BrightTALK Presentation Is Asia a lucrative market for the wealth management industry?
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The statistics look fabulous. But the reality looks sketchy. In this presentation (and webinar) we covered the pros and cons, opportunities and threats of doing good business in Asia. We explain the current landscape, explore how clients and regulations are changing and examine the opportunities presented by the digital revolution, both adoption by consumers and fintech solutions for the industry. This is essential presentation is for businesses watching Asia with interest, or starting to do business there. There is audio available on BrightTALK
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BrightTALK Presentation Is Asia a lucrative market for the wealth management industry?
- 1. Is Asia As Lucrative As Everyone Says? Dominic Gamble CEO, findaWEALTHMANAGER.com BrightTALKâS GLOBAL OUTLOOK SUMMIT 9 December 2015
- 2. SYNOPSIS Is Asia a lucrative market for the wealth management industry? The statistics look fabulous. But the reality looks sketchy. In this webinar we cover the pros and cons, opportunities and threats of doing good business in Asia. We explain the current landscape, explore how clients and regulations are changing and examine the opportunities presented by the digital revolution, both adoption by consumers and fintech solutions for the industry. This is essential listening for businesses watching Asia with interest, or starting to do business there.
- 3. PUT A FACE TO THE VOICE Dominic Gamble CEO, Co-founder findaWEALTHMANAGER.com BACKGROUND ⢠Career private banker ⢠UK, Middle East and Asian Family Offices ⢠Started FWM in UK in 2012 ⢠Moved to Singapore in 2014 ⢠Launched in Singapore in 2015 BUSINESS in ASIA ⢠Built the business from scratch in 2014 ⢠Today partnered with over 20 financial institutions ⢠Received government grant, hired local employees ⢠Networked in start-up scene locally Some media that has featured Dominic:
- 4. ASIAâS IN FOCUS â BUT WHY? 1. GDP Growth 2. High Net Worths And for wealth management: 3. Unmanaged wealth
- 5. THE STATISTICS LOOK FABULOUS Source: Channel News Asia
- 6. But Behind the NoiseâŚ
- 7. CONTRARY TO WESTERN PERCEPTION Asia's streets are most definitely NOT lined with gold
- 8. ASIAN POPULATION 4 billion people â low wealth per capita Age of wealth â old Ability to capture?
- 9. ASIAN MARKET CHALLENGES ⢠Wealthy client mindset is mis-trusting ⢠Next generation appetite for wealth management ⢠Regulatory cost pressure is high ⢠Lack of wealth management talent ⢠Business subdued - economic and political reasons ⢠Swiss style re-framing offshore tax haven status ⢠Investment models and making money
- 10. Now the Good NewsâŚ
- 11. TECHNOLOGY IS THE FUTURE Using digital channels to attract and retain business in Asia is a winning strategy for the foreseeable futureâŚ.
- 12. DIGITAL ADOPTION IN ASIA MasterCard Digital Evolution Index: 2.9 billion global internet users. And counting. ⢠Singapore and Hong Kong were 1 and 3 respectively ⢠China, Malaysia and Thailand ranked as the top three fastest- moving digital economies ⢠Six of the top 10 in this category are Asian countries
- 13. INTERNET PENETRATION South East Asia has internet penetration of 36% compared to 88% in North America and 81% in Europe. Internet usage +12% pa. Source: We Are Social
- 14. HOW DIGITAL IS CHANGING BEHAVIOURS ⢠76% of Elderly people (55+) use internet for research, and 62% use smartphones ⢠Our Average age of our users is 51 years old - 30% over 65 ⢠88% go to the internet first when they need info ⢠Only 1% of Singaporeans research only offline vs 74% research do a mix of both online and offline
- 15. DIGITAL VIEW The evolution and growth of digital and mobile is expected to continue, if not at the same pace, then most definitely at warp.
- 16. HOW OFTEN DO YOU USE YOURâŚâŚ Smartphones dominate usage across devices in Asia
- 17. MAIN PLAYERS ARE FOCUSING ON ASIA New investment cycle in the region from: Credit Suisse DBS UBS
- 18. THE WEALTH INDUSTRY IS TRANSFORMING When asked who he sees as DBS' main competitors, CEO Piyush Gupta replies⌠âGoogle and Alibabaâ
- 19. DEMOGRAPHIC SHIFTS ⢠Increase from low income level ⢠Middle class growing rapidly ⢠By 2030 Asia will represent 66% of the world's middle class population (Source OECD) ⢠Younger generations doing it their own way ⢠Old generations embracing technology
- 20. THE WEALTH LIFECYCLE IS IN ASIA'S FAVOUR ⢠Populations ⢠Un-managed wealth KEY TAKEAWAY: Don't underestimate the trickle-up effect of digital savviness from low- wealth to high-wealth social groups
- 21. SERVICES ARE AS RELEVANT AS EVER Clients needs are more complex - International - Instant - Dynamic ⢠Succession planning ⢠Cross border tax planning ⢠Investment ⢠Debt ⢠Professional financial advice Wealth management is aspirational to the Asian client base..
