Wealth managment in Asia: The FutureAdvisor Asia report from Scorpio Partnership

BANKING

FUTUREADVISOR ASIAEmbracing digital: a high stakes revolution in high net worth client management

Insight Report

FUTUREADVISOR ASIA: WHAT WILL IT TAKE TO CONNECT WITH CLIENTS AND COMPETE IN ASIAN WEALTH MANAGEMENT?

www.sungard.com/ambit 1

IntroductionCompetition in the global wealth management space has never been more intense. Within the industry, it is the Asia-Pacific markets that are seen as the world’s engine room for growth. Double-digit net new money targets have been committed to by most wealth managers across the region. This is in spite of more modest recent single digit achievements at virtually all of them. The optimism is heartening.

The rationale is, put simply, that today there are more high net worth individuals (HNWIs) in Asia than anywhere else; the challenge for the industry is how to connect to these individuals fast, establishing relationships so that their financial needs can be met today and in the future. For wealth advisors and the firms they work for, the question is how to attract and win clients in an increasingly competitive market. The reality is that advisors and their financial institutions need to take a fresh look at client management and re-evaluate whether their current business models are going to enable business success.

Looking at the future of the wealth management industry in Asia there are five questions that firms need to consider:

› How do we become better connected to our clients? › What do we need to be competitive? › Where can we gain market share? › Which channels should we be using to engage our customer base? › Why can we be confident about future business success?

To help firms answer these fundamental questions, SunGard has sought evidence and insight. This research exercise has been undertaken in the Asia-Pacific wealth management sector and was led by Scorpio Partnership, the global leader in high net worth and wealth industry market insight, based on more than 20,000 interviews with clients and professionals.

The evidence has been generated by collating the views of 400 HNWIs in the five markets of China, Hong Kong, Singapore, the Philippines and Indonesia. These markets are considered to be the power houses of future growth for the wealth industry. To complement and challenge these individuals’ views, the research has also collated the views of approximately 96 wealth advisors and senior managers in the industry located across the same markets.

The insight has come from the analysis of the findings by Scorpio Partnership. They have drawn on their experience surrounding the evolution of HNWI requirements in wealth services and the ways in which advisors can remain competitive. Their views have been developed in collaboration with SunGard to prepare FutureAdvisor Asia, a report that assesses the opportunities today for wealth management firms in Asia, and examines what is required to enable wealth advisors to be successful in the future.

2 FutureAdvisor Asia

TABLE OF CONTENTS

4 Executive summary

4 Embracing digital: the changing face of wealth management in Asia

4 Asia’s HNWIs’ expectations for future wealth management

5 Weaknesses of today’s Asian wealth management model

5 Looking ahead: The development of Asia’s future advisor

6 Building future client connections

6 Digitally connected: Asia’s HNWIs have more digital gateways than you think

7 Surfing for wealth: how Asia’s millionaires are increasingly managing their fortunes online

8 There’s an app for that: growing demand for financial management apps

10 Sky’s the limit: understanding Asia’s HNWIs ambitions for growth

11 A balancing act: how Asia’s wealthy are looking to rebalance their portfolios

12 Getting the right advice: building the role of the wealth advisor

13 Developing Asia’s future advisors

13 Misconceptions: Asia’s wealth management industry may be young but it is not without experience

14 Capacity costs: understanding its impact on the wealth advisor and ultimately their clients

15 The client-centricity challenge: how much ‘face-time’ is enough?

16 BYOD: Asia’s advisors are predicting new levels of mobile wealth management

18 An integrated digital experience: what do advisors want?

20 Brand and reputation: how important are they?

21 Reality hurts: client knowledge will need a major upgrade

22 Value of services: endorsed by the advisor, challenged by Asia’s wealthy

24 Conclusion

25 Appendix

25 Research methodology & sample


TABLE OF GRAPHS

Figure 1: Computing and mobile device ownership in selected Asia markets

Figure 2: Computing and mobile device ownership in Asia by net investable worth

Figure 3: The number of hours in a week spent online by Asian millionaires

Figure 4: The most active surfers for wealth in Asia are the wealthiest

Figure 5: The usage levels of mobile apps among Asia’s millionaires

Figure 6: The range of financial services activities undertaken online in the future

Figure 7: The rationale for Asian millionaires when engaging with the wealth management community

Figure 8: The balance of wealth assets managed professionally for HNWIs

Figure 9: Future investment preferences for HNW investors

Figure 10: The growing interest in the use of professional advisors

Figure 11: The market-by-market preferences for wealth management support

Figure 12: The level of experience for wealth managers in Asia

Figure 13: Client-advisor ratios

Figure 14: The time-motion activities in an average week for a wealth manager in the targeted Asian markets

Figure 15: The usage levels of mobile technology for Asian wealth managers today

Figure 16: The dominance of tablets for Asian wealth managers in five years

Figure 17: The future requirements of the market in Asia to remain competitive

Figure 18: Asia’s HNWIs’ wish list from wealth managers in order to do more business

Figure 19: Asian wealth advisors immediate priority developments for their businesses

Figure 20: The difference of opinion between Asia-based advisors and HNWIs on key factors for selecting a wealth manager

Figure 21: The differences of view between clients and advisors on wealth matters

Figure 22: The advisors’ perception of value for money of the wealth management industry in Asia

Figure 23: The perception of value for money of the international wealth managers by HNWIs

Figure 24: The perception of value for money of the local wealth managers by HNWIs


EXECUTIVE SUMMARY

Embracing digital: the changing face of wealth management in Asia

1. In Asia the rise of mobile technology among wealthy clients is fast and significant. Most high net worth individuals (HNWIs) now have at least 3 personal digital gateways to the internet outside the home, with the wealthier HNWIs being the biggest users of tablets and smartphones to get online.

