With its unparalleled global network, full-service best-in-class personal to private banking capabilities and over 158 years of expertise in wealth management, HSBC can provide tailored solutions to meet the diverse needs of Asia’s wealthy in a way that is unmatched in the region.
HSBC Global Private Banking’s new regional head for Asia-Pacific, Lok Yim, outlined the bank’s approach to service its globally-minded clientele with complex, cross-border private wealth and business needs. Indeed, some 85% of entrepreneurs in Asia are looking beyond borders for business opportunities, while nearly 50% of Asia’s entrepreneurial families have a presence in more than one market, often driven through direct investments, real estate or education for their children, according to HSBC’s Global Entrepreneurial Wealth Report 2023 (GEWR).
“The client experience we offer is across the full wealth continuum to meet client needs at every key stage of their lifecycle. It goes beyond private banking, encompassing the full spectrum of HSBC’s products and services across Wealth and Personal Banking, Commercial Banking and Global Banking and Markets, to deliver tailored solutions and open up wealth and business growth opportunities for our clients in all the countries where we can support them,” says Yim.
HSBC Global Private Banking’s global network spans over 40 countries and territories, with 13 strategic booking centres. Leveraging the bank’s global presence, its clients can access banking services seamlessly in leading international financial centres and diversify their wealth globally.
The bank’s ability to provide consistent services across different geographies is reflected in its global relationship manager model, who acts as a single contact point and coordinates with other divisions of the bank to deliver a seamless client service internationally.
Moreover, HSBC’s on-the-ground presence in multiple jurisdictions enables it to offer local expertise for clients who are expanding internationally. Whether it’s helping a client in Hong Kong establish a supply chain in Saudi Arabia, or advising on Sharia-compliant financial products, HSBC’s local teams offer invaluable insights and advice.
Empowering the Future: Meeting Next-Generation Needs
Succession planning is an increasingly urgent issue for many entrepreneurs in the region. According to GEWR, some 69% of the respondents in Asia are yet to discuss their wealth plans with their family, while 46% of former entrepreneurs wish they could have consulted more with their family before their exit from the business.
With a new generation set to take over the reins of Asia’s wealthiest families, HSBC Global Private Banking’s dedicated wealth planning and advisory team provides bespoke solutions in wealth and succession planning, trust services, philanthropy, family office and sustainability, and customised mandates based on each family’s unique culture, values and vision for the future. The team plays a role as an adviser, facilitating open and early dialogue within the families, helping to smooth the process of multigenerational wealth transfer.
Being one of the longest-serving trustee businesses in Asia, HSBC Trustee has over 75 years of experience working with some of the most sophisticated families globally, building bridges across generations of wealth and preserving legacy across geographies. Families with global interests can benefit from HSBC Trustee’s international coverage spanning Hong Kong, Singapore, Delaware, New York in the U.S. and Jersey in the Channel Islands.
As a new generation of ultra-high net worth individuals emerge, Yim notes that HSBC Global Private Banking is adapting its services to meet the increasing sophistication of these younger clients. They are keen to professionalise the management of their business and wealth, seeking everything from access to institutional-grade services and investment opportunities to credit solutions.
Meanwhile, today’s affluent are looking to grow their wealth purposefully, which includes incorporating Environmental, Social and Governance (ESG) considerations into their investment decisions. Increasingly, a new generation of clients are paying closer attention to social and governance issues, in addition to environmental ones. Having gained an understanding of their motivations and ambitions, HSBC Global Private Banking’s expertise supports these clients in realising their desired outcomes through philanthropy or impact investing.
Elevating Experiences with High-Touch, High-Tech Solutions
Technology plays an increasingly pivotal role in delivering HSBC’s services to its private banking clients. In this regard, the bank has adopted a hybrid model that combines high-touch, personalised service with digital solutions, ensuring clients can engage with the bank in a manner that suits them best.
Whether it’s performing analytics on their portfolio, executing trades or simply managing day-to-day banking needs, clients have the flexibility to interact with their relationship managers and investment counsellors securely through HSBC’s digital platforms.
The bank’s digital concierge service exemplifies this hybrid approach, assisting clients in navigating the bank’s technological offerings and enhancing their experience. This service caters to clients who value both the efficiency of digital solutions and the personal touch of human interaction.
“Our view on technology is to make the client experience as seamless as possible in a way that works for them. We’re not insisting that clients use the digital tools we provide, but if they prefer to use them and find it makes their lives easier, these options are available,” says Yim.
Clients can also take advantage of HSBC’s strong presence in its Asia home market of Hong Kong, which serves as an international wealth hub, as well as a gateway to mainland China and the rest of the region. The bank’s global network and expertise in wealth management enable its private banking team to provide both local residents and international clients unparalleled service and support.
Yim adds, “I believe that no other bank, especially in Asia, can offer a seamless continuum of services for private banking clients like HSBC does and connect them to all the markets we operate in globally, and for their generations to come.”
Disclaimer
The information contained in this article has not been reviewed in the light of your individual circumstances and is for information purposes only. It does not purport to provide legal, taxation or other advice and should not be taken as such. No client or other reader should act or refrain from acting on the basis of the content of this article without seeking specific professional advice. Issued by The Hongkong and Shanghai Banking Corporation Limited.