Asia HNWs are Shifting Focus from Asset Growth to Wealth Preservation, Says Survey
October 13, 2016
Asia’s High Net Worth (HNW) families are shifting focus from asset growth to wealth preservation, in times of economic volatility, according to a survey initiated by Transamerica Life Bermuda.
The survey also looked into whether clients' preference on wealth management communication has shifted amid the technology advancement and found customers still maintained human communication wealth management experience choice amid the rapidly advancing digitization environment.
“Asia experienced an economic boom from the 1970s to 1990s, and as a result, the region is in a period of transitioning wealth from the first generation to the second generation,” Marc Russell Lieberman, President and Chief Executive Officer of Transamerica Life Bermuda, commented on the survey.
The survey result indicated that younger HNWIs (40%) between 31 and 50 years old are more inclined to purchase a universal life policy, as compared to HNWIs aged 51 and above (33%).
Out of the 455 number of respondents surveyed, a large majority (73%) indicated that their clients prefer to communicate with a relationship manager or private bank regarding their insurance needs.
Wealth managers stated that their clients mostly prefer to communicate via phone. This suggests that there remains a need for authentic, personal conversations and services despite the rise in technological advancements, Lieberman noted.
“As the finance industry explores new technology including fintech and robo-advisers, we are cognizant that a significant number of our clients appreciate face-to-face communication and personalised service. We believe that this preference will remain even as transitioning wealth gives rise to a new generation of young HNWIs,” said Lieberman.
The survey polled a total of 455 private banking and wealth management practitioners representing 29 private banks, institutions and wealth management firms in Hong Kong and Singapore participated in the survey between June and September 2016. Respondents have an average of 13.9 years of wealth management experience in Asia.
By Staff Writer, APMR News
Article Published on : October 13, 10:45 am GMT+800
Article Last Updated : October 13, 11:10 am GMT+800
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