Standard Chartered Global Private Bank innovating to redefine wealth management

IN AN environment of growing market volatility and shifting geopolitical risks, ultra-high-net-worth (UHNW) clients are increasingly focusing on preserving, diversifying and growing portfolios. Additionally, they are actively seeking solutions that go beyond traditional wealth management.

Foo Tian Ong, Regional Head for Southeast Asia and Singapore Location Head at Standard Chartered Global Private Bank (“the Bank”), believes that ongoing innovation is crucial to staying ahead. He remarked, “We are a client-centric global private bank that emphasises personalised wealth advice to meet client’s needs.”

“In addition to navigating uncertainty, today’s clients are global citizens with diverse needs, and there is no “one-size-fits-all” solution. The Bank’s strength lies in understanding clients’ sophisticated requirements and leveraging our extensive network and capabilities to meet those needs. Whether it’s wealth accumulation and preservation, or supporting wealth ransfer in accordance with their family values, we are the trusted partner on their wealth journey,” Foo said.

Curated solutions

The Bank leverages its international network spanning more than 50 vibrant markets with deep local expertise to offer a comprehensive array of solutions which can be tailored to meet diverse client needs. Its unique open-architecture investment advisory approach empowers both advisors and clients to navigate market uncertainties with unbiased confidence.

The Bank’s strategic portfolio construction approach focuses on creating customised, diversified portfolios that are designed to remain resilient during volatile periods. It has a range of holistic wealth solutions, ranging from discretionary to advisory and execution-
only services. The Bank can tailor these solutions to clients’ preferences and their desired level of involvement in decision-making. This ensures timely portfolio reallocation to manage market volatility while seizing opportunities, enabling clients to achieve their financial goals with precision and care.

Clients can also benefit from broader portfolio diversification through alternative asset classes, including private credit, hedge funds and access to co-investment opportunities in the private markets.

Foo also discussed going beyond providing wealth management advice. He recounted the success of the Bank’s inaugural Global Family Network Forum held in Hong Kong in 2024. This event covered global family topics such as managing inter-generational wealth, exploring new avenues for direct investments, future-proofing family businesses, and making an impact on our communities. The forum connected 200 international participants, including 80 global UHNW families. Participants shared insights and engaged with one another on a range of topics.

Relationship managers at the forefront

Cutting-edge technology complements the client experience today. The Bank is investing in WhatsApp and WeChat solutions in addition to allowing clients to take leverage on its digital banking platform. However, the Bank values the role that human relationships play in guiding clients through intricate wealth journeys.

Building long-term relationships is a key driver of the Bank’s strategy and Foo believes this is essential for serving clients across generations. Amidst a rising trend of wealth transfer, this is particularly pertinent in Asia, where UHNW families are increasingly requiring strategic planning advice to secure their legacies.

According to McKinsey’s analysis, UHNW and high-net worth families in the Asia-Pacific region are experiencing an inter-generational wealth transfer estimated at US$5.8 trillion between 2023 and 2030.

Foo highlighted that the Bank is growing its Relationship Manager (RM) bench through “selectively hiring top talent” to meet its growth ambition. This aligns with the Bank’s target to achieve US$200 billion of net new money from its affluent business. In 2024, the number of Singapore-based RMs grew by 15 per cent, with similar growth expected in 2025.

Apart from a deep understanding of financial products and market trends that will enable RMs to remain agile during market uncertainties, Foo noted that experienced RMs should be able to proactively engage clients on their changing needs as they journey through different life stages.

“Not only are we supporting our clients’ wealth ambitions, we are also committed to safeguarding and helping them pass on their wealth to future generations. Each client is valued and benefits from a tailored approach to meet their unique situational needs and wealth objectives,” he said.

Foo recounted the case of a particular RM, who had built trusted relationships with several UHNW clients over the years. Their conversations went beyond portfolio management, expanding into the clients’ aspirations and concerns for their family’s future. Through these deeper interactions, the RM recognised that legacy planning was becoming a growing priority and took the initiative to bring in the Bank’s wealth planning team to better understand the clients’ legacy ambitions. This enabled the team to craft bespoke solutions, safeguarding their families’ wealth for generations to come.

The power of a universal bank

With increasing international mobility, UHNW clients need solutions to manage their wealth across jurisdictions. Standard Chartered’s wealth hubs in Singapore, Hong Kong, UAE, and Jersey, complement its global network by connecting clients’ wealth needs to global market opportunities.

Moreover, as a universal bank, Standard Chartered brings the advantage of a one-bank approach. UHNW clients can access corporate banking services, ensuring their individual and business needs are met under one roof in a streamlined client-centric approach.

“By seamlessly integrating individual wealth solutions and corporate banking services, our one-bank approach empowers clients with the resources and solutions to effectively manage their life’s work and build lasting legacies,” Foo concluded.