GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT

Transcription

1 1 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT Digital & Mobile Behavior and Attitudes of the Wealthy in USA, Germany, France, UK, and China Report Extract Original Report with 396 pages (107 pages analysis and commentary plus 289 data charts) November 2014 MyPrivateBanking Report 1 st edition

2 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 2 CONTENTS 1.0 EXECUTIVE SUMMARY METHODOLOGY REPORT OBJECTIVE SURVEY SAMPLE DEMOGRAPHICS AMOUNT OF INVESTABLE ASSETS CURRENCY CONVERSION SURVEY QUESTIONS DATA ANALYSIS METHODOLOGY FOR MOBILE APPS OF WEALTH MANAGERS SUMMARY OF FINDINGS: CHINESE MOST TECHNOLOGY-FRIENDLY - WEALTH DRIVES TECHNOLOGY USE ACROSS ALL COUNTRIES DIFFERENT COUNTRIES DIFFERENT NEEDS COUNTRY-SPECIFIC SUMMARY OF FINDINGS CHINESE AFFLUENT/HNWI ARE THE DIGITAL CHAMPIONS UK: HNWI ARRIVED IN THE MOBILE FINANCIAL AGE! FRANCE: HNWI LEADING TECHNOLOGY USERS GERMANY: OVERALL CONSERVATIVE USERS OF TECHNOLOGY, BUT CATCHING UP USA: HNWI SEGMENT LEADING IN TECHNOLOGY USAGE GAP ANALYSIS: HOW GLOBAL WEALTH MANAGERS MEET CLIENT NEEDS WEALTH MANAGERS WORLDWIDE ABN AMRO BBVA BNP PARIBAS BRADESCO CHARLES SCHWAB CITI CREDIT SUISSE DBS FNB HSBC ING INVESTEC J.P. MORGAN 83

3 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT JULIUS BÄR MERRILL LYNCH NORTHERN TRUST SOCIÉTÉ GÉNÉRALE UBS UNICREDIT U.S. TRUST SURVEY QUESTIONNAIRE AUTHORS DISCLAIMER 107

4 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 4 TABLE OF CHARTS CHARTS Chart p. 15 Which electronic device do you use regularly? (split by investable assets) Chart p. 15 Do you use MOBILE APPS for financial matters? Chart p. 15 Do you use MOBILE WEBSITES for financial matters? Chart p. 16 Which MOBILE WEBSITES do you use for financial matters? Chart p. 17 Which MOBILE WEBSITES do you use for financial matters? (split by investable assets) Chart p. 18 When do you use your mobile device for financial matters? Chart p. 19 When do you use your mobile device for financial matters? (split by investable assets) Chart p. 20 Which of the following functions should your bank/wealth manager provide through mobile webistes/apps? Chart p. 21 Which of the following functions should your bank/wealth manager provide through its mobile channels? (split by investable assets) Chart p. 23 Satisfaction level Chart P. 24 How satisfied are you with the following functions your bank offers? Chart p. 25 How do you communicate with your financial advisor? Chart p. 26 How do you communicate with your financial advisor? (split by investable assets) Chart p. 26 Countries achieved tech-friendliness points (max. 100) Chart p. 27 Share of respondents using MOBILE APPS / MOBILE WEBSITES for financial matters Chart p. 27 Share of respondents using MOBILE APPS for interacting with their bank/wealth manager

