Singapore currently ranks as the top financial hub in Asia, and the top 3 worldwide, just behind London and New York. And as it maintains its profile being a competitive market globally with a commitment to low taxes, investors and leading firms continue to build their businesses and invest their wealth in Singapore.
Given this, Singapore also has to fullfill the management needs of the many affluent and high net worth individuals here. Thus, it has also developed the financial services and asset-management industry to support this growth.
Indeed, Singapore is not just an excellent tourist destination but a venue for wealth opportunities for many. In this article, we’ll show you some of the best wealth management services, finding the right financial manager, and everything else about wealth management.
5 Best Bank For Wealth Management Services
To help you get started, we’ve compiled a list of the five best wealth management services in Singapore, along with a brief overview of their offerings.
At a Glance
| Bank | Best For | Specialization | Minimum Investible Asset |
| DBS | Private Clients | Wealth planning and Investment solutions | S$350,000 |
| UOB | Low Minimum Qualifying Assets Under Managment (AUM) | Sustainable investment | S$100,000 |
| HSBC | International Wealth Management | Financial fitness, investment solutions, and retirement planning | S$200,000 |
| OCBC | Overall wealth management | Wealth Financing | S$200,000 |
| Citibank | Investment insights and opportunities | Investment Portfolio Management | S$250,000 |
1. DBS Bank
DBS, tagged as one of the safest banks in Asia, also offers the best wealth plans for high net worth private clients. From investing to inheritance, you will get a personalized portfolio approach to meet your specific needs. Their programs are specialized according to a client’s investible assets ranging from S$350,000 to S$5M.
Highlights:
- 24/7 access to a digitalized management account where you can take charge of your own investments
- Curated insights from DBS’ Chief Investment Office
- Exclusive lifestyle privileges such as lounge access and concierge services
2. UOB
UOB’s wealth banking has the lowest minimum qualifying AUM among other management banks. UOB has a unique Risk-First Approach as the first step to protecting your wealth and a Build and Enhance solution to grow your money for your loved ones.
Highlights:
- Low minimum qualifying AUM of S$100,000
- Wide range of investment funds
- Exclusive perks such as your own dedicated relationship manager, all-year-round workshops, and preferential services at all UOB Singapore branches
3. HSBC
In 2020, HSBC was already the second-largest wealth manager in Asia, catering to many affluent clients in Hongkong, China, and Singapore. Their management services include a guided journey to end-to-end financial planning and investment tracking.
You can open an HSBC Premier account for S$200,000 AUM or equivalent in other currencies and access international wealth support and opportunities.
Highlights:
- Real-time tracking of your portfolio performance via HSBC’s online Wealth Dashboard
- Personalized coaching sessions via HSBC FinFit
- A suite of digital wealth tools to easily manage your finances 24/7
4. OCBC
OCBC is another excellent option for high net worth clients to put their AUM in one place. Being in the management industry for 27 years, OCBC has developed a management platform that delivers a holistic view of its clients’ overall wealth.
They also specialize in wealth financing, wherein you can capitalize on the value of your holdings and divert them to key investment opportunities.
Highlights:
- Enhanced monthly wealth report
- Monitor and access your investments 24/7 via your wealth account
- An expanded suite of investment products, including FX Spot, FX Swap, FX Forward, and NDFs
5. Citibank
Citibank is one of the largest wealth banks in Singapore, managing over $282B in assets as of 2022. It has three management accounts: Citigold, Citigold Private Client, and Citi Priority. You can start investing with the Citigold account, which requires a minimum of S$250,000 of investible assets.
Highlights:
- Access to Citigold concierge services, which includes access to restaurant reservations, travel bookings, and ticket purchases
- Get a personal Citigold relationship manager
- A wide range of investment options
Good to Know
What is Wealth Management in Singapore and Why it is Important?
Wealth management is a holistic approach of providing an investment advisory service to preserve, manage, and grow an affluent client’s assets. It involves a consultative process wherein the advisor gathers information about the client’s specific situation including income, investments, taxes, insurance, savings, and retirement accounts.
