Interaction and advice makes wealth managing that much more meaningful

Interaction and advice makes wealth managing that much more meaningful

By: 
Samantha Chiew
18/07/18, 10:00 am

SINGAPORE (July 18): When it comes to wealth management, a constant dialogue with clients makes all the difference, says Dominique Jooris, South Asia CEO at Pictet Wealth Management.

In an exclusive interview with The Edge Singapore, Jooris says “These dialogues are why one would go to a private bank. This is the type of service you would find here, that you would not find at commercial banks, internet brokers or robo-advisors.”

“That is what most banks miss – the ability to have, in a sophisticated way, a comprehensive dialogue, not only about the investment but about the investor’s current financial status, risk profile and future needs.”

Robo-advisors have been gaining popularity over the years, attracting anyone and everyone who would be interested in investing, especially first-time investors and those with a low investing capital.

But is this viable for high net worth investors?

“You come to us because you have a meaningful amount of wealth that you would want to have managed for a long period of time,” says Jooris.

Pictet Wealth Management is a comprehensive wealth management service for high net worth investors and families. It is part of the Pictet Group, which operates as a partnership of seven owner-managers, including members of the Pictet family, with principles of succession and transmission of ownership that have remained unchanged since foundation in 1805.

As of Dec 31 2017, the group has US$522 billion ($712.3 billion) in assets under management (AUM), while Pictet Wealth Management has US$205 billion in AUM.

The group’s business model is to create value-added things that investors don’t typically have access to whether it’s research, advice or investment opportunities.

Creating a holistic wealth plan

“The thing that we have identified that people need when entrusting you with their wealth is that you walk with them the road through their wealth planning to ensure that their wealth is in the right place,” says Jooris.

This would include one’s risk appetite, financial status, family inheritance and governance, preferred types of investments, and more. And any one of these factors may also change overtime, thus the need for constant follow-ups.

For most, wealth transfer through generation is important.

“It’s very common for us to sit in meetings with father and son, or mother and daughter. Because we have the agility of a bank with a human size and the resources of a larger group, we have the time for every client and we also spend a lot of time educating the next generation about financial matters,” he adds.

Accessing hard to find investments

Several private equity investments out there are quite hard to reach without the right connections. Pictet, being around for over 200 years, has built the connections to get in touch with these investments.

“If there is one thing that is very hard to access for private investors, it is private equity opportunities.”

“One of the things we have at Pictet is a private equity fund of funds through which we diversify the risk of private equity by investing in a number of different private equity funds, ensuring that clients can still enjoy the return of that asset class,” says Jooris.

But it is not all about getting to those hard-to-reach investments; it is also ensuring that these investments produce results.

“It’s not just about finding or selecting funds; we also want to ensure that investors see the result of their investments. We report every quarter on the evolution of these and we make sure that investors are aware of what is happening in those funds,” he adds.

Procurri falls 9.7% to 28 cents as New State also withdraws acquisition offer

SINGAPORE (Feb 19): Shares of Procurri Corporation fell on Tuesday morning after it announced that potential investor New State Capital Partners had withdrawn its acquisition offer. The latest withdrawal follows the Feb 8 termination of discussions by a second potential offeror after New State to acquire the company through a possible voluntary general offer. Enterprise hardware supplier Procurri had asked for a trading halt of its shares at 8.03am and lifted it at 12.24am after the announcement. As at 2.50pm, shares of Procurri were trading at 28 cents, down 9.7% or three cents.....
Read More >>

Boustead Projects unit awarded $70 mil contract for high-tech manufacturing facility

SINGAPORE (Feb 19): Boustead Projects, the specialist in real estate solutions, says its wholly-owned design-and-build subsidiary, Boustead Projects E&C, has won a contract worth over $70 million. Under the contract, Boustead Projects E&C will design and build an integrated advanced high-tech manufacturing facility in Singapore. With a gross floor area of 36,300 sqm, the facility is intended to expand the client’s existing operations in Singapore. The project is expected to be completed by the second quarter of calendar year 2020. With the capture of nearly $600 million in c....
Read More >>

Healthcare and property stocks are Budget 2019 winners

SINGAPORE (Feb 19): The recent Budget 2019 has little to no impact on the Straits Times Index (STI) component stocks, apart from ST Engineering which has a low index weight, according to DBS in a Tuesday report. Other mild potential beneficiaries are SembCorp Marine, domestic staple consumer companies, such as Sheng Siong, as well as healthcare stocks. In the Budget 2019, finance minister Heng Swee Keat shared more detail on the extension of the Community Health Assist Scheme (CHAS), which was first mentioned at the National Day Rally last year by prime minister Lee Hsien Loong. See: ....
Read More >>