5 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 5 CHARTS Chart p. 28 Share of respondents using MOBILE WEBSITES for interacting with their bank/wealth manager Chart p. 28 Share of respondents using SOCIAL MEDIA for interacting with their bank/wealth manager Chart p. 29 Which of the following digital channels do you use for interacting with your bank/wealth manager? (split by age groups) Chart p. 30 Which of the following functions should your bank/wealth manager provide through mobile websites/apps? (split by age groups) Chart p. 31 When do you use your mobile device for financial matters? (split by country) Chart p. 32 Which channel do you use for interacting with your bank/wealth manager? (split by country) Chart p. 33 How do you communicate with your financial advisor? (split by country) Chart p. 35 How satisfied are you with the following features your bank offers through its mobile channel? Chart p. 36 How do you communicate with your financial advisor? (split by investable assets) Chart p. 37 Which of the following functions should your bank/wealth manager provide through mobile websites/apps? Chart p. 38 Please identify the bank or wealth management firm who manages the largest portion of your assets Chart p. 40 Do you use MOBILE APPS for financial matters? Chart p. 40 Do you use MOBILE WEBSITES for financial matters? Chart p. 40 Which MOBILE APPS do you use for financial matters? Chart p. 41 Which MOBILE WEBSITES do you use for financial matters? Chart p. 42 Which of the following functions should your bank/wealth manager provide through mobile apps/websites?

6 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 6 CHARTS Chart p. 43 How satisfied are you with the following functions your bank offers? Chart p- 44 Which MOBILE APPS do you use for financial matters? (split by investable assets) Chart p- 45 Which MOBILE WEBSITES do you use for financial matters? (split by investable assets) Chart p. 47 Please identify the bank or wealth management firm who manages the largest portion of your assets Chart p. 49 How do you communicate with your financial advisor? (split by country) Chart p. 50 What investor type do you consider yourself? (comparison with global figures) Chart p. 51 Please identify the bank or wealth management firm who manages the largest portion of your assets Chart p. 53 What are the reasons you are not using MOBILE APPS for financial matters? Chart p. 53 What are the reasons you are not using MOBILE WEBSITES for financial matters? Chart p. 54 When do you use your mobile device for financial matters? Chart p. 55 How do you communicate with your financial advisor? Chart p. 56 Which of the following functions should your bank/wealth manager provide through mobile apps/websites? Chart p. 57 Please identify the bank or wealth management firm who manages the largest portion of your assets Chart p. 60 How do you communicate with your financial advisor? (split by investable assets) Chart p. 61 Which MOBILE APPS do you use for financial matters? Chart p. 62 Which MOBILE WEBSITES do you use for financial matters?

7 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 7 CHARTS Chart p. 63 How satisfied are you with the following functions your bank/wealth manager offers through its mobile apps/websites? Chart p. 64 Please identify the bank or wealth management firm who manages the largest portion of your assets Chart p. 65 Gap Analysis: All Wealth Managers Chart p. 66 Gap Analysis: ABN AMRO Apps / All respondents Chart p. 67 Gap Analysis: BBVA Apps / All respondents Chart p. 68 Gap Analysis: BNP Paribas Apps / French respondents Chart p. 69 Gap Analysis: BNP Paribas Apps / All respondents Chart p. 70 Gap Analysis: Bradesco Apps / All respondents Chart p. 71 Gap Analysis: Charles Schwab Apps / US respondents Chart p. 72 Gap Analysis: Charles Schwab Apps / All respondents Chart p. 73 Gap Analysis: Citi Apps / US respondents Chart p. 74 Gap Analysis: Citi Apps / All respondents Chart p. 75 Gap Analysis: Credit Suisse / All respondents Chart p. 76 Gap Analysis: DBS Apps / All respondents Chart p. 77 Gap Analysis: FNB Apps / All respondents Chart p. 78 Gap Analysis: HSBC Apps / UK respondents Chart p. 79 Gap Analysis: HSBC Apps / All respondents Chart p. 80 Gap Analysis: ING Apps / All respondents Chart p. 81 Gap Analysis: Investec Apps / UK respondents Chart p. 82 Gap Analysis: Investec Apps / All respondents