2. The amount of time spent online in relation to wealth management among HNWIs in the Asian markets in this study is 5.3 hours per week. As their wealth increases, so does their time spent online. For wealthier Asians, with wealth in excess of US$6m, their time increases to 7.3 hours which amounts to 30% of their online time in a week.

3. In essence, every five seconds an Asia-based millionaire is online managing issues related to their finances and therefore interacting with the financial industry. China’s millionaires are the most digitally active and Indonesia’s millionaires are the biggest users of BlackBerrys.

4. The top three client requirements from the web are investment research, investment monitoring and active investment. Looking forward, Asia’s wealthiest investors expect more financial advice, both online and in person.

5. To support efficiencies, wealth managers predict in five years the dominant tools for the delivery of financial services to HNWIs will be tablets. Activities will include on-boarding, portfolio analysis, pitches, contact management and investment research.

Asia’s HNWIs’ expectations for future wealth management

6. Asian investors aim to increase their wealth, on average, 3.7 times within a time period just over 12 years. These investors are confident (just over 60%) that they will achieve this goal.

7. When selecting a financial institution the brand and reputation of the business are paramount, while the facilities to interact digitally are also important and are expected to become more important. In essence, the digital footprint of their wealth provider will make an impression.

8. In the future, the role of the independent financial advisor will be increasingly important to clients, more so than the private banker or priority banker. Both wealth managers and HNWIs recognize that the financial plan is becoming a core capability requirement for the industry.

9. HNWIs in the region make the bulk of their wealth locally and want to continue to invest heavily in home markets. Equally, they are now moving towards a rebalancing of their portfolios, moving out of cash into more diverse asset classes including commodities and private equity.

10. Private client investors in the region consider their wealth management firms to be relatively solid value for money. However, the industry has a much higher opinion of its own value. This belief in value delivered to clients is nearly twice as high as the perception of value that clients hold.


Weakness of today’s Asian wealth management model

11. Wealth managers are stretched in terms of their client-advisor ratios and yet they remain under pressure to grow their book. The regional client-advisor average ratio is 86 as opposed to the global ratio of around 50-60 clients.

12. Currently the average advisor is spending less than 40% of their working hours in client-facing activities and 12% of the time in prospecting. Client meetings represent just over half a day a week while the most significant time usage is answering emails at 5.4 hours.

13. The advisors strongly believe that they know their clients well. They believe they manage approximately 38% of the clients’ total wealth. However, the client responses indicated advisors have a very poor level of knowledge and often manage much less than the stated 38%.

14. Local wealth managers are going to be expected to increase their capabilities in financial planning, asset allocation and investment management to compete. Notably, the wealthiest clients have a more favorable impression of the local firms compared to the less wealthy.

15. The top priorities for future development in wealth management are: enhanced business intelligence, CRM system upgrades and improved risk management tools. Half the advisors believe their current systems are inadequate.

Looking ahead: the development of Asia’s future advisor

16. The expertise in the industry is higher than widely assumed with the average experience level in client-facing roles close to a decade. Crucially, these experienced resources need training to adapt to the digital evolution occurring in wealth management.

17. The reality is that Asia’s advisors are already using mobile technology in nearly 50% of their wealth services to enable them to compete. The issue is the tools being used are often neither approved nor synchronized with their financial institution’s systems.

18. The expectation is that the wealth management industry will need to become much better managers of data and content in order to improve individual relationships and product development for each client. The digital environment is a major factor in this assumption.

19. The future advisor in countries such as Hong Kong, Singapore and China are likely to see greater client demand for an integrated and online client experience. The Philippines and Indonesia are slightly behind this pace where retail banking continues to play a dominant role with HNWIs.

20. The future advisor at either a local or an international wealth manager will be under pressure to deliver a broader and more strategic planning and assessment solution to win business. The value of this service will need to be demonstrable.


BUILDING FUTURE CLIENT CONNECTIONS

Digitally connected: Asia’s HNWIs have more digital gateways than you think

The HNW investor, termed as an individual with a minimum investment level of US$1m, possesses a good number of digital devices and is far more active online than the wealth management industry realizes. This has significant consequences on their expectations of future relationships with financial institutions and their advisors.

Today, in the five Asian markets, the average wealthy investor is likely to have a laptop or desktop plus at least two other digital devices including a tablet along with a smartphone or BlackBerry.

For reference, 57% of the sample owned an iPad while 42% owned another type of tablet device. Interestingly, the importance of the BlackBerry as an important aid in connectivity for wealth management is diminishing except in Indonesia.

Essentially, all of the devices owned are internet-enabled and so these investors have multiple gateways to the digital world. The millionaires consider these to be crucial in terms of how they manage their lives personally, professionally and financially.

Notably, the uptake in tablet-based devices is significant. Chinese and Hong Kong millionaires are the top of the pack in terms of ownership. Singaporeans are not far behind. To all of them, there is no turning back from digital mobility. It is already their way of life.

