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Why wealth management needs a high-touch, high-tech approach

Martin Wong
Martin Wong  • 5 min read
Why wealth management needs a high-touch, high-tech approach
To continue providing top-notch service, the wealth management industry must take the personal touch to new frontiers. Photo: Unsplash
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Asia is the epicentre for wealth creation, preservation, and long-term legacy planning. Now, 9% of the world’s family offices are based in Asia, of which 59% are located in Singapore. By 2025, financial wealth in Asia, excluding Japan, is expected to surpass that of the United States.

Part of this dynamic is global macroeconomic change. The International Monetary Fund (IMF) predicts that Asia will contribute approximately 60% of global economic growth by 2030. This surge will be driven largely by India, China, and Southeast Asia, which will account for the vast majority—90%—of the 2.4 billion new members of the middle class entering the global economy.

However, this wealth boom also amplifies a longstanding challenge for the industry as it struggles to keep pace with the growing client base — attracting new professionals into this career. Traditional, personalised service advisory models, while effective, lack the agility, and nimbleness to meet the spectrum of client tastes and preferences today. Wealth management advisory needs refreshed approaches to unlock the new value and perspectives necessary.

The complexities of modern global finance and the dynamic economic environment continue to challenge traditional paradigms. Embracing a high-touch, high-technology driven approach to client advisory is not only compelling but imperative for the future of wealth management in Asia.

Wealth management at a crossroads

Wealth management, characterised by its high-touch, personalised service model, has long been a pillar of stability and trust for affluent clients. Relationship managers prioritise direct, often face-to-face interactions, crafting bespoke solutions that cater to the unique financial and personal needs of high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals. This model excels in building deep, lasting client relationships, a critical factor in wealth management's success.

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However, there are natural constraints in this approach. The first is scalability limitations: as wealth grows and becomes more globalised, the demand for the prompt delivery of information has already outpaced traditional methods. Additionally, there are efficiency constraints, with the reliance on manual processes for tasks such as data gathering, analysis, and reporting leading to inefficiencies and errors. Moreover, client expectations have already evolved; today's clients, both the young and not-so-young, are technologically adept and expect services that integrate seamlessly with their digital lives, accessible on their mobile devices.

To continue providing top-notch service in the future, the wealth management industry must transform and embrace digitalisation, taking the personal touch to new frontiers. This transformation is not just a strategic option but a necessity for sustaining relevance and achieving long-term success in a rapidly changing global landscape.

Tailoring sophistication for HNW and UHNW Clients

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The integration of digital technology is not just to enhance efficiency — it is redefining the very fabric of client relationships and service delivery for high net worth (HNW) and ultra high net worth (UHNW) individuals. These clients require connectivity beyond conventional means.

Social media is this generation’s lingua franca and more so moving forward. It will not go away, and organisations cannot wish it away. Therefore, leveraging social media astutely and creatively contributes to continued success for organisations, ensuring they are seen where their customers can be found.

Real-time global portfolio oversight is essential for these clients, who often reside in multiple territories, hold multi-jurisdictional assets, and operate across various time zones. Digital platforms provide digestible updates on market overviews, trends and opportunities. This builds on the current, but ever improving customised dashboards, offering real-time updates every day of the year. These platforms enhance service through seamless connectivity, allowing clients to receive updates and access information anytime, anywhere, while still easily connecting with their financial advisors.

Digital tools also empower financial advisors, enabling them to uphold exceptional service standards despite time constraints. Advisors can stay actively engaged with clients through regular portfolio reviews, aided by a consolidated overview of each client’s portfolio. In-built product libraries grant easy access to a broad array of available products, facilitating the creation of bespoke wealth and legacy plans tailored to clients’ specific needs.

Advisors can complete documentation remotely with online forms and e-signatures for clients and manage data effectively with centralised and secure data repositories.

Balancing tech and touch

There’s much to learn from the successes of non-traditional financial service providers, where digital platforms have revolutionised customer engagement by providing personalised product recommendations and real-time financial advice. Interactivity, frictionless user experiences, and algorithms are all here to stay. The future of HNW and UHNW wealth advisory is no exception, and we are excited to pioneer this in the international broking market.

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Having led another wealth management firm before this role, I’ve seen firsthand the strengths and limitations of traditional advisory models. Today, we are at the forefront of an approach that others are only beginning to consider, including maintaining a presence on trending social media platforms such as TikTok.

While this may seem like an odd generational leap, the lesson is timeless. Social media is the language of today — it is the language of the next generation. It is only through this process of learning to experience touchpoints we couldn’t previously experience that we are now learning how to think in ways we couldn’t have imagined before.

Transforming wealth management for preservation and long-term legacy planning is not just about roles and responsibilities; it is about speaking the language of today and staying in step with our clients’ changing needs. This is an exciting time for us to evolve from being mere service providers to continuing as trusted advisors for generations to come.

Martin Wong is the regional CEO of Grandtag Financial Consultancy

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