8 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 8 CHARTS Chart p. 83 Gap Analysis: J.P. Morgan Apps / US respondents Chart p. 84 Gap Analysis: J.P. Morgan Apps / All respondents Chart p. 85 Gap Analysis: Julius Bär / All respondents Chart p. 86 Gap Analysis: Merrill Lynch / US respondents Chart p. 87 Gap Analysis: Merrill Lynch / All respondents Chart p. 88 Gap Analysis: Northern Trust Apps / US respondents Chart p. 89 Gap Analysis: Northern Trust Apps / All respondents Chart p. 90 Gap Analysis: Société Générale Apps / French respondents Chart p. 91 Gap Analysis: Société Générale Apps / All respondents Chart p. 92 Gap Analysis: UBS Apps / All respondents Chart p. 93 Gap Analysis: UniCredit Apps / All respondents Chart p. 94 Gap Analysis: U.S. Trust Apps / US respondents Chart p. 95 Gap Analysis: U.S. Trust Apps / All respondents

9 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT EXECUTIVE SUMMARY << The Chinese affluent and wealthy are the most advanced users of mobile devices today and in general are the technology-friendliest group of affluent/high-net-worth individuals (HNWI) worldwide. This insight and many others are revealed by MyPrivateBanking Research s international digital wealth survey covering the five most important global wealth markets: the US, UK, Germany, France and China. >> The first and most striking finding of this international survey is China s dominance when it comes to technology and mobile usage among the affluent and wealthy. To make this underlying trend visible, the five countries were ranked for a selection of questions that best indicate technological/mobile adoption. TECHNOLOGY-FRIENDLINESS RANKING (based on survey with 1000 Affluents/HNWIs) Rank Country Points (max. 100) 1 China 61 2 UK 54 3 France 53 4 Germany 43 5 USA 36 As the foci on the respective countries will show, conservative in this respect in no way means that time has stopped in these markets. They just adopt new trends and technologies more slowly be it due to a more cautious attitude towards technological developments or due to stricter regulations, especially in the finance industry. The second most significant finding of our analysis is that there are only small differences among the various wealth segments. This report differentiates among emerging affluent (up to $500,000 investable assets), affluent (between $500,000 and $1 million) and high-net-worth individuals (HNWI, above $1 million). In some cases, we have even found that the HNWI segment has more of an affinity with technology than the other segments.

10 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 10 Our third but not least critical trend is that digitization in general and mobile technology in particular have thoroughly penetrated the lives of the vast majority of affluent and wealthy individuals across the globe. These people commonly use mobile devices at home, at work or while travelling. Communication patterns show that digital touch points are already or will soon become the most important touch point between banks and their wealthy clientele. Over and above this basic trend, we have found that there is a significant minority of super-users who are already using instant messaging services to communicate with their wealth advisors, who wish for more social media integration of their banking apps and who desire more interactive tools to support them in their investing strategies and portfolio analysis. ( more in full report) Smartphone use exceeds usage of personal computers, laptops, netbooks, etc. On the question of which electronic device they use regularly, XXX% of the overall sample picked smartphone and only XXX% chose desktop computer. This is a clear sign that the world is becoming increasingly mobile. This, in turn, puts considerable pressure on banks and wealth managers to cope with changing client expectations with regard to their digital presences and offerings. ( more in full report) Banks mobile apps are standard financial tools for affluent and HNWI, beating other financial apps The overwhelming majority of our sample uses apps (XXX%) and mobile websites (XXX%) for financial matters. Banks and wealth managers mobile apps are clearly beating apps of financial newspapers or magazines, apps from online information services like Yahoo and fund management apps. Respondents who do not use mobile channels for financial matters mainly cite worries about personal data and privacy. Payment options and highest security standards are must-haves for bank apps With regard to mobile app features, wealthy users expect their banks to offer straightforward payment options (XXX%) and the highest security and encryption standards (XXX%). Also among the top five features are contact features as well as ample information on products and services. ( more in full report) Gap analysis Comparing the requirements of the survey respondents to the reality of today s banking apps shows massive gaps. We have matched the features of banks mobile apps that respondents consider to be must-haves with the results of MyPrivateBanking Research s 2014 reports on Mobile Apps for Wealth Management. This gap analysis confirms that banks and wealth managers still have a long way to go. ( more in full report)

