New research undertaken by wealth industry expert Scorpio Partnership on behalf of SunGard, has found that wealth management firms in Asia are not fully supporting the technology and service requirements of their advisors and high net worth clients, potentially impacting service capability and client confidence. This is a key conclusion drawn from the report, ‘Future Advisor Asia’, which examines how Asia’s wealth management sector is meeting the changing needs of the region’s growing high net worth population.
The research, which surveyed* over 400 high net worth individuals (HNWIs) and 96 wealth advisors and senior managers in China, Hong Kong, Singapore, the Philippines and Indonesia, examined current wealth management industry challenges, the role of digital channels in high net worth client management and the future role of the advisor.
Key findings of the research revealed:
Commenting on the research, Sebastian Dovey, managing partner at Scorpio Partnership said, “This research has revealed a clear crossroads in digital revolution for financial services. Asia-based millionaires are very much in favor of integrating digital into their wealth management experience. They are active users now. The challenge is for Asia’s wealth management community to keep up and deepen their relationship model through digital means. It is a revolution that Asia’s advisors must become part of to remain competitive.”
Edward Lopez, executive vice president, SunGard’s wealth and private banking business unit, said, “The key finding from this research is that the region’s wealth management institutions are not investing enough in services and channels that are a vital part of the industry’s future. There is a significant opportunity for these firms to implement strategies to help enhance the customer experience, attract and retain clients and boost advisor productivity that can help them compete more effectively and safeguard future profitability.”
*The SunGard Future Advisor research was undertaken in September 2012. The study is based on two surveys, a survey of 400 high net worth clients and 96 wealth professionals undertaken by Scorpio Partnership.