Capsule: Doug Regan, Wealth Management Group
Although Mr. Regan isn't optimistic about the economy, he does foresee a strong year for wealth management companies who cater to high-net-worth investors.
DOUG REGAN
President, Wealth Management Group
Northern Trust Corp.
Chicago
Assets under management:
$652.4 billion
Forecast:
Although Mr. Regan isn’t optimistic about the economy, he does foresee a strong year for wealth management companies who cater to high-net-worth investors.
The economy in 2009 “will be weak at best,” he said. The primary culprits will likely be a “continued erosion of confidence among consumers” and “downward pressure on capital spending,” according to Mr. Regan.
He predicted that the wealth management business will see a “return to basics.”
“The primary drivers will be a return to quality and a reorientation toward the fundamental purpose of a financial adviser and wealth manager,” Mr. Regan said. “Capital preservation will be the first priority and income appreciation, second.”
While he believes most wealth management firms will be “running hard to stay in place” in 2009, he also predicted institutions would regain some “pricing power” that had been lost to clients. “In good times, clients can dictate what they pay. But today, the playing field has narrowed in number,” Mr. Regan noted.
Next big trend:
Coordinated public works efforts.
Biggest concern:
Continued lack of confidence in fixed-income and capital markets.
Reading, watching, listening to:
Book: “Unpacking the Boxes: A Memoir of a Life in Poetry” by Donald Hall (Houghton Mifflin, 2008).
TV: “Extras.”
Movie: “Slumdog Millionaire.”
Websites: finance.yahoo.com, ceoexpress.com, olga.net, youtube.com, pollstar.com.
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