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BT Podcasts
Published: SEP 27, 2024
Tailored wealth management solutions for HNWIs
This episode was brought to you by
Leah Ng
Chief Bancassurance Officer,
Manulife Singapore
IN AN increasingly complex financial landscape, high-net-worth individuals (HNWIs) are seeking personalised wealth management solutions to navigate uncertainties and protect their assets. With rising macroeconomic uncertainties, the demand for tailored wealth management and protection strategies has never been higher. In this episode, Howie Lim explores the unique concerns of HNWIs, as well as innovative strategies to help them achieve their financial goals, with Leah Ng, chief bancassurance officer, Manulife Singapore.
According to a 2024 WealthLens report, HNWIs face several key concerns, which often grow more complex as their wealth increases:
1. Wealth optimisation and diversification: HNWIs are focused on achieving portfolio diversification and seeking alternative income streams to manage risk. A typical portfolio may include a mix of business
Legacy Planning
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equity, real estate, and various financial assets,
which can be illiquid or subject to market volatility.
2. Legacy and succession planning: Ensuring a smooth transfer of wealth to the next generation is paramount. Wealth X estimates that by 2030, US$2.3 trillion will transition to the next generation in Asia, highlighting the need for effective strategies to manage this process.
3. Financial literacy for future generations: Educating heirs on managing and growing inherited wealth is essential. Financial institutions are increasingly offering tailored consultations to prepare the next generation for financial responsibilities.
Impact of economic uncertainty
The global economic environment has shifted dramatically, particularly in the wake of the pandemic. HNWIs are prioritising wealth preservation over growth due to rising interest rates and inflation, which erode purchasing power. Two-thirds of global HNWIs view wealth preservation as a critical objective.
Selecting the right wealth management solutions
Choosing the best wealth management strategy requires an understanding of individual priorities and financial goals. Key considerations include:
Short-term needs: Assessing liquidity requirements can lead to using insurance as a liquidity planning tool.
Mid- to long-term goals: Retirement planning and lifestyle maintenance are crucial, along with supporting dependents.
Regular portfolio reviews are essential to adapt to life changes and market conditions, ensuring that wealth management strategies remain relevant.
Innovative wealth management strategies
Financial institutions are pioneering innovative solutions tailored to HNWIs. For example, Manulife offers a wide range of wealth management and protection solutions like variable universal life, whole of life plans, and other protection plans that cater to the varying needs of HNWIs.
As the landscape for high-net-worth wealth management continues to evolve, tailored solutions and innovative strategies are crucial for success. By understanding their unique needs and priorities, financial institutions can effectively support HNWIs in achieving their financial goals amid uncertainty.
For more insights on wealth management strategies for high-net-worth individuals, listen to the full episode featuring Leah Ng from Manulife Singapore.
More about:
Manulife Singapore