Greg Kadet Managing Director & Market Head – Greater Florida UBS Wealth Management USA
How have wealth management’s primary challenges changed with the pandemic? There are several different types of firms that focus on specific fund or asset allocation model solutions. As you move through the industry’s various models, eventually you’ll arrive at advice-driven firms like UBS, where the adviser becomes the product. When you come to UBS, you’re coming to a comprehensive wealth management firm where we consult, create and offer solutions across almost all asset classes around the globe. Our industry challenges have not really changed during the pandemic – the primary issue continues to center around helping investors understand how to engage the financial markets via the many different financial firms’ solutions and capabilities. We still have to do a lot in terms of educating the public as to who we are, what we do and what they can expect from us. What investment opportunities is your clientele looking for? Technology, small midcap companies and emerging markets represent the lion’s share of investment appetite at present. Our clients are looking for advice, estate and financial planning, strategic planning and family planning. They’re primarily looking to ensure that they do not lose the wealth that they built, and if possible, to be able to grow their assets at a reasonable rate of return. What is your outlook for Tampa Bay’s wealth management sector? We just had another record year in the Tampa market, and our top priority is to retain our best advisers and attract top talent to UBS. Our success rides on our financial advisers’ abilities to lead clients and compete for new relationships. The best advisers are going to be able to overcome any environment to succeed. We are bullish about our sector, despite the fact that the world is getting more complicated. In reality, the more complicated financial markets become, the more we can differentiate ourselves within our industry and with clientele. 40
| Invest: Tampa Bay 2021 | PROFESSIONAL SERVICES
Tampa Bay’s professional sector has been instrumental in guiding businesses through PPP loans, digital adaptation, recruitment and other business-related issues during the pandemic.
( ) well-positioned to do,” said Karen Morinelli, office managing shareholder in Tampa for Ogletree Deakins. Landscape On a global scale, the professional services sector is forecast to grow to $5.43 trillion in 2021 from $5.03 trillion in 2020, a compound annual growth rate (CAGR) of 7.9%, according to the report, Professional Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030, by the Business Research Company. The report said the growth is “mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7063.87 billion in 2025 at a CAGR of 7%.” North America is the largest region globally for the professional services market, accounting for 36% of the market in 2020, according to the report. On a regional level, the Tampa MSA financial and professional services sector employs more than 342,000 people, with a five-year employment gain of 13.9% by the end of 2019, according to the Tampa Bay Economic Development Council (EDC). That makes the segment
