human-to-human interaction via various channels (phone, chat, email, in person) along the customer journey. Asset managers must remember to put themselves in their customers' shoes and take any input and suggestions seriously as a basis for improving pro-cesses. Here, a robot is no replacement for a human being.

Other areas driving client value include marketing and client acquisition. Asset managers should make sure that their marketing addresses relevant topics and adjust its form and frequency to suit customers' needs. Companies can select target clients based on their behavior on social media and create automated content that reflects their interests, for instance. Firms can then automatically track the effectiveness of their marketing and adjust it as nec-essary. Marketing efforts must be needs-oriented and well timed to generate enhanced client value. Asset man-agers must also ensure easy access to new products, build trust in investment opportunities and develop convinc-ing arguments about product benefits. Furthermore, they should take care to personalize client portfolios based on their clients' risk appetites and investment objectives.

STEP 3 DETERMINE WHICH ACTIVITIES WILL DELIVER ADDITIONAL VALUE IF DIGITALIZEDHaving identified the main drivers of client value along the value chain, asset managers must then determine which of these activities would benefit from digitalization. In other words, they must decide whether digital is the right way to go to increase client value for every single action in turn. They should base their decision on set guidelines and principles ensuring a competitive level of efficiency. For example, they should not fully digitalize an individual step unless they can ensure that the data involved is treated in a consistent fashion right along the value chain.The result of this task will be a "digital heat map" that plots the digitalization potential of activities against their added value for clients. The heat map is divided into four quadrants, the activities in each quadrant requiring a dif-ferent approach to ensure efficient maximization of cli-ent value. Thus, activities with low digitalization poten-tial and added value for clients should generally be left untouched: No action is required here. By contrast, activ-ities that have high digitalization potential and high add-


When reshaping their value chain, asset managers therefore need to ask themselves four key questions:

1. What is our target positioning in the asset and wealth management value chain?

2. Which activities along the value chain are key enablers for our target positioning?

3. Which activities will deliver additional value if digitalized?

4. How can we re-order the value chain, combining digital and analog elements?

One potentially valuable option is cooperating with ex-ternal partners. Many big players are currently acquiring or collaborating with FinTechs, leveraging the techno-logical edge of these firms. A recent example is Allianz investing in online investment advisor Moneyfarm, which offers low-cost wealth management products based on Robo Advisor services. Similarly, BlackRock is investing in Anglo-German digital investment manager Scalable Capital, allowing it to step into the European Robo Advisor market.Strategic partnerships with FinTechs are of great value for asset managers. Of course, asset and wealth manage-ment companies have the resources to develop their own innovative ideas if they wish to. But there are many reasons why they might prefer to acquire or cooperate with a FinTech. Chiefly, it gives them access to new ideas with the option of testing them with limited risk. They can benefit from innovations that have already been developed and quickly respond to any changes in client demands. Moreover, as in any cooperation, they can benefit from new input from the partner firm – a

process that drives change and fosters innovation. Asset managers also have the option of striking out on their own, perhaps after an initial cooperation with a strate-gic partner. They can use the period of collaboration to gather inspiration for specific steps in the value chain, learning best practices in the process. They can then im-plement this knowledge and use it to shape better ser-vices while profiting from the scale that they enjoy. To introduce innovations effectively without the support of a partner, asset managers will need to establish modern approaches such as a trial-and-error culture, prototyp-ing and design thinking. This will ensure that they find solutions quickly and safeguard customer satisfaction.

4. Take action Players can build partnerships or go it alone.


WE WELCOME YOUR QUESTIONS, COMMENTS AND SUGGESTIONS

AUTHORS

ROLAND BERGER:

DR. DANIEL B. HILDEBRANDPartner+49 89 [email protected]

DR. DOMINIK LÖBERPartner+49 69 [email protected]

ROBERT BUESSPartner+41 43 [email protected]

LIQID:

JEANETTE OKWUChief Marketing [email protected]

Additional support by ANTONIA JOBKE MAXIMILIAN WEIMANNDR. WENTING ZHAO

This publication has been prepared for general guidance only. The reader should not act according to any information provided in this publication without receiving specific professional advice. Roland Berger GmbH shall not be liable for any damages resulting from any use of the information contained in the publication.

© 2018 ROLAND BERGER GMBH. ALL RIGHTS RESERVED.

Credits and copyright


Roland Berger, founded in 1967, is the only leading global consultancy of German heritage and European origin. With 2,400 employees working from 34 countries, we have successful operations in all major international markets. Our 50 offices are located in the key global business hubs. The consultancy is an independent partnership owned exclusively by 220 Partners.

Navigating Complexity Roland Berger has been helping its clients to manage change for half a century. Looking forward to the next 50 years, we are committed to supporting our clients as they face the next frontier. To us, this means navigating the complexities that define our times. We help our clients devise and implement responsive strategies essential to lasting success.

LIQID is a digital asset manager that offers its clients exclusive digital access to one of the most renowned investment teams in Germany: the asset management office of the Harald Quandt family, HQ Trust. For more than 30 years, HQ Trust has managed some of Germany's largest assets with above-average success and an investment philosophy that combines many years of human experience with complex capital market models and an international network of experts.

This expertise is now available to LIQID customers with a significantly lower entry barrier. In addition to asset and wealth management, LIQID offers access to asset classes such as private equity, which were previously reserved exclusively for large investors.

In 2017 LIQID was voted best German late-stage FinTech at the FinTech Germany Awards. The independent ranking institute firstfive confirms LIQID's outstanding results for 2016 and 2017. In February 2018 LIQID was awarded "Innovator of the Year 2018" by the business magazine brand eins Wissen and the data service Statista.

About us


PublisherROLAND BERGER GMBHSederanger 180538 MunichGermany+49 89 9230-0

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