Driven by strong global economic growth and buoyant financial markets during the go-go years of the 1980s and 1990s, wealth managers were able to prosper simply by showing up, being there and standing relatively still. There was no great need to have a clear strategy or distinctive client proposition. In many cases, the assets – and profits – just flowed in. 

So, what happened? The financial market turmoil of 2000–2002 left many wealth managers –old and new – highly exposed: exposed more than ever to the global equity market; and, in the case of the large number of integrated players, exposed, too, to accusations of inherent conflicts of interest. AsWarren Buffet famously said, “It’s only when the tide goes out that you learn who’s been swimming naked.”2 In short, for many players, at least for a while, wealth management lost its golden lustre.

在20世纪80年代和90年代，受全球经济强劲增长和金融市场活跃的推动，财富管理者们只需现身、待在原地、相对静止，就能获得成功。没有必要有一个明确的战略或独特的客户主张。在许多情况下，资产和利润只是流入。怎么了？

2000年至2002年的金融市场动荡使许多新老财富管理公司面临着极大的风险：比以往任何时候都更容易受到全球股票市场的影响；而且，在众多综合性公司的情况下，也面临着固有利益冲突的指控。正如沃伦·巴菲特（Warren Buffet）的名言：“只有当潮水退去时，你才知道谁在裸泳。”2简而言之，对许多玩家来说，至少在一段时间内，财富管理失去了它的金光。