Singapore stands tall in wealth management, a hub of global and pan-Asian prospects matched with stellar services. With top-tier infrastructure and regulations, it’s a sanctuary for high-net-worth individuals seeking wealth preservation and growth.
Presently the world’s second International Wealth Management Centre, Singapore’s reputation is set to soar, as per Deloitte. Deputy Prime Minister Lawrence Wong affirmed its commitment to expanding wealth management opportunities and catering to evolving family office needs during The Owner’s Symposium of The Global-Asia Family Office Summit in 2022.
“Singapore will continue to grow opportunities for wealth management and support the evolving needs of family offices.”
By delving into the wealth management offerings in Singapore, you can make informed decisions about your investments and financial planning, and ensure that your assets are managed effectively in this thriving global hub.
What Are The 5 Types Of Wealth Management?
When it comes to wealth management in Singapore, there are five primary types of services you can consider to make the most of your financial resources and secure your future. Each type of service caters to specific needs and goals, making sure you are well-equipped to achieve your financial objectives.
- Investment Advisory Services: These services focus on providing tailored investment advice to help you build and diversify your investment portfolio. The financial advisors will assess your risk tolerance, financial objectives, and overall financial situation in order to recommend the most suitable investment product for more effective wealth planning.
- Asset Management: This type includes both active and passive strategies to manage your investments. Dedicated asset managers will monitor and make decisions on your portfolio, taking into account market trends and investment opportunities. You can entrust your assets to reliable financial institutions such as UBS Singapore for comprehensive wealth management services.
- Estate Planning: As you accumulate wealth over time, it is essential to plan for the future and ensure your heirs are cared for. Estate planning services help you establish a clear line of succession, minimizing potential disputes and ensuring the smooth transfer of wealth to your beneficiaries.
- Tax Planning: Efficient tax planning strategies are crucial to optimizing your wealth management process. Financial professionals can help you plan and manage your tax liabilities, taking advantage of available tax incentives, deductions, and exemptions in Singapore, as well as advising on cross-border tax issues if applicable.
- Financial Planning: To achieve your financial goals, you need a well-structured plan that takes into account your income, expenses, savings, and investments. Financial planning services can assist you in creating a long-term strategy, outlining steps to accumulate wealth, manage risks, and ensure you are prepared for major life events such as retirement or sending your kids to college.
To make the most of your wealth in Singapore, consider engaging in one or more of these five types of wealth management services. Remember, the right approach depends on your unique financial situation and objectives. Consult with trusted professionals to make informed decisions that will secure your financial future.
5 Best Wealth Management Services in Singapore
|Wealth Management Firm||Best For||Benefits||Minimum Assets Required|
|Citigold||Global reach and cross-border services.||
||Investible assets of S$200,000|
|HSBC Premier||International banking and holistic wealth solutions.||
||Choose: Total Relationship Balance of at least S$200,000 in deposits, investments and/or insurance is required.
Singapore property loan of at least SGD800,000 or an Australian property loan of at least AUD200,000.
|DBS Treasures||Digital banking solutions||
||Investible assets of S$350,000.|
|OCBC Premier Banking||Personalized wealth advisory and local market expertise||
||Deposit or invest S$200,000 in fresh funds|
|UOB Wealth Banking||Southeast Asian market insights and investment pro||
||Maintain minimum qualifying asset under management of S$100,000|
Citigold is a privileged banking and wealth management service offered by Citibank Singapore. It is designed to cater to high-net-worth clients seeking personalized financial solutions and exclusive benefits. With Citigold, you can optimize your investment strategies and grow your wealth efficiently.
By becoming a Citigold client, you can leverage the expertise and resources available through Citibank Singapore’s wealth management offerings. This will empower you to make informed investment decisions, optimize your assets, and grow your wealth with confidence.
- Dedicated Team: Citigold provides a dedicated team of financial experts who work closely with you to understand your unique financial needs, goals, and preferences. They offer tailored advice and support to help you make sound investment decisions.
- Total Wealth Advisor: Citigold offers a fully customized wealth management service that includes investment funds, equity and fixed-income advice, and access to a select range of alternative investments such as hedge funds and private equity.
- Citi Wealth Hub: Located in Singapore’s Central District, the Citi Wealth Hub is dedicated to Citigold and Citigold Private Banking Clients. This innovative facility delivers an unprecedented high net-worth banking experience, providing access to cutting-edge wealth management tools and resources.
- Exclusive Privileges: As a Citigold client, you can enjoy an array of exclusive lifestyle perks and high-net-worth banking services through the Citigold Global Banking program. This includes access to Citibank’s extensive global network and premier banking services.
- Enjoy up to S$16,855* rewards when you join Citigold today.
- Enjoy rewards when you invite family and friends to the Citigold Circle.
Please visit Citi’s website for the latest offers available for Citigold membership.
2. HSBC Premier
HSBC Premier is an exclusive banking and wealth management service that offers tailored financial solutions to meet your unique needs both in Singapore and abroad. HSBC ensures that your wealth management needs are met anytime, anywhere, through their digital wealth tools.
- Personal Relationship Manager: When you join HSBC Premier, you will be assigned a dedicated Relationship Manager who will work closely with you to develop a personalized financial plan.
- Global Wealth Management: With HSBC Premier International, you can easily manage your global wealth from Singapore or any other part of the world.
