Malaysian Wealth Management Forum 2019 - Highlights - Kenny Suen

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1. What are the challenges and opportunities for this industry?

Video transcript

1. What are the challenges and opportunities for this industry?

In this industry, we see a huge gap in the industry regarding independent wealth advisors. Most of the time, clients are very “well-banked”. They're “well-banked” because they tend to have accounts in most of the banks in Malaysia, and they don't consolidate them. Clients tend to do this in an attempt to ensure they have enough wealth advisors, and therefore diversify into various banks and products. Typically, this is induced because different banks offer different solutions, and because the solutions vary from bank to bank, clients may not get the right type of independent advice. Coming from a bank background, this is where we see a huge gap. There is a huge gap in terms of giving the right advice. When we were in the bank, we engaged in a “product-pushing” type of advice, where whenever a new product was launched, we would roll it out to the clients. Moving forward, we see a number of high network clients looking at wealth distribution, and there’s no single advisor able to provide the right type of independent advice. We see this as a significant niche for us to fulfil.

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