Philippines Wealth Management Forum 2019 - Highlights - Simon Wong

Simon Wong of ERI

May 22, 2019

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1. What are the challenges and opportunities for the industry?

Video transcript

1. What are the challenges and opportunities for the industry?

The opportunity for the industry obviously in South East Asia specifically is that it is a growing industry. The wealth accumulation there is obviously enormous compared to the North Asia side where market has matured a little bit. In South East Asia there's still a lot of growth potential. The challenge is the concept of high-end private banking and wealth management that needs to “sing in” with management. The fear is that wealth management is just a subset of retail. I think if that's the concept that a lot of banks have, and they would be absolutely wrong. Wealth management needs a segment of its own, needs to have a service of its own, and they need to recognise that.

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