Racquel Oden of HSBC on Managing Wealth in Complex Markets
Racquel Oden, Head of International Wealth, Global Private Banking for the US at HSBC, recently sat down with American Banker Editor-in-Chief Chana Schoenberger to discuss the challenges she faces in managing wealth for global clients amidst today’s complex and uncertain markets. Oden emphasized the importance of providing relevant advice to help clients navigate the complexities they are currently facing.
Transcription Errors and Challenges in Wealth Management
Oden highlighted that while transcripts generated using speech recognition software and human transcribers may contain errors, it is essential to check the corresponding audio for the authoritative record. In her role, she faces challenges such as responding to market volatility, policy impacts, tariffs, interest rates, and inflation, especially when dealing with international clients.
Embracing Risk and Purpose-Driven Careers
Reflecting on her leadership journey, Oden shared valuable advice she would give her younger self – embracing risk and possibilities. She emphasized the importance of maintaining an entrepreneurial spirit, continuously learning, and pushing oneself out of their comfort zone to make the right decisions.
Attracting the Next Generation to Finance
Oden addressed the challenge of attracting young talent to the finance industry, particularly on Wall Street. She underscored the significance of convincing the new generation, especially women, to consider finance as a purpose-driven career. With a projected transfer of $124 trillion in wealth to the next generation by 2048, Oden stressed the urgency of their involvement in the industry.
Reverse Mentorship and Technology Integration
Oden highlighted the benefits of reverse mentorship, where the younger generation’s fresh perspectives force industry veterans to adapt and innovate. She also emphasized the pivotal role of technology in delivering personalized financial advice to clients, especially in a digital age where global connectivity is paramount.
Anticipating the Future of Wealth Management
Looking ahead, Oden emphasized the importance of anchoring on advice amidst the abundance of instantaneous information. She underscored the need to help clients navigate the fast-paced financial landscape, anticipate future trends, and provide guidance for the next five to ten years. Oden expressed excitement about the opportunities and innovations that the next generation, including her own daughter, will bring to the table.
For more insights from Racquel Oden, you can watch the full interview here.
