Wealth management in Singapore is thriving, relatively speaking, however the growing ranks of independent wealth managers in the city-state believe now is the time to think and prepare for the future. 

Adapting, innovating and evolving was the overall theme at the fifth annual forum for Asia’s independent wealth management community, held in Singapore recently.

The Association of Independent Asset Managers (AIAM) Singapore, the professional body for Independent Asset Managers (IAMs) in Singapore, said in a press release.

Increasingly Influential Segment

The forum drew more than 300 practitioners from IAMs, multi-family offices and private banks.

Over a full day of panel discussions, participants explored pertinent industry concerns, such as the survival of the fittest, thriving as independent wealth managers and what professionals can do as an industry to refine IAMs’ value proposition.

Industry Collaboration

«Singapore’s independent asset management industry is thriving, and this entrepreneurial private sector is strongly backed by our regulator as well as the partner banks who provide us with robust and top tier banking platforms,» said Steve Knabl, AIAM Singapore President, Chief Operating Officer and Managing Partner at Swiss-Asia Financial Services.

Global Banks Supportive

Looking ahead, AIAM believes that collaboration amongst many industry players will foster best practices in relation to regulations, digital integration, risk management and all peripheral industries.

«The population of high net worth individuals in Asia is at its highest we have ever seen. Credit Suisse is proud to support the growing IAM industry through partnerships and dedicated global offerings,» said Sascha Zehnter, AIAM Associate Member, Managing Director, Head of External Asset Managers, Southeast Asia Private Banking Division and Head External Asset Managers, Asia-Pacific Platform at Credit Suisse.

Driving Industry Involvement

The conference also concluded that efforts by IAMs, along with private banks as custody platforms and even the regulator must come together to drive greater industry collaboration and promote a more inclusive professional involvement.

Given the backdrop of the evolving economy, acquiring, building and harnessing new skills such as digital, are critical success factors to cope with radical changes in the industry.

Innovate or Become Obsolete

«The word Wealth Management is also evolving with the changing generations, as we approach 2020, we are operating in an environment populated by millennials and technology. If we don’t adapt, innovate and evolve, we may face extinction just like dinosaurs!» added Knabl.