The editor takes a look back to the start of the year and subsequent events to examine 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 defense spending is paid for and shared. While the pause to tariffs by Trump 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 US, results are generally stronger at Citigroup, Morgan Stanley, and Goldman Sachs. Figures were more mixed for JP Morgan and BNY Mellon, among others.

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, buoyed by a positive sentiment in the European economy (well, at least relative to where it was before.) 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. 

In the US, we have kept an eye on regulatory and tax issues, such as the two-year delay by the US Treasury to introducing new anti-money laundering regulations. We also examined what US firms must do to prepare for the changes. 

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 color 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” program. 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.

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 content 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’s 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 way – to overtake Switzerland as the world’s top offshore center by assets at some point in the next two to three years. We shall see if that turns out to be true.

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 it benefit our readers?

We’ve also kept an eye on how the market for digital assets, including cryptos such as bitcoin, is continuing to make itself felt. A change of regime in Washington DC appears to have propelled the price of bitcoin higher. Skeptics about cryptos have, so far, been frustrated. 

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

Finally, we’ve had plenty of content this year so far on how banks and other firms develop new specialties, connect with clients in new ways, and keep clients engaged. Articles have ranged from innovative ways of investing 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 here on our publications. 

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