Helping Asian Wealth Management Communities interact

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The pandemic has wrought havoc and sadness across the globe, but in the world of wealth management, times have seldom been so good. For those providers of digital execution and custody platforms, the combination of increased remote working practices and ‘smart’ access to financial services of all types has fast-forwarded their business models beyond perhaps where they might have imagined if they had been asked for their projections in late 2019. The journey remains the same, but the train has evolved from the inter-city express to more of the TGV/bullet train variety. The Hubbis Digital Dialogue discussion of November 3 will look into the state of the independent wealth management execution and custody market in Asia and debate how much progress these platforms have really made against the historical incumbents – the traditional Tier 1 global private banks – and how the competitive arena has been shaping up, especially as there is no doubt that the banks have been upping their games as well. How then have the digital platforms refined their offerings, their marketing, their business models and their strategies to convince customers to turn to them for the most compelling, best-value custody and execution proposition? Who are their customers, and why? And what does all this mean for the Asia Pacific wealth management markets, where even amidst the impediments created by the pandemic, economic growth remains positive in most countries, and private wealth creation even more robust? And it is in the area of custody that our panel of experts will focus more of their attention for this event, as custody represents an appealing annuity-type business with immense economies of scale available for those that win more and more of these clients. Moreover, perhaps custody is where private clients are more cautious about shifting their allegiances, often preferring the perceived safety of the major banking institutions. However, scratching slightly under the surface, it is easier to see that some of the digital platforms offer both a compelling execution offering and also a safe, secure and state-of-the-art custody proposition. The panel will therefore analyse what makes a great custody offering, and if clients in this region have been switching away from the private banks, and exactly why.