The wealth manager then personalizes a strategy tailor fit to the needs, financial goals, and risk tolerance of the client and may include the following:
- Financial planning
- Investment advice and management
- Tax planning
- Estate planning
- Retirement planning
Wealth or asset management is especially crucial to high net worth clients as there are many factors that may affect their finances such as businesses, investments, taxes, risk appetite, and more. Thus, the need to protect, manage, and grow their wealth over the long term can often lead to stress.
Other advantages are:
- Achieving financial goals through a customized plan depending on unique financial circumstances, such as income, expenses, and financial objectives.
- Helps clients manage risk, diversify portfolios, and maximize investment returns.
- Navigate complex financial and tax issues, such as estate planning and asset protection.
- Allows clients to build peace of mind knowing that they have financial security and their wealth plan is in order.
Who is a Wealth Advisor?
Wealth advisors are licensed financial advisors who help high-net-worth clients manage their assets. Unlike financial planners, who provide comprehensive financial planning to all types of clients, wealth advisors focus on management and typically work with high-net-worth clients.
Their services usually include financial planning, wealth planning, and investment management services. Wealth advisors may also create short-term and long-term asset management plans for these clients.
What is Wealth Planning?
One integral part of wealth or asset management is wealth planning, a client-centered process of creating a roadmap to achieving long-term financial goals. Wealth planning takes on a broader and more personalized view by helping you explore your options. This plan includes making money work harder for you and your family or loved ones.
A wealth advisor or planner creates a cash flow model that maps your assets to achieve desired outcomes. Benefits include protecting your money for successive generations, the legacy you want to pass on, or the money you will leave your loved ones when you are not around anymore.
How to Find the Right Wealth Management Firm
Finding the right wealth manager means seeking specific qualifications to meet your financial needs and feel comfortable working with them. And while a firm’s quantitative information, such as assets under management and their number of clients, may be readily available, you should also look at other significant factors to see if they fit you.
Here are some factors to consider in finding the right management firm to help you make the right financial and investment decisions:
1. Authorisation
Authorized advisors are issued a unique representative number by the Monetary Authority of Singapore (MAS). Always ask for this number or the Register of Representatives to make sure you are dealing with an authorized representative.
If you are dealing with a firm, check the Financial Institutions Directory if they is authorized to provide financial advisory services.
2. Competence and Experience
Apart from the degrees, certifications, licenses, and experiences of advisors handling your wealth, you should also check for the firm’s competence through a complete background check. This check includes how long the business has been in the industry, adherence to standards, and focus on the client’s best interest.
3. Resources
Ensure the firm has access to institutional-quality investment vehicles such as unit trusts, stocks and bonds, ETFs, and other alternative investments such as hedge funds, private REITs, etc. They should also have an expert team and an extensive network of professionals such as CPAs, trust and estate attorneys, and other specialists.
4. Performance
The firm’s overall performance includes personal service, customization, and flexibility in helping you achieve your goals. All these will help ensure that a client’s portfolio is best suited to their investment and tax situations, long-term goals, and other wealth planning needs.
Excellent reviews and feedback from satisfied clients should also back performance.
5. Compensation
Wealth managers will also be expensive as they are experts in handling complex financial products and decisions. The amount you will pay will typically depend on your portfolio type and may be charged periodically, depending on the management firm.
FAQs on Wealth Management
1. How much money do you need for wealth management?
The amount of money or investible asset you need will depend on the management bank’s requirements. With UOB, you can start for as low as S$100,000 investible assets.
2. What are the common challenges of wealth management?
Common challenges in wealth management include the client’s timeline, risk appetite, tax implications, investment goals, and expectations.
3. What is the difference between financial planning and wealth management?
Financial planning is creating a roadmap for where you want to be at a specific timeline that benefits anyone regardless of their current net worth. On the other hand, management explicitly benefits high-net-worth individuals and families who have more complex needs.
Closing
Wealth management is a comprehensive approach for high-net-worth individuals and families that involves protecting and growing your and your family’s wealth over the long term. If you have accumulated significant assets, you can protect and grow them by finding the best wealth manager or management firms near you.
Key Takeaways:
- Wealth management firms work closely with clients to develop a personalized plan.
- Asset management is also crucial in ensuring financial fitness at present and in the future.
- An individual’s changing goals and economic conditions could affect wealth and investment strategies.
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