Private
banks in Asia Pacific are no longer pitted against each other when it comes to
competing for High Net Worth Individual (HNWI) clients. Instead, the wealthy
are setting expectations based on experience and want brands to offer products
that excite and delight them everyday – like Nike, whose NIKEiD collection
gives customers the option of creating their own personalised footwear; or
luxury perfumery Atelier Cologne, where an intimately personal giftset can be
created within three clicks.
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.
