What's the problem with wealth management in Asia?

Harmen Overdijk is a 20-year veteran of the private banking business, and is the founding partner of The Capital Company. Based in Hong Kong, his company is an independent asset management firm offering global as well as Asia-specific investment advisory and related services to international investors. In a recent interview with Hubbis CEO Michael Stanhope, he shared his insights on the shrinking pool of private banks in Asia, what challenges wealth management firms in Asia are facing today, and why transparency and honesty is always the best policy in dealing with HNW clients. Overdijk also advises wealth managers that they should define their value propositions and core competencies if they want to move towards fee-based services.

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  1. What are some of the problems that wealth management firms in Asia face today?
  2. Do you think that we should more clearly define what our value proposition is and ultimately, what are our core competencies?
  3. To what extent do you think we need to be more honest with ourselves, and with our clients?
  4. You mentioned that many senior management in wealth management today might not necessarily know what to do. So what advice would you give them - what are the decisions they need to make?