It is not surprising then that the wealthier the client across Asia, the higher the likelihood they will own an iPad or other tablet. What is interesting however is that the research is also suggesting that these devices are fast becoming the tool of choice for the wealthiest in the region and may even usurp the smartphone or even the laptop as a primary gateway for getting online.

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Which of the following devices do you own personally?

Figure 1: Computing and mobile device ownership in selected Asia markets

Figure 2: Computing and mobile device ownership in Asia by net investable worth


Surfing for wealth: how Asia’s millionaires are increasingly managing their fortunes online

Tablets are not just sitting idle with these wealthy clients, they are using their devices and quite frequently. While it is clear that the Asian millionaire is a very active digital surfer, the significant finding is actually how much time they are online in relation to their finances. It is becoming apparent that HNWIs are essentially the Formula 1 drivers of the internet superhighway.

The wealthy investor in Asia spends on average 5.3 hours each week on matters related to their banking and investments. In terms of the total average time spent online by Asia’s millionaires, this equates to around 25% of their surf time. It also suggests that staggeringly, every 5 seconds, a millionaire in Asia is interacting with wealth matters digitally and this is only set to increase.

This regional average above is interesting and plots a clear course for the future of wealth management. Yet, market differences provide a new layer of revelation. For instance, the most digitally active wealthy are the China-based millionaires, allocating an average of 6.3 hours a week.

Similarly, the younger population of millionaires across the five markets are spending 29% of their online time around their financial affairs while millionaire women spend approximately 50 minutes less time a week surfing for information on their banks and their investments than their male counterparts.

However, the biggest discovery is that the richer the client base in Hong Kong, China, Singapore, Indonesia and the Philippines (those with net wealth exceeding US$6m), the more time they spend connected to their wealth via the internet. This gold-plated, double-click group of investors spend on average 7.4 hours, or 30% of their digital life interacting with wealth matters.

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Figure 3: The number of hours in a week spent online by Asian millionaires

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Figure 4: The most active surfers for wealth in Asia are the wealthiest


There’s an app for that: growing demand for financial management apps

With this hyper-activity of millionaires around their finances online, the crucial question is what exactly are they doing and how are they travelling across the digital superhighway?

In this context, the usage of mobile apps is noteworthy for wealth managers. China’s millionaires are the most active consumers of mobile apps in all areas including banking, investments and portfolio monitoring. This is the highest level of activity in the region and there is some distance between them and the other researched countries.

The markets that are least active, but are still users of mobile apps appear to be both Indonesia and the Philippines. Meanwhile, there is generally a lower uptake of portfolio

monitoring apps but this is not because of a disinterest on the part of wealthy investors in Asia. In fact they suggest clearly they would like more capabilities here but bemoan the lack of apps online that meet their needs. Again, the higher the investable wealth, the more active they were in this area.

Aside from the actual usage of mobile apps, the regional millionaires were clear about their activities in relation to financial matters online. In essence they use the internet relatively equally for a broad mixture of activities including financial research, investment monitoring, actual investing, general banking, evaluating financial news and interacting with their financial institutions.

Note: Graphic shows the highest and lowest countries in each category. All others countries are in the middle.

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Figure 5: The usage levels of mobile apps among Asia’s millionaires


Notably, when investors predict their usage patterns in five years’ time, they point to a decrease in directly evaluating financial news and specifically for their investments. In fact, they expect the largest increase to be their interaction directly with their financial institution on matters related to their wealth. Furthermore, they expect their financial providers to keep pace with them on this crucial aspect and at the moment there are signs of doubt that they can keep up.

Doubts notwithstanding, the future role of the wealth manager will be an increasingly important resource to the Asian HNW sector in terms of information and enablement to help them

achieve their personal financial goals. In particular, access is a key factor for HNWIs in the region and while they may have significant personal fortunes, they recognise that they may lack the level of specialist investment knowledge held by a wealth management professional.

Essentially, the client is acutely aware that the advisor has the necessary skills required to navigate the complex financial markets. The key now is to determine how the advisor can deliver this requirement in a manner that meets the needs of the client at the right time and place and in the most efficient manner.

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Access to specific investments and markets: 49%

Lack of knowledge: 35%

Lack of time: 25%

Preference to delegate: 22%

Another family member takescontrol of the investment: 21%

Disinterest in investments: 8%

Other: 2%

Reasons clients are using their financial advisers:

Figure 7: The rationale for Asian millionaires when engaging with the wealth management community

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Figure 6: The range of financial services activities undertaken online in the future


Sky’s the limit: understanding Asia’s HNWIs ambitions for growth

Today’s millionaires in Asia are sprinting like Olympians when it comes to wealth creation. The assessment here shows how much ambition these investors have and crucially, in light of their ambitions, how important they are in a digital wealth management context.

The average wealth of the community was US$3.7m. Their ambition in order to meet all of their financial requirements was to attain US$13.8m. Again, the mainland Chinese and the Singaporeans had the largest wealth goal figures at US$15.2m and US$15.6m respectively. In sum, these fast track wealth creators have set a financial target of 3.7 times their current wealth level. Their view is it would take an average of 12.9 years to meet this target and they have a 60% confidence rating in their ability to achieve this sum within that timeline.