- Exclusive Privileges: As a new Premier customer, you are invited to join a welcome reception to connect with your Relationship Manager and wealth specialists and learn about the exclusive benefits of HSBC Premier.
- Legacy Planning, Tax, and Legal Advisory: HSBC Premier Elite customers can benefit from a combination of legal, tax, and financial expertise when it comes to legacy planning, ensuring that your wealth is passed down according to your wishes.
- Start a new relationship with HSBC Premier and get rewards up to S$15,770.
- A 1-night stay at Shangri-La Singapore, Tower Wing Deluxe Room includes breakfast & Internet access for 2 adults (worth SGD 420++) when you start a new relationship with HSBC Premier with an incremental Total Relationship Balance of S$300,000 in fresh funds.
Visit HSBC Premier’s official website to check out the complete list of promos.
DBS Treasures is a wealth management service offered by DBS Bank in Singapore. It is designed for Accredited Investors and aims to provide expert advice and digital capabilities to help you navigate the complex world of investments. DBS Treasures is designed to cater to clients with different levels of investible assets, offering customized solutions and investment opportunities.
By choosing DBS Treasures as your wealth management partner, you can leverage their extensive range of investment options, robust digital platform, and expert advice to grow your wealth and achieve your financial goals. Remember to carefully consider your risk appetite and investment objectives before diving into the world of wealth management.
- Investment Options: DBS Treasures provides a wide range of investment products and solutions, including online equity trading and direct access to crypto trading via its digibank app.
- Wealth Management Account: DBS Treasures offers a comprehensive Wealth Management Account to help you manage your investments. The bank’s Chief Investment Office publishes quarterly model portfolios for various risk appetites, such as conservative, moderate, balanced, and aggressive, which can guide you in customizing your portfolio.
- Experienced Team: At the core of DBS Treasures is an experienced team of professionals with years of expertise and experience in building wealth. They provide insights and guidance to help you make informed investment decisions.
DBS Treasures has a promotional offer where you can earn rewards up to S$17,700 upon starting with their services. Additional promotions include:
- Earn up to S$500 in shopping vouchers for referring a friend.
- Secure a home and valuables insurance plan with Masterpiece today and receive vouchers worth up to S$200.
- Avail the Invest-Saver plan today and enjoy up to S$125 cashback.
Check out their latest promos to take advantage of these opportunities.
OCBC Premier Banking provides a comprehensive wealth management solution for individuals seeking to grow and preserve their wealth. As a Premier Banking client, you will have access to a wide range of investment opportunities, personalized financial advice, and exclusive privileges across ASEAN and Greater China.
- Premier Banking Centre Access: Benefit from personalized services at over 60 Premier Banking Centres located throughout Singapore and Asia.
- In-depth Market Analysis from OCBC Wealth Panel: Premier Banking clients receive exclusive insights on market trends and investment strategies from OCBC’s top wealth management professionals.
- Online Wealth Management Tools: Utilize OCBC’s advanced digital wealth advisory tools via their website and mobile app to effortlessly monitor your investments and gain curated insights.
- Investment Opportunities: Customers might have access to curated investment products, potentially including exclusive funds or premier investment seminars.
- Higher Interest Rates: OCBC Premier accounts might offer preferential interest rates on deposits.
- Receive up to S$13,950 when you start a Premier Banking relationship with S$350,000 in fresh funds.
- Receive S$250 cash credit when you refer a friend.
Visit the official OCBC Premier Banking website for more up-to-date information on the latest promotions and offers.
UOB Wealth Banking is a comprehensive financial service offered by United Overseas Bank (UOB), targeting the emerging affluent market in Singapore. The bank aims to help you reach your full financial potential by providing dedicated wealth management services tailored to your unique needs.
- Dedicated Relationship Manager: UOB Wealth Banking assigns a dedicated relationship wealth manager to you, ensuring personalized advice and service for your financial planning needs.
- Product Specialists: A team of product specialists provides you with insights and solutions on your investment, treasury, insurance, and property portfolio, empowering you to make informed decisions.
- Network of ATMs: Enjoy fee-free cash withdrawals at UOB’s extensive network of ATMs across the region, enhancing convenience for your financial transactions.
- Global Market Insights: As a client of UOB Wealth Banking, you’ll be privy to up-to-date economic insights and investment updates from their in-house economists so you can make knowledgeable choices.
- Work your money harder with a promotional interest rate of 2.70% p.a. – 6-month and 10-month tenors available.
- Get up to 4.15% p.a.* interest on your US dollar deposits with the UOB Global Currency Premium Account
- Enjoy a preferential car loan rate of 2.28% p.a. (max EIR 4.35% p.a.), exclusively for UOB Wealth Banking clients.
UOB Wealth Banking also offers year-long deals. Check out their website for more details.
Wealth management in Singapore has experienced significant growth in recent years, with a seven-fold increase in venture funding between 2017 and 2021. The city-state has become a prominent offshore wealth management hub, attracting 75% of assets under management (AUM) from diverse overseas sources.
- Singapore’s robust banking sector is a primary strength, making it an attractive destination for wealth management services.
- The city-state has an efficient regulatory framework that supports the development and growth of its wealth management industry, contributing to its success as an offshore wealth management hub.
- Singapore’s well-educated and skilled workforce is a key asset in maintaining the high-quality services provided by its wealth management industry.
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