Boudewijn Chalmers Hoynck van Papendrecht

Marije: Thank you very much for taking the time for this pre-event interview, Boudewijn Chalmers Hoynck van Papendrecht. You’re a partner at EY and Wealth and Asset Management Consulting leader – as well as a recognized leader in this field in the Netherlands. We’re thrilled to speak with you in the run-up to the Leaders in Finance Wealth Management event on March 6th of this year. You and I have met before at last year’s event, but for those who may not know you, could we start with a brief introduction?

Boudewijn: Thanks for having me. As you mentioned, my name is Boudewijn Chalmers, and I lead the Wealth and Asset Management practice at EY. I work closely with private banks, wealth managers, and asset managers across the Netherlands, while also collaborating with colleagues from other markets to both support them and contribute to the Dutch market with international perspectives. I live in Haarlem, am married, and have two kids who keep me busy. But during workdays, my focus is entirely on the sector I am passionate about, Wealth and Asset Management.

Marije: As a consultant in Wealth Management, you operate on a global level, right? I was wondering if you could share some of the differences you notice between countries or regions when it comes to Wealth Management.

Boudewijn: I find it a very interesting question, not least because some of the biggest drivers of change in private banking and wealth management actually apply globally. If you think about topics such as intergenerational wealth transfer, the role of AI, the growing prominence of family offices, the uptake of alternative investments, and private markets, these are developments we’re seeing everywhere, and all global players are addressing those.

Additionally, many larger wealth managers operate internationally, with a broader footprint beyond just the Netherlands. When it comes to international differences, these often lie in the nature of the products offered or the focus on topics such as sustainability—for example, there are clear distinctions between Europe and the US. Differences can also be seen in how services are delivered, with some regions favoring more digital solutions, while others lean toward a more traditional model. Risk appetite is another area that varies, such as between the APAC and US regions. Those are a couple of examples, but it’s quite interesting that when you talk about the big topics, they actually apply globally.

Marije: The topics you mentioned will be on the agenda on the 6th, so it’s great that we’ll have the chance to hear more about them during the event. In May, EY will publish the Global Wealth Management Survey, which I know you can’t discuss in detail just yet. However, could you briefly share some of the big trends you’re currently observing in wealth management?

Boudewijn: Yes, and there are quite a few. I already mentioned some, but when we talk about intergenerational wealth managers and we look at the survey –  conducted among over 3000 wealthy individuals – from the perspective of what it means to wealth managers, the focus is really on whether wealth managers and private banks are capitalizing on the opportunities. So, are they actually discussing the impact of the legacy and the related developments, or the impact of transitioning wealth and engaging with the next generation? These are fundamental topics. They represent both a threat and an opportunity—more than 50% of the time, when wealth is transferred to the next generation, some of it leaves the existing organization. But this also provides a chance to grow and compete. Also alternative investments, particularly their relevance to end investors within wealth management, as well as the interaction with banks. We’re seeing an increasing number of private banks providing access to alternatives and private markets. The value and quality of advice are becoming more critical—how clients perceive what they’re receiving, whether there actually is added value, the amount of personalization that comes with it, and the frequency of interaction. The survey also dives into topics like client switching, the number of advisor relationships, and the acceptance of generative AI. It’s not just about how AI is used by advisors but also how comfortable end clients feel about their wealth managers using AI. Also portfolio shifts is a broader discussion that we have quite regularly. Private market alternatives are seen as an opportunity for growth, but they’re not suitable for everyone. What does that mean for portfolio construction? Pricing remains top of mind. Omnichannel engagement – although the term omnichannel has been around for quite some time—what channels are being used now, what’s expected in the future, and how  broader ecosystems are shaping this evolution. Finally, markets and environmental uncertainty remain overarching considerations.

Marije: And I can imagine the current geopolitical uncertainty.

Boudewijn: Yes, exactly. Geopolitics, inflation developments, and the stability of key economies—all of these factors ultimately impact the markets. From a private banking and wealth management perspective, the dependency on market movements remains extremely high for overall performance. So, there are certainly many topics that are absolutely worth discussing.

Marije: Exactly. I heard you mention AI, and I’d like to dive a bit deeper into that topic because it’s so interesting and current. I’m curious whether you’re noticing shifts in the level playing field in the wealth management industry when it comes to AI?

Boudewijn: Well, to start, AI is going to play a fundamental role in the future of the wealth management industry—and not only in wealth management but across all industries. Do I already see a change in the level playing field? I would say it’s probably a bit too early for that. This is likely because much of the focus in companies today—specifically in wealth management and private banking—is still on the internal side, using AI to optimize processes or improve efficiency. Particularly, companies are still navigating the boundaries of the responsible use of AI. As a result, AI is often confined to closed, internal environments, primarily in the back end. However, it has the potential to disrupt everything. Where we do see AI making an impact is in supporting advisors. For instance, in virtual environments like this, AI can prompt next-best questions, suggest activities, or recommend services that align with the client’s needs. It might even highlight relevant research based on the client’s current questions. In this way, AI can provide a lot of added value to the advisory process.

Marije: You talk about added value. Do you also see risks

Boudewijn: Absolutely. I think that’s why you still see AI primarily being applied internally in a controllable environment. The key with AI is that it needs to be explainable, both from a regulatory perspective and to your clients. Once it becomes a pure black box, that’s when you enter a risky area. It’s adding value, for sure. I don’t expect many people to say, “AI won’t be for us,” because we’re all going to be impacted by it, both in positive and more challenging ways.

Marije: I always have to think about that series Black Mirror. I don’t know if you watched it – where AI spirals out of control or it turns against humanity. Yes, there’s so much interesting stuff to explore. It’s going to help us. We’re going to grow. It’s going to be exciting. But then again, when it becomes too big, how is it going to impact us then?

Boudewijn: But in all fairness, when it comes to adoption, it begins with using it. There are also people who don’t know where to start, especially in wealth management. There are many ways you can begin using AI, as long as it’s done in a controllable manner. But you have to start, or you’ll miss the boat. That’s going to be interesting.

Marije: You will be playing an active role at the event on the 6th of March. I am very much looking forward to seeing you there again. What are you most looking forward to?

Boudewijn: I think we’ve already briefly discussed how broad the range of topics and developments in wealth management is. Perhaps that’s exactly what I’m looking for—the variety of topics that will be covered by industry leaders, from family offices to technology across the wealth management value chain. As I mentioned, the industry-leading panel is something to look forward to. I’m really excited to be part of it, but equally excited to simply be a participant in the audience.

Marije: That will all take place soon, on the 6th of March. Thank you very much for this interview, Boudewijn.

Boudewijn: Thank you very much, and I look forward to being at he Leaders in Finance Wealth Management Event on the 6th of March, 2025.