We are delighted to host our 7th annual event for the wealth management community in China.

This comes at an exciting time for the industry – given the increasing scope for offshoring and greater appetite for international diversification.

It also follows rapid growth in the onshore market – both in terms of numbers of HNW and UHNW individuals, plus more sophistication in the form of greater demand for wealth preservation, planning and inter-generational transfer.

Driving this trend towards estate planning is the increasing number of clients entering their mid-50s and early-60s. They are therefore thinking about how to transfer wealth in a tax-efficient manner, plus in a way that helps with the transition to the next generation.

With these developments has come more penetration of managed wealth offerings within the country. This has been on the back of innovation by local wealth mangers in China, which has effectively attracted local wealth.

For the time being, Chinese markets remain the major investment focus and allocation for wealthy Chinese, despite the growing internationalisation of their investment strategy. But various factors that include RMB depreciation, stock market fluctuations and internationalisation of families are leading to higher offshore allocations in the hunt for diversification.

In line with all these trends, the product and service aspects of China’s wealth management market need to evolve continuously in several key ways.

For example, the offering has historically been delivered via a ‘push’ model – meaning selling attractive products with higher investment returns to appeal to customers. However, the market has been developing – not just impacting the onshore market but also the offshore one. Further, with appetite now beyond just investment products, investors need investment consultants and relationship managers to provide a wider range of capabilities.

To tap these opportunities, the overall customer experience needs to improve within the various wealth management platforms that service these client segments. This requires more high-touch advisory services, to ensure relationships are not just built on transactions.

There is also significant scope to increase the penetration of private banking services; at the moment, around 80% to 85% of the domestic HNW population are currently still using their retail bank.

Digital and social media tools are another important goal for the banks and other institutions, given the increasing amount of disruption taking place in the industry.

This all presents a tangible way to build a longer-lasting business – assuming the industry can address the inevitable challenge of creating and sustaining the resources and talent required to offer a professional and efficient service.

We have designed this agenda to look at where the market is at today, the opportunities and challenges it faces, and where it needs to go to move to the next level.

This event is for anyone servicing wealthy clients – including local and universal Retail Banks, Private Banks, IFAs, Family Offices, Local Asset Managers, Securities Firms, and others.

Key also to the content is providing insights from experts in overseas markets – sharing best practices, the components of successful businesses, and lessons learned from developing and managing wealth management offerings – elsewhere in Asia.


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