Asia private banking debate: Great opportunities in Asia
Asia offers a unique client set of young entrepreneurs; it also offers the challenge of new generations inheriting wealth with different expectations from their predecessors. That is a great opportunity, but it requires private banks to be nimble, thoughtful and technologically adept.
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• Wealth management is becoming more about partnering with clients
• Some national markets are still about wealth creation; others are transitioning to wealth preservation
• Banks in the region are working more often with family offices
• Investment aims are also evolving, with younger HNWs looking at alternatives as well as CSR, ESG and green
• Banks must also meet younger customers’ expectations on technology
Chris Wright, Euromoney: Asia differs from the rest of the world in the requirements it makes of private banking. Clients are more commonly entrepreneurs and younger than in Europe or the US. How does a private bank serve such a client base? Does the private bank have to be linked to the investment bank in order to advise entrepreneurs?
Tan Su Shan, DBS (TSS, DBS) Asian clients are creating wealth, and a lot of their net worth sits in their business. If that business is listed, then they are liquid; if not, then it is the job of their wealth management partner to help them find other liquidity solutions – or hedging solutions, or wealth transmission, or wealth succession solutions.