These are clearly confident individuals. To even get this far, one would expect that. And not surprisingly, when it comes to finances, to date the majority have been handling their wealth on their own. But if their confidence levels of achievement are only set at 60%, there is clearly an opportunity for the wealth management industry, if they can get more connected to individual clients, to demonstrate their value and win new business.

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Figure 8: The balance of wealth assets managed professionally for HNWIs


A balancing act: how Asia’s wealthy are looking to rebalance their portfolios

The fundamental question is how do Asia’s HNWIs expect to achieve their growth ambitions in terms of their investment plan? Also, what role do they expect the wealth management industry to play in meeting this goal? Getting connected and understanding their clients’ future asset allocation interests would be a logical start.

The results of our research reveal a marked portfolio rebalancing away from cash by as much as a quarter of the current holdings. This is unsurprising given the wealth ambitions of these millionaires who now clearly recognize that having too much cash liquidity is not going to assist them in achieving their financial goals.

On a country basis, there is a variance to the asset class preferences but fundamentally these investors across the region are pointing towards capital growth. To achieve this, these wealthy investors are anticipating measured increase into more specialised fields such as private equity, natural resources, commodities and collectables.

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Which of these asset classes would you like to have investments in within the next 5 years?

Figure 9: Future investment preferences for HNW investors


Technology is changing the boundaries of the wealth management relationship model. Clients are increasingly expecting that they can access their advisor, their institution and fundamentally, their wealth at any point in time. Critically, that access is not just going to be purely for the pleasure of counting the coins in the vault. It is going to enable the HNWI to make the most out of the opportunities they see around them and to determine if they are on track with their wealth creation ambitions.

In conclusion, the evidence based on Asia’s HNWI feedback suggest they are not just on the internet superhighway and driving fast, they are looking to their wealth managers to provide the lighting on the digital streets ahead of them so they can get to their destination even faster and more safely. Failure to help will mean the HNWIs may take a drive in a different direction.

Getting the right advice: building the role of the wealth advisor

The evidence suggests recognition that the future advisor has a role to play that goes beyond pure execution and brokerage, even with these assured HNW investors.

According to Asia’s HNWIs, the winners will be wealth management professionals with a strong local investment management capability given the strong preference among these wealthy investors to both source and invest in opportunities close to home. Apparently, these HNWIs want to see, touch and know how their portfolios perform at any time and they want to be assured that their advisors are on alert to act in the event of significant movements in their portfolios.

When pressed, HNWIs detailed that the advisors will help them to access markets and provide the necessary knowledge and insight they lack and as well as, in an increasing number of cases, take on the responsibility of carrying out the investment strategy on their behalf.

The country where the role of the independent financial advisor is set to become most popular is China. Singapore was a close second where a large portion of the sample already indicating activity with wealth management-related independent financial advisors today.

In five years’ time, the priority bank and the private bank in China will remain major influences on the HNWI’s wealth creation plans. Meanwhile, HNWIs in Hong Kong are dumping their friends and family off the advice influence charts.

Such a development of influences in the wealth planning and implementation process is revealing. When considered alongside the rapid emergence and expectation of more regular online interaction between client and advisor, it places an even greater emphasis on the capabilities of the future financial advisor to be even more omnipresent and capable.

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Figure 10: The growing interest in the use of professional advisors

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Which investment advice channels do you use to help you make your investment decisions in 5 years’ time?

Figure 11: The market-by-market preferences for wealth management support


DEVELOPING ASIA’S FUTURE ADVISORS

Misconceptions: Asia’s wealth management industry may be young but it is not without experience

Amid these developing needs of the wealthy investor in Asia, the burning question is the level of readiness of the wealth managers. How able are they to better connect with their prospective and existing clients? How well do they really know their clients’ interests and needs? What are they worried about in terms of their ability to compete? And finally, what are they and the institutions they are working for doing now to embrace and enhance the digital client experience?

In terms of the advisors’ corporate background and experience, the first finding of significance is that the level of experience in this industry may be higher than many assume. Generally, the industry is described as a young one which really has only started developing since the late 1990s. However, one could argue that modern wealth management worldwide is in the same boat. With that being the case, the respondents in this survey on average had nearly a decade’s worth of wealth management industry experience with 70% in client-facing roles. Moreover, these professionals had 14 years on average in the financial services markets as a whole. These are not rookies, they have been around the block, often.

*other asia refers to Indonesia and The Philippines

Years in the current wealth management role

Total years in wealth management/financial services

Overall

40 yrs to 49 yrs

50 yrs and over

18 yrs to 29 yrs

30 yrs to 39 yrs

Hong Kong

Other Asia

Singapore

China

0 5 10 15 20 25 30

9.314.1

5.67.0

8.710.5

10.819.0

12.927.0

10.1

8.39.9

8.817.4

10.112.8

15.7

Figure 12: The level of experience for wealth managers in Asia


Capacity costs: understanding its impact on the wealth advisors and their clients

Interestingly, it appears these wealth advisors are just coming into their prime. They are acutely aware of their need to up their game on the client engagement level in order to raise their levels of business activity.

But in this context, it is worth noting that half of the advisors surveyed believe they have too much work to do while 47% consider that they are working at capacity. This capacity can be measured by looking at the volume of relationships the advisors manage on average.

