The wealth management landscape in Asia has witnessed significant changes in recent years, driven by the changing needs and expectations of high net worth (HNW) and ultra-high net worth (UHNW) clients. Asia’s affluent population is not only increasing in number but also in financial sophistication. They expect tailored wealth solutions that align with their lifestyles, values and global networks.
Global Head, Private Bank and Affluent Clients and Head, Wealth and Retail Banking, Greater China and North Asia, Standard Chartered.
In particular, the region’s wealthy are increasingly demanding more complex, cross-border financial services delivered through digital platforms and guided by expert advice from experienced wealth managers. There is also heightened awareness of sustainable investing, with a growing number of clients in Asia seeking to impact the world positively through their investment choices.
To address these changing needs, Standard Chartered Private Bank is leveraging its international network and deep-rooted expertise as a universal bank to offer a blend of personalized wealth management services, cutting-edge digital capabilities, and a strong commitment to sustainable and responsible banking. This positions Standard Chartered as a trusted and reliable partner for affluent individuals looking to achieve their financial and personal goals.
“Whether they’re looking for legacy planning structures or advice on an M&A deal, our holistic solutions and one-bank approach allow us to address the personal and business needs of our clients comprehensively.”
Universal Banking for a Global Audience
As part of a universal bank, Standard Chartered Private Bank is able to provide a seamless banking experience that covers everything from basic banking and investments to bespoke solutions for clients’ individual and business needs. For instance, the bank’s ability to tap on its corporate banking strengths enhances its appeal among the region’s many business owners who require multifaceted financial services.
Beyond corporate solutions, the bank effectively serves the needs of its UHNW clients via its capabilities around external asset management, wealth and family advisory, as well as structured lending solutions.
“Whether they’re looking for legacy planning structures or advice on an M&A deal, our holistic solutions and one-bank approach allow us to address the personal and business needs of our clients comprehensively,” says Raymond Ang, Global Head, Private Bank and Affluent Clients and Head, Wealth and Retail Banking, Greater China and North Asia, Standard Chartered.
“We had a private banking client who is the founder of a Hong Kong-listed industrial manufacturing company in mainland China. We introduced the client to our debt capital management and bond syndicate teams, and successfully helped the client with a high-profile bond mandate,” he adds.
Standard Chartered’s international presence in over 30 markets allows it to manage the cross-border financial needs of its wealthy clients. This global reach supports clients who require complex, international financial solutions that encompass not just personal banking but also educational, family and business-related financial needs.
For instance, the ability to manage the fortunes of families whose members span multiple countries is one of the bank’s noted strengths. Such capabilities are critical as Asia’s affluent population becomes increasingly global, requiring sophisticated strategies for international investments, wealth transfer and legacy planning.
Securing Financial Legacies
As HNW and UHNW individuals and families globally amass significant wealth, they are increasingly focused on securing their financial future through succession and estate planning. This is especially true in Asia, where family-owned firms make up around 80% of all businesses. These enterprises are often transitioning wealth and responsibility from one generation to the next for the first time, highlighting the urgent need for comprehensive legacy planning solutions.
Thoughtful legacy planning allows affluent individuals to shape legacies that not only safeguard their wealth, but also incorporate their values and aspirations. It also helps to minimize family conflicts and ensure that the distribution of assets meets the expectations and needs of successors.
However, succession planning encompasses complex challenges as families prepare for a generational shift in leadership. According to the Campden Wealth Asia-Pacific Family Office Report 2023, some 58% of family offices surveyed believed that next-generation family members were not yet ready to assume leadership roles. Furthermore, the matriarch or patriarch of a family business may be reluctant to step down, a sentiment more pronounced in Asia-Pacific than in Europe or North America, according to the report.
Faced with such challenges, the succession planning process must include a detailed approach to managing diverse and complex asset portfolios, taking into account legal and tax implications, as well as family dynamics and global uncertainties. However, many succession plans in Asia remain informal or incomplete. According to Campden Wealth, less than half of families in the region have some form of succession planning, and a significant majority of these plans have yet to be formalized.
With its global team of wealth planning experts across four wealth hubs in Hong Kong, Singapore, Dubai and London, Standard Chartered can help families develop strategies—encompassing wills, trusts, family governance structures and life insurance solutions—that are tailored to their specific needs.
Investing in Capabilities for the Future
To better serve its clients, Standard Chartered invests in the capabilities of its relationship managers through initiatives such as the SC-INSEAD Wealth Academy to upskill its relationship teams with the objective of providing timely, personalized and high-quality advice to clients. In particular, the program seeks to deepen capabilities in areas such as wealth advisory and client engagement.
As uncertainty continues to persist on the global stage, wealthy clients in Asia and beyond are seeking advice and guidance from trusted partners such as Standard Chartered to help them navigate the challenges ahead and safeguard their financial futures.