11 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 11 Five key take-aways The collected data yields some important conclusions that wealth managers should be aware of when outlining a mobile strategy: Devise region- and country-specific mobile and technology strategies. Asian users are significantly different from European and North American users. ( more in full report) Revise your advisors communication strategy. A growing number of wealthy clients demand easy and uncomplicated channels by which to contact their financial advisors. ( more in full report) Make mobile first. Smartphone usage has already outperformed that of desktop computers like PCs, laptops or netbooks. ( more in full report) ( more in full report)

12 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT METHODOLOGY 2.1 REPORT OBJECTIVE This report aims to identify and analyze in depth the behavior of affluent and high-networth individuals with regard to digital and specifically mobile technology. Our survey covers the topics of mobile devices, operating systems, mobile usage patterns (types of mobile apps, mobile sites and usage occasions), attitudes toward a large number of mobile features, digital communication behavior with regard to financial institutions and satisfaction levels with regard to mobile banking channels. 2.1 SURVEY SAMPLE The report is based on a quantitative survey launched at the beginning of October The survey consists of 16 questions targeting emerging affluent, affluent and high-networth individuals in the UK, the US, France, Germany and China. These countries were selected to cover the five leading global wealth management markets. ( more in full report) The participants in our survey were randomly selected based on two selection criteria: household income (higher than $200,000 with the exception of Germany) and country (US, UK, Germany, France, China). For Germany we had to lower the average household income to $125,000. This had no negative effect on the distribution of the wealth segments across the three groups (emerging affluent, affluent and high-net-worth).

13 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT DEMOGRAPHICS The following table shows the distribution for the most important variables by market. Traits Variable USA UK Germany France China Age group % 15.0% 10.5% 18.5% 5.0% % 42.0% 19.0% 34.5% 54.0% % 29.0% 42.0% 31.0% 32.5% % 8.5% 20.5% 8.5% 7.0% % 5.5% 6.5% 4.5% 1.5% Gender Male 40.0% 77.0% 82.5% 60.0% 59.0% Female 60.0% 23.0% 17.5% 40.0% 41.0% Amount of investable assets Up to $500, % 28.0% 46.2% 28.0% 46.5% $500,000 - $1 million 27.5% 23.5% 17.6% 26.5% 28.5% More than $1 million 34.5% 48.5% 18.0% 45.5% 25.0% The US sample shows a relatively higher proportion of female respondents, whereas the other markets are skewed towards male participants. This is due to the different recruiting mechanisms for the US sample but also by underlying demographic trends, as there are more independently affluent and wealthy females in the US compared to Europe and Asia. Our data consistency analysis shows that the gender differences had no or only very minor bias consequences for the data sample.

14 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT AMOUNT OF INVESTABLE ASSETS CURRENCY CONVERSION Determining the three segments for the amount of investable assets, MyPrivateBanking Research took care to classify the ranges accordingly when converting the segments into other currencies. However, as currencies fluctuate over time, the translation back to USD may show some imprecision. Emerging affluent Affluent HNWI US Up to $500,000 $500,000 - $1 million More than $1 million UK Up to 300, , ,000 More than 600,000 China Up to 3,000,000 CNY 3,000,000 CNY 6,000,000 CNY Germany, France Up to 400, , ,000 More than 6,000,000 CNY More than 800,000 Throughout the report, the ranges are quoted in USD for consistency. 2.2 SURVEY QUESTIONS This report aims to analyze the behavior and opinion of affluent/wealthy individuals with regard to the use of digital and specifically mobile technology for financial matters. Our questions cover the following areas: Usage of digital and mobile devices Distribution of mobile operating systems Usage of mobile devices with regard to financial matters (type of mobile apps, type of mobile websites, usage location/activity) Type of digital channel used for interaction with bank or wealth manager Preferred features in mobile app/website Satisfaction with mobile channels (by feature) Type of digital channel used for communication with financial advisor Self-assessment with regard to matching investor type Amount of investable assets (including cash, stocks, bonds, funds, life insurance) The full questionnaire is available in the appendix.