For instance, the average client to advisor loading is around 86. In China, this rises markedly to 118 clients per advisor. Such a number would perhaps explain why 74% of China-based advisors believe they are operationally extended beyond their capacity. Similar characteristics of high client ratios are also reflected in Indonesia and Philippines where the wealth management markets are still dominated by retail banking offerings. For reference, global client-loading averages for a full service wealth business are typically at around 50-60 clients. The impact of too many clients will obviously have a detrimental impact on the quality of relationships that wealth advisors can have with their clients, and ultimately reduce service levels.

Equally, another important influence on capacity is the amount of time spent on internal administrative tasks. It is clear that from the professionals’ viewpoint, this is an industry that is working at or close to full speed with the current tools it has.

Looking forward, the pressures for revenue growth will place even greater demands on client loading averages. The industry needs more clients to support its business model. It is in this context that embracing digital channels may represent a breakthrough moment for the wealth management industry in terms of efficiencies and profitability.

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In your own role, if you deal with private clients, how many clients do you personally manage?

Figure 13: Client-Advisor ratios


The client-centricity challenge: how much “face-time” is enough?

The essence of the wealth management value proposition is the relationship between the advisor and their client. Basically, time in front of the client is the gateway to new business opportunities. The crude traditional equation is less face time, less business. Yet the research shows that client-facing activities in Asia typically do not exceed 40% of total professional time.

In terms of face time, the advisor’s average week includes just over 20% of their time in client meetings or looking for new clients. If we include phoning clients and a portion of answering emails as “virtual” face time with clients, this figure rises to close to but still less than two days per week.

The rest of the activities are internally focused. If one also takes into account the fact that these advisors are typically spending up to four days a month on business travel, this sets the full picture of the working patterns of the modern advisor. They may not be always pointing in the right direction for growth if they are currently only allocating 12% of their time prospecting for new clients.

Naturally, in defence of the current working patterns, many of these activities would not be taking place unless they were on behalf of a client. But it is worth noting that front line staff could easily be spending in excess of 60% of their time not interacting with clients. Some might consider this a good ratio, and they may not be wrong. But as the industry becomes ever more competitive and client expectations grow, there is a pressing need for wealth managers to improve their ability to focus on their clients, whether through virtual channels or through improvement of new business processes that free up advisors for a greater percentage of ‘face time’.

Answeringemails

(5.4 hours)

Clientmeetings(4.8 hours)

Looking fornew clients(4.9 hours)

Researchon markets(4.1 hours)

Phoningclients

(4.2 hours)

Non-clientmeetings(3.4 hours)

Compliancepaperwork(3.8 hours)

Generalpaperwork(3.2 hours)

Clientreporting(2.9 hours)

Training(2.3

hours)

Note: The remaining 1.0 hours of the 40-hour week is classified as “Other”

Figure 14: The time-motion activities in an average week for a wealth manager in the targeted Asian markets


0 10 20 30 40 50 60 70 80 90 100

Which of the following devices do you use MOST to help you carry out the following activities?

Smartphone Standard mobile phone Blackberry iPad Tablet (not iPad) None

% OF RESPONDENTS

Credit monitoring

Trade order entry

29%

35%

1%

1%

38%

15%

19%

32%

7%

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14% 1% 9% 35% 11% 29%

11% 3% 3% 42% 9% 31%

16% 5% 9% 27% 8% 34%

14% 30%2%1% 11% 42%

16% 4%1% 23% 14% 42%

13% 4% 1% 23% 13% 47%

8% 3% 4% 25% 13% 47%

Customer datamanagement

Portfolio analysis

Outstanding clients

Presentations

Investment research

Social media sites forfollowing market news

Financial markets news

Business emails

Figure 15: The usage levels of mobile technology for Asian wealth managers today

BYOD: Asia’s advisors are predicting new levels of mobile wealth management

When taking travel time into account, in addition to the workflow, there is an interesting conclusion about the future advisor in the wealth management industry – their office must essentially be in the palm of their hands. Consequently, they need to increase efficiency and interactivity while on the road in order to improve their client connectivity. No access means no business.

In this fast developing environment, the future advisor is already intuitively using the technology at their fingertips and integrating it into their working patterns. As is being seen elsewhere in the world, the trend for ‘BYOD’ or ‘Bring Your Own Device’ is catching on in Asia. Many advisors may be doing this in spite of their institutional employer who may not yet have approved processes for solutions on iPads, other similar tablet devices or smartphones. The audience ruefully remarked that their companies were moving at terrestrial rather than digital speed as there are of course, security and efficiency concerns at play for the firms.

But in some cases, it is possible that the impression that the institutions are behind the curve might be too gloomy. When looking at activities such as investment research, portfolio analysis and even credit monitoring, the technological solutions are not a pipedream. However, the crucial question is whether they are operating in sync with the business’s current or legacy systems and the answer is typically no, with the follow-on question from advisors being – why not?


0

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30 40 50 60 70 80 90 100

Which of the following devices do you think you will use MOST in 5 years to help you carry out the following activities?

