We all know when we have an “AHA!” moment. That perfect time when everything comes together. We suddenly understand that complex problem we have been grappling with. The clouds part, and the way ahead is clear. One of those moments is coming for APAC wealth management in 2023.
2022 was certainly a complex struggle for many in wealth management. Global bear markets, resurgent inflation, heightened geopolitical risks, the tail end of a pandemic, and a full-scale war in Europe have led to challenging conditions in 2023, to say the least. Many firms have been tested in the market, contributing to the 41% of affluent Asian clients who were expected to switch managers in 2022, according to Accenture.
So why is 2023 an AHA moment for APAC? Let’s break it down:
A = Advisory
H = Hybrid
A = Alternatives
Each one of these is a substantial strategic shift in wealth management across APAC, with studies by Deloitte, Accenture and Standard Chartered this year have covered some or all of these themes. Firms that can harness all three aspects together are likely to see a clear blue sky.
We examine each in brief and how combining all three can deliver transformational opportunities.
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“The digitally-enabled relationship manager has the potential to service significantly higher numbers of clients and AUM. In Asia, it is not uncommon to see AUM growing between 20% – 40% year on year in wealth managers taking this approach.”