- 22. OFFSHORE BANKING MODEL IS ALIVE AND KICKING Independent Wealth centres
- 23. TAKEAWAYS â THERE ARE CHALLENGES Current business environment is tough: Economic conditions Regulatory environment Cultural nuances
- 24. TAKEAWAYS â BUT THERE ARE OPPORTUNITIES We think Asiaâs future for wealth management is positive underpinned by: Demographics & Wealth
- 25. HOW TO REACH US CONTACT: Dominic Gamble CEO & Co-founder dominic@findawealthmanager.com
Hinweis der Redaktion
- There is a lot of hype around â in this presentation Iâd like to cut through that and give you the straight facts as reported by a man on the ground here building a businss in the wealth management industry This is going to be useful for wealth mangers, financial institutions, fintechs and traditional techs â thinking about doing business in Asia
- Launched in Asia and are widening out the business across the wider Asia region in 2016
- Everyone talks about Asia GROWTH: Fast growth â almost doubly fast as rest of work Tiger economies GDP growth has been above trend , boom and bust but the booms have accelereated quicker. Why? Liberalisation of economies, not many rules here, very strong work ethic at all levels Opening to world for trade esp commodities and infrastructure = wealth boom too As region becomes more stable so investors looking inside not outside HNW: Asia is now the region with the highest number of High Net Worth Individuals in the world. And any day now the most absolute wealth too. Unmanaged WEALTH: $14trillion in Asian wealth (ex-Japan) ONLY $3trillion is in wealth management
- Look at growth rates too â double digit growth in the amount of wealth So all is rosy right?
- The reality is not to get caught up in the hype You need to look at the intricacies of the region to truly understand how to be successful here especially in the wealth management industry
- POPULATION Populations look great â but the wealth is tough to find We have mapped Mass Affluent and HNW numbers internally here some examples: Thailand â population 65million, HNWs = 70,000 Philippines â population 100million, HNWs = 70,000 Just to compare: UK 70million, HNWs = 750,000 AGE: Next issue is who holds the wealth: This is where google doesnât help much - itâs the hands on experience: Age- older Culture â made wealth themselves, who is a WM Attitude to new â respond to aspiration but takes time to earn TRUST ABILITY TO CAPTURE Ability to capture â slow, word of mouth, overbanked?
- Letâs take a very skeptical view of the market here: 1. Wealthy client is mistrusting = word of mouth â slow moving market 2. Next gen â very very tech savvy â what is their wealth management appetite â unknown? FWM Survey Entrepreneur appetite in Singapore, average respondent was 29 years old â appetite only 7% of 100 respondents say they want a wealth manager 3. Regulations â MAS â thousands a year. Difficult for new entrants to gain a capital markets license 4. Lack of talent â speaking at Hubbis conference recently in Singapore â this was the biggest issue 5. Currently business is subdued after a bumper crop Chinese led in particular in Hong kong AUM growth of 140% between 2008 and 2014 6. Future of the offshore havens in Asia? Hong Kong versus Singapore Singapore AUM $500bn vs Hong Kong $640bn Switzerland is $2trn Tax repatriation? 7. BIG BIG overlooked The down fall of many banks Advisory vs Discretionary
- So alarm bells are rings and casulaties are being taken out: Coutts - UBP Merrill Lynch â to CS Soc Gen âto DBS Who next? Industry is shrinking
- Digital penetration in society Practical consideration â everyone is on their phones. Yes they are on facebook but the market is widening just like it did in the uk 10 years ago with Amazon and Money Super Market
- So how is this impacting the industry?
- DBS has invested in the Watson Project with IBM Credit Suisse launched their new private banking app in Asia first â designed and built in an innovation lab in Singapore UBS have launched their tech and innovation hub in Singapore in 2015 The tiide is turning
- By 2020 Indonesia with have a middle class of 140 million people
- Chinaâs private banking AUM is 1% of HNW AUM compared with a global average of 30%