Smartphone Standard mobile phone Blackberry iPad Tablet (not iPad) None

% OF RESPONDENTS

Credit monitoring

Outstanding clients

Trade order entry

32%

30%

3%

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18%

3%

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8%

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16% 1%1% 57% 13% 13%

20% 1%2% 47% 13% 18%

27% 34%2% 2% 11% 23%

22% 1%1% 41% 14% 22%

24% 3% 2% 34% 16% 21%

18% 1%2% 35% 19% 25%

Customer datamanagement

Portfolio analysis

Presentations

Financial markets news

Social media sites forfollowing market news

Investment research

Business emails

Figure 16: The dominance of tablets for Asian wealth managers in five years

This current state of play is significant and illustrates a more digitally active industry than many realise. Yet, when casting forward into the future, the expected shifts are very marked. Put simply, tablet devices will essentially dominate the client engagement aspect for relationship managers in Asia. The swipe will eventually replace the double-click. It’s just a matter of time.

A particular growth area will be in the field of customer data management where the role of the tablet devices will effectively double and the role of the desktop/laptop (under “none”) will more than halve. Many other areas, such as presentations, on-boarding clients and portfolio analysis will increase in importance by approximately 50% more than they are used today.

This staggering step change in the use of mobile technology will transform wealth management in the region. The positive news is that the wealthy clients are very willing recipients of this step change and indeed from their perspective they are positively pushing for an upgrade among their advisors when it comes to the availability of online client services. This is simply because they are already spending large proportions of their time surfing the internet and conducting financial investments online.


An integrated digital experience: what do advisors want?

Looking forward, an integrated digital experience will become part of the core client services that wealth management firms offer. So it is interesting to determine what advisors today believe are important features of their wealth offering to Asia’s HNW sector. The response is that the intellectual expertise of the industry around strategic issues such as long-term planning, asset allocation and monitoring top the charts.

Not surprisingly, the clients agree. These skills are also considered to be of paramount interest to them but they have struggled to find it at more traditional institutions such as private banks and priority banks.

Moving forward, private clients are increasingly and actively seeking out financial institutions that demonstrate they have the capacity to get to know them well, advise them appropriately based on their expertise and knowledge and maintain a high level of client engagement or understanding as the relationship develops. Those institutions that do will get more business now and tomorrow.

0 10 20 30 40 50 60 70 80 90 100

In your opinion what do your private clients most value from providers of wealth management services?

This is VERY important This is MODERATELY important This is NOT AT ALL important

% OF RESPONDENTS

Philanthropy

Private equity

Brokerage (local)

Tax advice

Brokerage (international)

67% 27% 6%

66% 3%31%

65% 31% 4%

63% 32% 5%

54% 41% 5%

47% 44% 9%

43% 52% 5%

42% 53% 5%

39% 49% 13%

38% 54% 8%

32% 56% 11%

30% 55% 15%

30% 45% 25%

19% 51% 30%

13% 43% 45%

General banking

Discretionary portfoliomanagement (international)

Discretionary portfoliomanagement (local)

Credit

Trust services

Advisory portfoliomanagement (local)

Advisory portfoliomanagement (international)

Financial planning

Asset allocation

Investment monitoring

Figure 17: The future requirements of the market in Asia to remain competitive


Significantly, the findings suggest that many wealthy clients in Asia expect that the world of digital data management is going to be an advantage in this process. In fact, this is echoed by the future advisors when they stipulate the most important areas for improvement and development in the wealth management business model in order to not just remain competitive but to grow market share.

At the top of the order is business intelligence – defined as raising the bar around the knowledge of both clients and prospects – alongside CRM (client relationship management) systems and risk management tools.

TOP PRIORITIES

1. Business intelligence

2. CRM systems

3. Risk management tools

4. Financial planning tools

5. Recruitment of front office staff

6. Investment research, live market news feeds

7. Training

8. Compliance tools

9. Portfolio modelling tools

10. Branding, marketing and advertising

Figure 19: Asian wealth advisors immediate priority developments for their businesses

Priorities for local institutions Priorities for international institutions

Trust services

Adjust fees

Online banking

Staff efficiency

Administration

Performance

Hospitality events

Reporting

Brokerage

Credit

New branches

Tax advice

Periodic contact

Alternate investments

International investmentmanagement

Loyalty rewards

Financial planning

New products and services

0% 5% 10% 15% 20% 25% 30% 35% 40%

Figure 18: Asia’s HNWI wish list from wealth managers in order to do more business


What is increasingly clear is that the influence of branding is substantial, particularly in congested industries such as Asian wealth management. The second order of priority is the level of expertise that is quickly demonstrated by the institution when first engaging the new Asian investor. So clearly, the advisor is not an unimportant element of the value proposition.

Notably, the role of being referred by a friend or family to a wealth management provider is not necessarily as influential as wealth managers believe. It appears that clients are wary of the limitations of entrusting a single source of reference in choosing a provider. If advisors want to expect more business through referrals into the future, they may need to reconsider their process of generating referrals.

Unsurprisingly, if an Asian HNWI is going to be a referral agent, they expect something in return. This was expressed loud and clear in the statement that loyalty rewards was a major influence in clients doing more business, especially with the local institutions. Such loyalty rewards could be extended to include acknowledging referrals.

Taking the above into account, this subtle yet significant divergence of the relative importance of referrals between the clients and the advisors is likely to have an impact in the way the industry develops.

Brand and reputation: how important are they?

