Empowered Investors with new expectations: redefining the rules of engagement for Asia Pacific's Wealth Managers
A new report from BNP Paribas, in collaboration with Scorpio Partnership, reveals that while the wealth management industry prides itself on "tailored solutions" and "bespoke service", Wealth Managers are engaged in an endless race as expectations from their wealthy clients are reshaping the industry.
Today's clients in Asia Pacific have evolved into 'Empowered Investors', with access to multiple products and banking relationships. They are distinguishable by their attitudes – most importantly, their high expectations of the Wealth advisory relationship. The region's wealthiest are demanding a more even playing-field and genuine collaboration within the advisory relationship.
They want to have informed conversations with their Wealth Managers, as they believe this will result in better outcomes. They also feel that customisation should cover every stage of the investment cycle, which comes as part of a 'bespoke' service offering.
The demand for broader customisation of solutions is evident in the views of core client segments, with the ultra-wealthy amongst the most vocal in their desire for change. These clients want the current arrangement with advisors to evolve and are already redefining the role of private banks in their lives.