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Business summit kicks off in Abaco

Two-day International Business and Finance Summit gets underway in Abaco, with the Minister of State in the Ministry of Finance urging "efficiency" among wealth managers. 

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TheBahamasInvestor.com
Friday, February 3, 2012
Friday, February 3, 2012

Marsh Harbour, Abaco – Leaders and strategists in financial services, government officials, key regulators and other industry stakeholders gathered in Abaco today to engage in mostly closed-door sessions to discuss issues concerning the sector in The Bahamas.

The annual two-day strategic planning and idea sharing conference helps to chart the way forward for the financial services sector, the country’s second largest industry.

Now in its ninth year, the International Business and Finance Summit is the Bahamas Financial Services Board’s (BFSB’s) marquee event attracting global financial services leaders as presenters.

Among the topics discussed were opportunities and challenges facing the industry.

Zhivargo LaingAccording to Minister of State in the Ministry of Finance Zhivargo Laing the industry’s buzzword over the next few years must be “efficiency.”

“We have to have greater output,” he said. “The world we are in is extraordinarily sophisticated and demanding and will not settle for mediocrity.”


The end goal, according to Bruce Weatherill, chief executive officer of his eponymous consulting firm, should be to attain “trusted advisors” status.

Weatherill, an FCA with over 30 years of global financial services industry experience, says that status comes with increased referrals and increased client retention.

“Trusted advisors have a 26 per cent greater share of wallet than untrusted advisors and manage a majority of their client’s assets.”

tblair@dupuch.com

Speaking at the Global Financial Summit being held at Atlantis Paradise Island this week, chief executive officer of the Mexico Business Forum Roberto Salinas said that Latin America offered many opportunities for productive investment. The summit runs until 4 February.

Senator John Delaney issued the Attorney-General's Report 2011 on Wednesday this week. The report includes a review of 2011, as well as enacted legislation. Download a PDF of the report here.

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