On one level, while the above priority lists (Figures 18 and 19) are very encouraging as it acknowledges the need to improve client engagement at all levels, it also reveals one major difference with the views of the HNWIs. This is around the perceived level of importance of actively promoting the institution and its capabilities in the wider market. Essentially, the debate centres on the role of the corporate brand versus the advisor.

This is a thorny topic for the current ideology of wealth management both in Asia and globally. There is effectively a civil war underway between those that consider the personality and function of the relationship manager or advisor to be the exclusive reason for the evolution and future survival of the industry. To them, the broader issues of brand, corporate visibility and breadth of capabilities are not major influences. Equally, they contend that the growth of their model will come primarily from personal referrals and little else.

The other side of the argument is that when seeking out new business, there is little to gain in not promoting the institution’s capabilities to the wider market. Equally, the role of the relationship manager remains centrifugal to the wealth management model. But the manager’s effectiveness as a revenue-generator will be enhanced substantially when there is a strong corporate identity helping to attract new clients. This brand, according to clients, clearly gives them the confidence that they are making the right decision in investing a portion, or all, of their fortune with the institution.

010

20 30 40 50 60 70 80

Client response Advisor response

Branch network

Size of institution

All-in-one product andservice offering

Advice proposal

Convenience

Best price

Referral from family

Offshore services

Referral from friends

Marketing materials

Onshore services

Credit rating

Privacy

Brand and reputation

Experience of professionals

Figure 20: The difference of opinion between Asia-based advisors and HNWIs on key factors for selecting a wealth manager


Reality hurts: client knowledge will need a major upgrade

As a final element in the level of connectivity between the wealth management sector and the Asia-based private clients, there is the debate surrounding the relative roles and actions of the local wealth manager versus the international wealth manager.

In examining this, the first step was to determine how much of the clients wealth was generated within their home market and how much was sourced internationally.

It is surprising and a bit disconcerting to see that the advisors have a quite a different view to their clients. They believe that the bulk of their clients’ wealth comes from outside their home country and that a significant portion is housed with international providers who are perceived to offer both the best expertise and values. These are the same advisors of whom 88% believe they have a strong understanding of their clients’ entire investments and objectives.

Somewhat agree

To what extent do you agree with the following statements?

AgreeStrongly agree Somewhat agree Agree Strongly agree

WEALTH IS... INTERNATIONALDOMESTIC WEALTH IS...

Managed by localinstitutions (26%)

Managed in homecountry (35%)

Generated in homecountry (48%)

Managed by localinstitutions (47%)

Managed in homecountry (51%)

Generated in homecountry (51%)

Managed by internationalinstitutions (75%)

Managed outside home country (65%)

Generated outside home country (51%)

Managed by internationalinstitutions (53%)

Managed outside home country (49%)

Generated outside home country (49%)

ADVISORS

CLIENTS

27% 19% 6%22% 16%10%

16% 18% 24% 32% 9%

10%

13%

14%

15%18%20%14%14%20%

17%17%10%14%27%

17%19%10%14%27%

27%38%17%7%2%

1%

Figure 21: The differences of view between clients and advisors on wealth matters

However in reality, this is quite the opposite. HNWIs in Asia are often more skewed toward their local providers. They are also equally more interested in generating future new wealth from their home countries partly because that is where their core wealth originated from. This insight into the HNWIs is not only revealing but also highlights a discrepancy between the advisors’ understanding of their clients’ investment preferences and the reality of the situation, one which needs to be addressed as a priority.

On a positive note, this presents a challenging opportunity for the future advisor. Those who are willing and able to step up to narrow this gap will be able to better position themselves as a trusted advisor. Perhaps intuitively, advisors are already aware of this gap, and this could explain why, as pointed out earlier (Figure 19), business intelligence was listed as the highest priority for future development.


Value of services: endorsed by the advisor, challenged by Asia’s wealthy

Critically, when it comes to assessing the value of the industry there is also a slight mismatch between the buyers of the services and the providers.

From the advisor’s perspective, there is a generally positive sense of good value with 62% ranking the business as either good value or excellent value. The China market again has an even higher perception of its strengths. Both Hong Kong and Singapore which are ultimately the more mature markets in the region in terms of wealth management, take a more muted view at 44% and 47% respectively. Overall however, if the advisors had to do a scorecard on value, the result would definitely be positive.

Unfortunately, it appears that their clients have a slightly different perspective. When asked to assess their views on the value of both their local and international wealth managers, they suggest that they expect more work to be done in order to gain their confidence and ultimately more business.

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Figure 22: The advisors’ perception of value for money of the wealth management industry in Asia

Overall, for the international providers, the clients in the region believe only 44% of the industry is delivering value. On the positive side, clients with more assets consider the international wealth management industry to be of better value.

The picture is similar for the domestic providers. Notably, Chinese clients’ view of their local providers is better than the regional average view on local providers but it is still not as bullish as how the professionals’ view themselves. Again, the good news is that the wealthier the client the more satisfied they are, in terms of value for solutions from their local wealth provider.

What is very striking is how similar in perceived value both the local and international wealth managers are in the eyes of the wealthy clients. This would suggest that, unlike in years gone by when it was largely accepted that the domestic wealth managers in many of these markets did not have the capacity to compete effectively against the international operators, this now does not seem to be the case.


The evidence from this research shows that clients appear to be increasingly making use of the local wealth managers as they are believed to be able to adequately meet the HNWIs’ investment and banking needs. Moreover, these clients openly

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Figure 24: The perception of value for money of the local wealth managers by HNWIs

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Figure 23: The perception of value for money of the international wealth managers by HNWIs

acknowledge that they would be interested in products and services from their local providers such as investment management, asset allocation and portfolio monitoring that have typically been within the domain of international private banks.


Conclusion: making an impression with the digital wealth footprint

In summary, establishing connectivity to the HNW client in wealth management is the clarion call across Asia. Clients want it, in fact they are shouting for it. Advisors want it and they are working as hard as they can to prove it. In this environment, digital is coming of age.

The future advisor accepts that the digital environment presents a new dimension to their ability to enhance client relationships. Currently, they are doing all they can to harness the environment to their advantage. They are acutely aware that much of what they are doing is tactical and possibly even inefficient. But they know that if they do not up the pace, they will be left behind in the race for wealth management.

The client is very clear about the importance of the digital footprint in the management of their future wealth. In fact, they are seeking to push the boundaries even further. They do not just want to have a digital solution that provides administrative support. They want a solution that deepens the interactivity between them, their wealth and the advisors that support them. They appear to expect that the wealth management industry should harness digital to improve the level of knowledge they have around their wealth.

The reality is that the solutions for developing a digitally integrated wealth management proposition are already beyond beta-testing. The challenge is proving to the professional community that there is a demand for these solutions, a benefit in integrating them into the business workflow that offers not just operational efficiencies but also new revenue-generating opportunities. In an industry still steeped with many pre-digital processes, it is fairly obvious which efficiencies need improving.

Just as a reminder, every five seconds a client in Asia is going online to actively engage with their fortunes. In the average time taken to read this report it is very likely that your industry has been approached digitally by at least 360 millionaires in each of the five markets Hong Kong, China, Singapore, Indonesia and the Philippines.

The digital evolution is not about to start, it is clearly already underway. Your HNW client has already left footprints in the digital sand – it is up to you, the future advisor to figure out if you are willing to follow.


APPENDIX

Research methodology & sample information

Within this wealthy group, the average net worth was US$3.7 million while nearly 20% of respondents had an average wealth of US$8.5 million. These fast trackers of fortune creation were bringing home an average of almost US$240,000 a year in income with the mainland Chinese leading the way with the biggest pay check averaging US$316,000.

With respect to the work-life profile of these millionaires, nearly nine tenths of the sample had children and were actively creating wealth rather than living off wealth. The majority (60%) were highly skilled professionals in full time employment, while 27% ran their own business. In relative terms, the most business owners were in the Philippines and Indonesia.

For the wealth advisors, 61% of the sample size was based in Hong Kong and Singapore. One third worked for local or international private banks, 12% worked for priority banks and 15% worked for independent financial advisor firms or family offices.

The bulk of these advisors were just entering the prime of their financial careers with just over one third of the professionals aged 40 years and above.

In terms of expertise, the average tenure in a client facing role was nine years while the average total professional experience in the financial services industry was 14.1 years.

Overall, these are well experienced professionals that have a good idea of what they need. So, they are worth listening to.

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HNWI sample distribution details:

About Scorpio Partnership

Scorpio Partnership is a global market insight and business strategy advisor specialised in HNW and UHNW markets. The owner-managed company has undertaken over 20,000 interviews with private clients and advisors in over 35 countries.

The focus of the business is to identify the needs of the wealthiest consumers on the planet and ways in which the financial industry meet those needs. FutureAdvisor is the latest in a series of publicised research initiatives which include FutureWealth and FuturePriority focused on tracking the HNW.

Started in 1998, the award winning firm is independent and has advised many of the world’s leading brands in financial services as well regulators, global technology firms and investment banks.

www.scorpiopartnership.com

Advisor sample distribution details:

©2012 SunGard. Trademark Information: SunGard, and the SunGard logo and Ambit are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

About Ambit Wealth Management

SunGard’s Ambit Wealth Management solution suite is a complete wealth management system that helps banks and family offices across Asia develop highly personalized client services, so that they can attract, retain and grow profitable client relationships. The solution also helps financial institutions adapt to rapidly changing market conditions, improve staff productivity through better workflow management and ensures strong profitability management, through better cost control and improved operational efficiency.

About Ambit

The global banking model has shifted and a transformation is occurring in how money is being managed as banks strive to re-build trust and create value for their shareholders. A focus of investment for banks is on ensuring regulatory compliance and in assuring shareholders that they fully understand and can manage their risk exposures. SunGard’s Ambit solution suite helps banks successfully navigate these challenges by helping ensure regulatory compliance, enhancing the multichannel experience, improving customer trust, driving efficiency into operations and ensuring a clear insight into enterprise-wide risk exposures. The Ambit Banking solution suite includes integrated solutions for customer management, core banking, card management, wealth and private banking, asset finance, liquidity optimization, reconciliation, treasury management and risk and performance management.

Find out more at www.sungard.com/ambit

About SunGard

SunGard is one of the world’s leading software and technology services companies. SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries.

SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

With annual revenue of about $4.5 billion, SunGard is the largest privately held software and services company and was ranked 480 on the Fortune 500 in 2012.

For more information, please visit: www.sungard.com/ambit

Contact us [email protected]

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Date post:	06-May-2015
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