15 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT DATA ANALYSIS After the field phase, the data was analyzed with regard to basic statistical measures like algorithmic mean and frequency distributions. In addition to the overall statistics, the sample was segmented by country, age group and the amount of investable assets in order to determine any significant differences by segment. For each country, the results were segmented by the amount of investable assets. All results are available in the data appendix. 2.4 METHODOLOGY FOR MOBILE APPS OF WEALTH MANAGERS MyPrivateBanking Research regularly evaluates the mobile apps of the top global wealth managers and retail banks. In chapter 5 we analyze how well the world s leading private banks and wealth managers are meeting their clients preferences with regard to mobile app features. This analysis is based on this year s reports Mobile Apps for Wealth Management and Mobile Apps for Banking. In this report, MyPrivateBanking Research analyzes in detail the mobile apps of 20 leading private banks/wealth managers based on the top 5 rated features by questionnaire respondents. For each bank we have evaluated to what degree the top 5 features as indicated by our respondents are met by the mobile apps of that bank or wealth manager. As the top 5 features vary by market, the evaluation was based on the responses from the banks home markets (if the banks headquarters were within one of our five survey markets), and we also compared the overall sample against the mobile apps. Where a bank s headquarters were located outside of the five national respondent questionnaires, only a comparison against the overall sample was produced. The following table shows the criteria that were listed among the top 5 in the five survey countries and the benchmarking criteria used from the mobile apps reports. Top 5 features survey questionnaire Attributed criteria mobile app reports Information on products and services Highest security and encryption standards Product and service offerings and descriptions Product and service simulator Information on data protection Information on security Information on security in app store Protection of log-in and transactions Fraud protection

16 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 16 Top 5 features survey questionnaire Attributed criteria mobile app reports Information and features to contact your bank Live chat with bank/wealth advisor Payment options to pay your bill Send money to a friend feature Research material of the bank's analysts Navigation to branch offices and ATMs and messaging Telephone Direct contact to financial advisor Client service Innovative contact options Direct contact to financial advisor Live chat with the bank Mobile payments and transactions* Payment add-ons* Send money to or mobile phones* Split-the-bill option* Content/tools to support brokerage Financial market and economic research Newsletter/blog ATM and branch finder* * Source: Report Mobile Apps for Banking 2014 All data was collected primarily from the Mobile Apps for Wealth Management. If criteria from the top-5 features did not match the benchmarking criteria, criteria from the Mobile Apps for Banking report were sourced. Where these criteria were not available we conducted additional research on the provided features and information of the bank s mobile apps. To ensure the correctness of data, changes in the banks mobile app portfolios relevant to the criteria were included.

17 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT SUMMARY OF FINDINGS: CHINESE MOST TECHNOLOGY-FRIENDLY WEALTH DRIVES TECHNOLOGY USE ACROSS ALL COUNTRIES ( more in full report)

18 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT COUNTRY-SPECIFIC SUMMARY OF FINDINGS 4.1 CHINESE AFFLUENT/HNWI ARE THE DIGITAL CHAMPIONS ( more in full report)

19 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT UK: HNWI ARRIVED IN THE MOBILE FINANCIAL AGE! ( more in full report)

20 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT FRANCE: HNWI LEADING TECHNOLOGY USERS ( more in full report)

21 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT GERMANY: OVERALL CONSERVATIVE USERS OF TECHNOLOGY, BUT CATCHING UP ( more in full report)

22 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT USA: HNWI SEGMENT LEADING IN TECHNOLOGY USAGE ( more in full report)

