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Innovation and Differentiation in Wealth Management - Asia- Pacific

This short innovations report is a follow up on the highly popular 2004 brief. It focuses on innovations from around the globe across products, services, distribution and sponsorship/promotion. These are examined in the form of case studies and their applicability to Asia-Pacific markets is analysed.

Scope
Each section analyses a series of case studies taken from private banks and wealth managers around the globe and then draws together conclusions
Analyses innovation and differentiation through the use of products, services, distribution and promotion
Primary sources include private banks and wealth managers in Asia-Pacific
Secondary sources include central banks, census and statistics departments and in-depth internet research

Highlights
The bulk of wealth in Asia-Pacific has been created since the 1950s, so until now many of the wealthy families have not had to deal with issues of succession planning and legacies. Now as the patriarchs and matriarchs of these wealthy families are passing away, the need for advice is increasing and the trend towards philanthropy is growing.

As Australian property prices pass beyond the reach of many investors, the New Zealand market becomes more attractive. There is an opportunity for the big Australian banks to step in and add some legitimacy to this market.

The mass affluent market is an important component of many of the Asia-Pacific markets, this includes developed markets like Australia, Hong Kong, Japan and Singapore as well as the emerging markets of China, India, Malaysia and South Korea.

Reasons to Purchase
This brief evaluates a wide range of innovations allowing wealth managers to cherry-pick ideas
This brief helps wealth managers to prioritize the strategies that offer good returns on investment
This brief helps wealth managers to identify new niches from which revenue growth is possible

CHAPTER 1 INTRODUCTION

Who is the target reader?
How to use this report
Report Methodology

CHAPTER 2 INNOVATION AND DIFFERENTIATION

Competitors are looking to differentiate themselves through innovation in four key areas
Through the use of diverse products and asset classes
Through focus on service needs
Through the leverage of distributional strengths
Through promotion and sponsorship
Conclusion

CHAPTER 3 APPENDIX

Definitions
AAGR
CAGR
High net worth (HNW)
Gini index
Liquid assets
Liquid asset bands
Mass Affluent
Research methodology
The Global Wealth Model
The UK sub model
Asia-Pacific sub model
Forecasting methodology
Datamonitor’s wealth numbers compared with others’ numbers
Bespoke Wealth Market Sizing
Further reading
Datamonitor Asia-Pacific Wealth Reports
Datamonitor Asia-Pacific Insight Reports
Asia-Pacific contacts

LIST OF TABLES
Table 1: Premier banking branches in Singapore
Table 2: The scores from Datamonitor’s study of global private banking brands
Table 3: The scores from Datamonitor’s study of local private banks in Asia-Pacific
Table 4: Wealth markets that have been modeled using the Global Wealth Model

LIST OF FIGURES
Figure 1: Methodology diagram and report structure 9
Figure 2: Even with less volatile commodities like the metals included in the DDQ basket, there is considerable movement in price over short periods
Figure 3: The asset allocation shows that while the UOB IPO fund does have an Asian focus it still offers access to the UK and non-Asian global markets
Figure 4: The AIM 50 has consistently outperformed the UK’s FTSE 100 and the US’ Russell 2000
Figure 5: A typical charitable trust structure as set up by MeesPierson Intertrust
Figure 6: The value of foreign investment from Asian countries in Australian real estate has increased dramatically over the last four years
Figure 7: There are a large number of Indian expatriates across Asia-Pacific
Figure 8: The challenge for banks is to get more frequent interaction with their affluent customers and more valuable interaction with their mass market customers
Figure 9: Most major private banks have a separate website dedicated to informing prospective customers about their offering
Figure 10: HSBC makes the best overall use of its website in marketing its proposition to prospective customers
Figure 11: DBS Private Bank’s website is a one pager with little information and zero exclusivity
Figure 12: St. George has a better designed website than other domestic private banks in Asia-Pacific
Figure 13: The breakdown of attendees to the Leaders in Dubai Summit 2004
Figure 14: Citigroup Private Bank is again sponsoring the Leaders in Dubai summit