Asia private banking debate: How to build a model for a growing Asia

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• Clients’ needs have changed from simply protecting wealth to also making it grow, while there is also an intergenerational change from wealth creation to wealth legacy

• Products have evolved to keep pace with those changes, but the workforce must upskill too. There is good private and public investment in training in Singapore

• Clients have also become more international in their businesses and are very focussed on service and have brand loyalty. They want a full bank approach and need comprehensive solutions

• Across Asia, banks’ margins in other businesses are declining, so many are turning to private banking and wealth management, where returns are much higher

• The private banking market is estimated to be worth $13 trillion by 2025, divided equally between on and offshore

• The new generation of clients is very interested in social and environmental programmes for investment. Banks must be fully involved in all aspects of that

• Family offices can be an opportunity for partnership or a trap of compressed margins that keeps banks away from clients. It is only by showing the full range of their skills that banks can avoid that

Chris Wright, Euromoney Let’s start with the people who matter: the clients.