23 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT GAP ANALYSIS: HOW GLOBAL WEALTH MANAGERS MEET CLIENT NEEDS ( more in full report) 5.XX GAP ANALYSIS: XXX BANK Analyzed Apps Wealth management apps: XXX Retail apps: XXX Top 5 features of US respondents for mobile apps/websites: Payment options to pay your bills (XXX%) Highest security and encryption standards (XXX%) Information and features to contact your bank (XXX%) Information on products and services (XXX%) Navigation to branch offices and ATM (XXX%) Gap Analysis: XXX/ US respondents Payment options to pay your bills 100% Information on products and services 50% Navigation to branch offices and ATMs 100% Highest security and encryption standards 57% Information and features to contact your bank 60%

24 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT 24 Top 5 features of ALL respondents for mobile apps/websites: Payment options to pay your bills (XXX%) Highest security and encryption standards (XXX%) Information and features to contact your bank (XXX%) Information on products and services (XXX%) Send money to a friend feature (XXX%) Gap Analysis: XXX/ All respondents Payment options to pay your bills 100% Information on products and services 50% Send money to a friend feature 100% Highest security and encryption standards 57% Information and features to contact your bank 60% Our analysis reveals that XXX strengths lie in the field of payment options, where the bank scores 100% for general transactions and payments to a friend. Another high score is achieved in the ATM/branch finder category. All the other features are not as strong but still earn respectable scores of between 50 and 60%. Perhaps the most critical among these are security and encryption standards, for which anything below a full score is unacceptable. Overall, it is a positive sign that XXX scores well throughout the whole set of criteria, as it shows that the bank is on the right path towards satisfying respondent needs.

25 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT SURVEY QUESTIONNAIRE ( more in full report)

26 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT AUTHORS Steffen Binder, Managing Director and co-founder of MyPrivateBanking Research. Steffen is Head of Research and oversees the research agenda and analyst teams. He is responsible for creating and developing powerful concepts and relevant content to help our clients navigate a rapidly changing digital environment. As a regular speaker at finance and technology industry events around the globe, Steffen is frequently quoted by leading business media such as the Wall Street Journal, Handelsblatt and the Financial Times. Prior to this, Steffen was Managing Director of Forrester Germany, Switzerland and Austria. He came to Forrester through its acquisition of Forit GmbH, a leading European technology research company, of which he was also a co-founder. Prior to that, Steffen was a partner at Monitor Company (Strategy Consulting). He holds Master s Degrees in Organizational Behavior from Rutgers University (USA) and in Public Administration from the University of Konstanz (Germany). Carmela Melone, Analyst, specializes in research in the fields of social media for wealth management and mobile apps for financial advisors. Her specific areas of interest are in software benchmarking, channel strategy and online security. Prior to this, she worked at an exchange platform for intellectual property rights, responsible for the digital media marketing strategy. Carmela has a Bachelor s degree in International Economics and European Studies from the University of Tübingen (Germany). L. Elsler, Analyst, has a research focus on the websites and e- publications of wealth managers as well as mobile apps for banking. She specializes in online communication technologies, digital content strategies and mobile channel strategy. Prior to this, she worked in research for a non-profit organisation in Asia and in communication strategy development for a German accountancy office. She holds a B.A. in Asian Studies and Management from University of Applied Science Konstanz (Germany).

27 GLOBAL SURVEY OF MOBILE DISRUPTION IN WEALTH MANAGEMENT DISCLAIMER IMPORTANT NOTICE AND DISCLAIMERS: No Investment Advice This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. It does not constitute a general or personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. The price and value of securities referred to in this report will fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of all of the original capital invested in a security discussed in this report may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Disclaimers There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth in this report. MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report, caused in whole or in part by its negligence in compiling, interpreting, reporting or delivering the content in this report. Copyright MyPrivateBanking GmbH s Products are the property of MyPrivateBanking GmbH, Switzerland, and are protected by Swiss and international copyright law and other intellectual property laws. Customers are prohibited to copy, forward or store MyPrivateBanking Products outside of the legal entity that has made the purchase. MyPrivateBanking GmbH Konstanzerstrasse 60 CH-8274 Tägerwilen, Switzerland Tel For our latest reports please check: