Antti Kunnas, Head of Nordics at Gatsby & White Agency, Finland’s sole independent multi-agency platform catering to private banks, asset managers, and family offices, emphasizes that despite the tightening regulatory landscape for insurance-based wealth planning, the deliberately chosen independent framework and distinctive service model are poised to amplify business engagement from partners seeking Gatsby & White Agency’s exceptional domestic and global proficiency.
Analyzing Finnish Market Trends
Against the backdrop of recent transformations in the Finnish intermediation arena, Gatsby & White Agency now stands as the singular independent multi-agency platform serving private banks, asset managers, and family offices in Finland. With all other insurance agents either affiliated with banking conglomerates or tied to family offices, our committed partners are keen on reducing reliance on internal insurance and wealth planning resources. Outsourcing insurance intermediation is now perceived as a hallmark of superior quality for their clientele. Given the lack of alternatives within Finland, there is a notable demand for the distinct combination of local and global expertise that Gatsby & White Agency, as an independent entity, is uniquely positioned to offer. With the new regulations, only bankable assets can be included in insurance-based wealth planning portfolios which simplifies the process. While this will lower the margins, it will increase the volume of business as we finally have clear guidelines for insurance-based wealth planning.
Gatsby & White’s Market Strategy
Our proposition entails a platform that stands apart from banking institutions, ensuring that clients receive impartial and unbiased guidance concerning their investment-linked insurance requirements. While Finnish clients are restricted from engaging cross-border agencies, our agency extends to them domestic wealth planning solutions complemented by access to global alternatives. Our strategic focus is on encompassing the existing internal business operations banks conduct in product origination and servicing their insurance connections. Despite the projection of slimmer margins, the anticipated surge in business volume and activity is expected to uphold profitability.
Navigating Risks and Seizing Opportunities
While the possibility of encountering fresh competitors always exists, we assess this as improbable in the current landscape, as newcomers would need to establish a reputation for both local and international proficiency. While the potential for revised regulations cannot be entirely dismissed, the recent industry role redefinition brought about by the EU’s Insurance Distribution Directive (IDD) suggests a relatively stable regulatory environment in the foreseeable future. Conversely, our autonomy, coupled with our profound domestic understanding and expansive global network, endows us with substantial advantages, thereby presenting significant growth prospects within the Finnish market.
“Our independence, our local expertise and global connections are huge advantages that create great opportunities for us in the Finnish market.”
