Trust in wealth managers up among Asia-Pac wealthy
But HNWIs in the region still prefer parking more wealth in physical cash or retail bank accounts.
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TRUST in wealth managers among the region's wealthy has trended up significantly this year, but this has not translated into more assets being parked with wealth management firms, Capgemini's latest Asia Pacific Wealth Report has found.
High net worth individuals (HNWIs) keep less than a third of their wealth with wealth managers, preferring instead to park a significant amount in physical cash or retail bank accounts.
Still, there is a silver lining for wealth management firms gunning for a bigger share of wealthy individuals' wallets. The study finds that the wealthy in Asia Pacific (ex-Japan) place a relatively greater premium on investment management services. Those who can marry this with financial planning capabilities are likely to find themselves in a position of strength.
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