Cover The great wealth transfer taking place over the next two decades will see trillions of dollars being passed down from current generation leaders to their younger generations, prompting a radical shift in the financial services industry (Photo: Getty Images)
The great wealth transfer taking place over the next two decades will see trillions of dollars being passed down from current generation leaders to their younger generations, prompting a radical shift in the financial services industry (Photo: Getty Images)
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Gen.T+
As a new set of leaders emerge to become the driving force in the global economy, their habits and expectations have prompted wealth management providers to ramp up their offerings to service their needs
“Change is the only constant,” remarked the Greek philosopher Heraclitus. It’s certainly true of the world’s economy, with increased deglobalisation, technological advancements, geopolitical tensions and financial market dynamics impacting global markets in an instant.
The wealth management landscape, too, is in a constant state of flux. It’s currently undergoing a profound transformation, driven by a mix of factors that are reshaping the industry. Digitalisation, personalisation, and environmental and social concerns are transforming how business is conducted and wealth management firms are racing to adapt.
Knowing this, BNP Paribas Wealth Management, a leading private bank in Asia, spares no expense to offer best-in-class solutions to the evolving needs of its clients.
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For industries across the board, the digital revolution has touched every aspect of finance. Avant-garde fintech solutions, robo-advisors and online platforms have made it easier and more convenient for clients to access and manage their investments.
Above Shifts in the economy, culture and technology will come with the wealth transfer, requiring financial advisors and wealth managers to be prepared to address these changes (Photo: Getty Images)
Shifts in the economy, culture and technology will come with the wealth transfer, requiring financial advisors and wealth managers to be prepared to address these changes (Photo: Getty Images)
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Despite the digital shift, relationship building remains a cornerstone of private banking. Wealthy families often have complex financial situations, unique investment goals, and a desire for personalised advice that goes beyond what digital platforms can provide. They demand a comprehensive approach that addresses their entire financial ecosystem, and seek personalised services that align with their wealth preservation goals, family dynamics, business direction and philanthropic aspirations.
Because of this, they require a level of customisation, strategic planning and financial guidance that goes well beyond automated algorithms.
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In recent years, environmental, social and governance (ESG) criteria have also become focal points for privileged families. There is an increasing demand for positive impact investment options that align with personal values and long-term sustainability goals.
As the wealth management industry looks towards the future, one demographic that stands out in shaping its course is the millennial cohort, who form the next generation of leaders. As digital natives, they bring unique financial habits and expectations to the table.
With their values-driven approach and demand for transparency and education, they are not mere spectators in this changing market landscape; they are active participants and influencers. As entrepreneurs, investors and leaders, they are remodelling the market and fast-tracking its transformation.
Above Speakers at the BNP Paribas NextGen Experience in 2021, an event of talks and networking activities around business and innovation for the new wave of leaders
Speakers at the BNP Paribas NextGen Experience in 2021, an event of talks and networking activities around business and innovation for the new wave of leaders
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Changing tack
Amid these changes, BNP Paribas Wealth Management has switched gears, adapting to these changing attitudes by providing services that resonate with this new generation of leaders.
On the investment front, the firm offers a diverse range of options, from exchange-traded funds (ETFs) to private investments, to impact investments and thematic portfolios. Fractional investing is also on the menu, allowing clients to invest in high-value assets with smaller amounts of capital.
Flexibility is key here so that clients can curate portfolios that reflect their financial goals and convictions.
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Sustainability and ethical investing are not just buzzwords for millennials; they are guiding principles. To cater to these convictions, a comprehensive range of sustainable and socially responsible investment options have been made available. Clients are also furnished with detailed information on the ESG aspects of their investment choices.
For next-generation leaders, succession planning is a paramount concern. Whether it’s inheriting family businesses or structuring them for future leadership, the institution equips clients with the expertise and tools to preserve and transmit wealth seamlessly.
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And as this demographic is digitally savvy—accustomed to conducting their lives through smartphones and online platforms—BNP Paribas Wealth Management has invested heavily in apps and online interfaces. These tools empower clients to access their financial information and insights from global experts with ease.
But as state-of-the-art as the banking experience has become, there is no substitute for the human touch. As much as the private bank has splashed out on technology, it has also invested significantly in human capital––its private bankers. With an eye towards servicing the needs of its next-generation customers, all of BNP Paribas Wealth Management’s private bankers must complete what the bank calls “NextGen” training.
Above A session at the BNP Paribas NextGen Experience in 2021
A session at the BNP Paribas NextGen Experience in 2021
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The NextGen Experience
In today’s hyperconnected world, the value of meaningful connections and collaborative relationships cannot be overstated. Bonds that are founded on shared values, trust, and mutual respect are the lifeblood of professional––and more than ever, personal––growth.
Recognising this paradigm, BNP Paribas Wealth Management organises networking opportunities and forums for its clients to connect with like-minded individuals and potential business partners, as well as gain an understanding of industry trends and opportunities.
One example is its NextGen Experience in Europe and Asia, which allows next-generation leaders to come together to forge ties, build trust and understanding, and perhaps find a shared sense of purpose and a common vision.
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Initiatives like this have been well-received not only by next-generation leaders but also by the industry. The private bank’s efforts have been recognised numerous times over the years by Asian Private Banker (APB) since 2020.
Investment opportunities aside, the fact that the private bank has been validated for providing relevant services that align with the needs of its customers demonstrates its wholehearted, client-centric approach. These exclusive offerings, born out of a deep understanding and commitment to delivering value, go beyond transactions; they are partnerships.
The next edition of the NextGen Experience will take place in Asia on October 26 and 27 at W Singapore Sentosa Cove.
Guests networking at the BNP Paribas NextGen Experience in 2021
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Highlights from this two-day event include discussions on what to know about the state of the current AI race; how society can build a more sustainable food ecosystem; family businesses and succession planning; how conscious consumption in Asia can be redefined with purpose; and the current macro investment landscape given the complex geopolitical situation the world is in.
Each session features thought leaders and industry experts, who will share their high-level perspectives and insights. Among them are Eu Yan Sang International’s Richard Eu, Sapna Kewalramani Malhotra of KRF Limited, the philanthropic arm of Kewal Ramani Family; Blair Crichton of plant-based meat brand Karana; Professor Dean Ho of The Institute for Digital Medicine, National University of Singapore; Innovate 360’s John Cheng and various leading experts from BNP Paribas.
Anton Wong, the bank’s head of Taiwan, says: “At BNP Paribas Wealth Management, we take a unique approach to building relationships with Asian NextGen, which goes beyond day-to-day banking activities. We design and deliver all our NextGen propositions with the primary objective of empowering the NextGens. Carrying the torch of the family legacy is not a simple job. We take pride when we can make a difference.”
The BNP Paribas NextGen Experience 2023 will be held on October 26 and 27 at W Singapore Sentosa Cove. Visit the BNP Paribas Wealth Management website for more information.
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