Why wealth management needs a high-touch, high-tech approach

Asia is rapidly becoming the global hub for wealth creation, with financial wealth in the region expected to surpass that of the United States by 2025. Currently, 9% of the world’s family offices are based in Asia, with a significant 59% of those located in Singapore.

Despite this wealth boom, the wealth management industry is grappling with the challenge of scaling to meet the demands of a diverse and expanding client base. The traditional personalized service models of face-to-face interactions and bespoke solutions are becoming less effective. A growing need for agility, prompt information delivery, and integration with digital lives has outpaced these conventional methods.

To address these challenges, wealth management firms must undergo a digital transformation. Digital tools and platforms are redefining client relationships, offering real-time portfolio oversight, seamless connectivity, and personalized, data-driven advice. Moreover, embracing social media and other digital touchpoints is increasingly essential. Advisors are leveraging digital platforms to enhance client engagement, streamline processes, and ensure that services are accessible anytime, anywhere.

In this evolving landscape, wealth management is not just about managing assets but about preserving and enhancing client relationships through technology.

Article by Martin Wong for The Edge Singapore. Read more here.