New online wealth management service in Singapore
A UK based online service which aims to help high net worth individuals find wealth management firms has been launched in Singapore.
The firm said the service, findawealthmanager.com, was first launched in the UK in 2012 to provide investors with a method of finding the right wealth manager for their profile and needs. It also gives wealth managers a supplementary way to reach out to potential clients rather than just word-of-mouth recommendations alone.
“Exporting the concept to Singapore is a natural next step, given this market’s explosive growth as a wealth management centre,” said the firm.
The city-state and its rival Hong Kong could overtake Switzerland as global wealth hubs before the end of the decade, the firm said, citing a Deloitte Global Wealth Management report.
“Launching a sister service in Singapore is a natural next step for us and we’re looking forward to replicating the success we’ve enjoyed in the UK,” said Dominic Gamble, chief executive of the online service.
The firm claims 1,000 affluent investors have been matched with providers in the UK.
”The Singaporean wealth management market does look quite different to that of the UK, with institutions catering to a client base, which tends to be more technologically oriented and proactive about their investments, the firm added.”
The service is based on a proprietary algorithm designed to generate two-way matches between the high net worth individuals using the service and the wealth managers that comprise the panel of available institutions.
Investors in the region are increasingly relying on digital media as a source for investment knowledge and ideas, according to a recent study by M&G Investments, and wealth managers that have adopted digital strategies have a prime opportunity to build client relationships with them.