Malaysia is not anywhere near as populous as its ASEAN neighbours such as Thailand, Vietnam, Indonesia or the Philippines. But the economy and the financial markets are well advanced, and there is immense private wealth, much of it historically managed through Hong Kong, Singapore or further afield in Europe. Accordingly, the wealth management model is more advanced than in neighbouring countries. However, there is far more to be achieved - Malaysia has the potential to evolve further into what will eventually be a mature and very thriving wealth management market, emulating in an onshore model many of the successes of neighbouring Singapore and also Hong Kong.
There is certainly plenty of room for Malaysia’s market to grow robustly alongside those more well-established offshore financial centres, as long as participants in Malaysia can manage the tighter regulatory demands, boost the array of investment products and solutions, and if they continue to develop the Islamic finance wealth market.
At the same time, the incumbent players will need to compete energetically and smartly against new entrants that have been becoming more prominent locally, as the regulators continue to gradually liberalise the financial markets. Digitalisation, increasingly savvy demand from customers and diversification in the revenue generation avenues available are the hallmarks of the wealth management model as key protagonists would like to see it develop in Malaysia.
Wealth managers are also striving to boost the fee-paying advisory and DPM models, to fight back against the tide of lower product fees, which are consistently being driven down by both competition and regulatory demands. And at the same time, key players are aiming to expand the remit of the wealth management industry away from solely focusing on investments and asset management and towards insurance, family office services, estate/legacy planning and even investment migration solutions.
Are the regulators helping or hindering these developments? Could they be more accommodating and more open to open architecture and allow faster speed to market for fashionable concepts? Are Malaysia’s private clients engaging with these concepts, the products and solutions and the increasingly digitised methods of delivery? And how is the industry coping with the implications of the pandemic? The overall mission for all the industry players is to significantly boost the variety and diversity of products on offer and the professionalism of the advisors and the industry at large, but the big question is exactly how this can be achieved, and at what pace.
Our panel of experts will debate these topics in what will be an in-depth and informative Hubbis Digital Dialogue on March 18th.
A community of leading organisations within Asian Wealth Management
Senior figures in Asian Wealth Management are speaking at this event
Standard Chartered Bank
Malaysia – An Update on the Wealth Management Market’s Evolution
- What are the key developments in Malaysian Wealth Management and Private Banking?
- What are your priorities for the year ahead?
- What enhancements have you made to your value proposition, products and service offering?
- How has Covid-19? Changed the interactions between you and your clients?
- How do you intend to grow your platform over the next 12-months?
- How can you deliver advice to deepen relationships with clients?
- New normal requirements for next-gen clients
- What underserved segments have you found that offer you growth opportunities?
- How is technology helping you engage clients and prospects?
- Can robo-advisory or machine learning increase efficiency and / or help you generate business?
Founder & Chief Executive Officer
Head, Private Wealth Malaysia, Group Wealth Management, Community Financial Services, Malaysia
Head of Proposition Sales, ASEAN
Managing Director & Head - Wealth Management Malaysia
Standard Chartered BankSlawomir Wojcik
Product Manager Wealth Management
Standard Chartered Bank