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August 16, 2012updated 04 Apr 2017 3:36pm

SunGard’s Top 10 Asian wealth trends

IT provider SunGard has identified ten key trends that are heavily influencing Asias wealth management and private banking industry. Competition is growing, as a result of domestic retail players branching out into wealth management, and international counterparts and new competitors such as family offices

By Lizabeth Davis

IT provider SunGard has identified ten key trends that are heavily influencing Asia’s wealth management and private banking industry.

Ten influential trends

  • Competition is growing, as a result of  domestic retail players branching out into wealth management, and international counterparts and new competitors such as family offices
  • With the increase of Asian high net worth individuals, a demand for more sophisticated investment product has been realised
  • There are challenges in building client trust, due to clients’ tendency to invest part of their wealth with any one adviser, forcing Asian banks to look towards developing advisory-based services
  •   Relationship managers will offer a more advisory-based service to improve client services making them more competitive. The company  said that this will require a single client view in order for this to be effective
  •   Staff productivity is under greater scrutiny because of marginal pressures that are causing banks to reduce cost to income ratios
  •   Many banks are developing in front-office tools to encourage advisers to build stronger more sustainable relationships with clients
  •   Banks are looking at ways to gain greater control of client relationships by improving management of customer information
  •   Local banks need strategies to attract and maintain wealth onshore and regional retail players should look at private banking strategies to gain fresh opportunities
  •   With services and information become increasingly mobile, relationship managers are being advised to make themselves more accessible to clients by offering real-time information about updates on their accounts
  • Asia’s private banks will be able to better handle counterparty risk as the focus on governance, risk and compliance around sales, product suitability, appropriate disclosures and adviser competency standards increases.

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