Growing demand for independent advisory services among wealthy Asians has seen the rapid expansion of boutique wealth firms in Singapore and Hong Kong.
These outfits including multi-family offices and independent asset managers are mostly run by former private bankers who took a leap of faith to go it alone.
With the ever-growing overhead cost, running a fully-fledged independent business can easily cost the equivalent of a BMW 7 series each month.
To find out what exactly is happening in the industry right now, Citywire Asia gathered six wealth experts for a virtual roundtable discussion.
In the first of a four-part series, they shed light into how the independent space has evolved over the years, and why ‘consolidation’ is a likely scenario for the industry in the region.
The six experts who took part were:
Chi Man Kwan, founder and CEO of Raffles Family Office, Hong Kong
Anthonia Hui, CEO, AL Wealth Partners, Singapore
Gary Tiernan, managing partner, Golden Equator Wealth, Singapore
Rohit Bhuta, CEO, Crossinvest, Singapore
Jessica Cutrera, founding partner and private client advisor, The Capital Company, Hong Kong
Urs Brutsch, managing partner and founder, HP Wealth Management, Singapore
Coming up next is their take on ‘competition’.