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EXECUTIVE SUMMARY
• 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.
