Our partners at Hubbis have just released a comprehensive report on Asia's wealth management landscape, shedding light on the future outlook. Key trends to watch out for include: Growth propelled by mass affluent investors, the complexities of margin compression, and the rising importance of digitalisation as a defensive moat to navigate an influx of investors and narrowing margins.
They also surveyed over 300 wealth management experts to gain insights into Asia's private wealth market. Here's what they found:
- A whopping 96% foresee substantial growth in mass affluent wealth management, with 67% predicting rapid acceleration.
- The scarcity of talent is a growing concern, as 95% of individuals acknowledge a significant RM and advisory talent gap in Asia. Furthermore, more than half anticipate a further exacerbation of this issue in the near future.
- Digitalisation progress is underway but needs to be ramped up, according to 78% of respondents. Top tech investments should focus on enhancing RM capabilities and client lifecycle management.
- 76% express concerns over margin compression. This highlights the importance of value-added services and revenue growth.
- Singapore is poised to surpass Hong Kong as the preferred booking centre for Asian private clients, with UAE also gaining traction.