At the Financial Times PWM Wealth Management Summit held in Singapore on 13th March 2025, I was pleased to join a panel discussion entitled ‘Mapping millionaire migration: How are Asian wealth managers catering to globally mobile clients?’. We discussed migration trends of wealthy families relocating around the world, where they are heading and what this means for wealth managers.
Key Takeaways:
- The wealth management industry has become more complex, with increasing regulations and more sophisticated client needs.
- Record numbers of millionaires migrating adds another layer of complexity, as wealth managers need to consider multiple jurisdictions when managing client portfolios.
- In addition to considering cross border regulations, there may be different family members in different locations with different needs in terms of structure, tax planning, investment objectives & currency.
- Wealth management solutions therefore need to be tailored to each client family.
- It’s important to take a holistic view to consider succession planning, philanthropy and family wellness.
- To meet this challenge, wealth managers need to hire & train staff with a broader understanding across multiple disciplines and multiple jurisdictions.
Thank you to my fellow panelists Gautami Gavankar & Ernest Chan for an interesting discussion and to Charlotte Way and Financial Times PWM for the opportunity to share some insights.
