This is how banks can win Asia's wealth management race worth US$10.7t

Bankers reveal the distinction of Asia's rich from their western peers plus different strategies to better serve Asia growing market of HNWI.

ABF: A recent report says Asia’s rich has an estimated private wealth of US$10.7 trillion. How can banks attract more clients and win Asia’s wealth management race? What are possible challenges as well as opportunities for this growing market of high net worth individuals?

DBS Bank: Jeremy Soo, Managing Director and Head, Consumer Banking Group (Singapore)
The Asian HNWI are different from their peers in the west. The wealth of the Asia’s HNWI is closely inter-linked with their business. They are likely to be younger than their Western counterparts and be in wealth creation mode.

They have varied portfolios and want a more proactive investment strategy. There is also the need for succession planning as wealth flows to the next generation. 

RCBC: Ismael Sandig, Senior Executive Vice President - Retail Banking Group
Notwithstanding the rates on our private banking accounts, what will be most critical is relationship and a more simplified process. Private banking customers become more demanding and will want the banks to go the extra mile to make the difference.

CIMB Bank: Renzo Viegas, Group Deputy Chief Executive Officer and Head of Consumer Banking
High net worth customers need reliable personalised service, a wide suite of financial and wealth products and strong financial advisory support to help them make investment decisions.

Over the past five years, we have invested in building a competent network of relationship managers. We also offer a wide range of products catering to the different types of investors, from simple investment products such as the gold investment account and unit trust to more savvy ones such as dual currency investment and structured products including FRNID and NIDi offerings. At private banking, we offer IPOs, fixed income instruments, trading, private trust and more.

As the market segment for high net worth individuals grows, competition will no doubt become more intense.