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Wealth managment in Asia: The FutureAdvisor Asia report from Scorpio Partnership

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Scorpio Partnership in conjunction with SunGard announces the launch of FutureAdvisor Asia. This insight explores the issue of how the wealth management industry can become better connected to the …

Scorpio Partnership in conjunction with SunGard announces the launch of FutureAdvisor Asia. This insight explores the issue of how the wealth management industry can become better connected to the regions wealthy. FutureAdvisor captures the views of 400 HNWIs and 96 wealth advisors and senior managers across China, Hong Kong, Singapore, Indonesia and the Philippines.

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  • 1. BANKINGFUTUREADVISOR ASIAEmbracing digital: a high stakes revolutionin high net worth client management Insight Report
  • 2. FUTUREADVISOR ASIA:WHAT WILL IT TAKE TO CONNECT WITHCLIENTS AND COMPETE IN ASIANWEALTH MANAGEMENT?
  • 3. www.sungard.com/ambit 1IntroductionCompetition in the global wealth management space has never been moreintense. Within the industry, it is the Asia-Pacific markets that are seen as theworld’s engine room for growth. Double-digit net new money targets havebeen committed to by most wealth managers across the region. This is inspite of more modest recent single digit achievements at virtually all of them.The optimism is heartening.The rationale is, put simply, that today there are more high net worthindividuals (HNWIs) in Asia than anywhere else; the challenge for the industryis how to connect to these individuals fast, establishing relationships so thattheir financial needs can be met today and in the future. For wealth advisorsand the firms they work for, the question is how to attract and win clients in anincreasingly competitive market. The reality is that advisors and their financialinstitutions need to take a fresh look at client management and re-evaluatewhether their current business models are going to enable business success.Looking at the future of the wealth management industry in Asia thereare five questions that firms need to consider:›› How do we become better connected to our clients?›› What do we need to be competitive?›› Where can we gain market share?›› Which channels should we be using to engage our customer base?›› Why can we be confident about future business success?To help firms answer these fundamental questions, SunGard has soughtevidence and insight. This research exercise has been undertaken in theAsia-Pacific wealth management sector and was led by Scorpio Partnership,the global leader in high net worth and wealth industry market insight, basedon more than 20,000 interviews with clients and professionals.The evidence has been generated by collating the views of 400 HNWIs in thefive markets of China, Hong Kong, Singapore, the Philippines and Indonesia.These markets are considered to be the power houses of future growth forthe wealth industry. To complement and challenge these individuals’ views,the research has also collated the views of approximately 96 wealth advisorsand senior managers in the industry located across the same markets.The insight has come from the analysis of the findings by Scorpio Partnership.They have drawn on their experience surrounding the evolution of HNWIrequirements in wealth services and the ways in which advisors can remaincompetitive. Their views have been developed in collaboration with SunGardto prepare FutureAdvisor Asia, a report that assesses the opportunities todayfor wealth management firms in Asia, and examines what is required toenable wealth advisors to be successful in the future.
  • 4. 2 FutureAdvisor AsiaTABLE OF CONTENTS4 Executive summary 4 Embracing digital: the changing face of wealth management in Asia 4 Asia’s HNWIs’ expectations for future wealth management 5 Weaknesses of today’s Asian wealth management model 5 Looking ahead: The development of Asia’s future advisor6 Building future client connections 6 Digitally connected: Asia’s HNWIs have more digital gateways than you think 7 Surfing for wealth: how Asia’s millionaires are increasingly managing theirfortunes online 8 There’s an app for that: growing demand for financial management apps 10 Sky’s the limit: understanding Asia’s HNWIs ambitions for growth 11 A balancing act: how Asia’s wealthy are looking to rebalance their portfolios 12 Getting the right advice: building the role of the wealth advisor13 Developing Asia’s future advisors 13 Misconceptions: Asia’s wealth management industry may be young but it is notwithout experience 14 Capacity costs: understanding its impact on the wealth advisor and ultimatelytheir clients 15 The client-centricity challenge: how much ‘face-time’ is enough? 16 BYOD: Asia’s advisors are predicting new levels of mobile wealth management 18 An integrated digital experience: what do advisors want? 20 Brand and reputation: how important are they? 21 Reality hurts: client knowledge will need a major upgrade 22 Value of services: endorsed by the advisor, challenged by Asia’s wealthy24 Conclusion25 Appendix 25 Research methodology sample
  • 5. www.sungard.com/ambit 3TABLE OF GRAPHSFigure 1: Computing and mobile device ownership in selected Asia marketsFigure 2: Computing and mobile device ownership in Asia by net investable worthFigure 3: The number of hours in a week spent online by Asian millionairesFigure 4: The most active surfers for wealth in Asia are the wealthiestFigure 5: The usage levels of mobile apps among Asia’s millionairesFigure 6: The range of financial services activities undertaken online in the futureFigure 7: The rationale for Asian millionaires when engaging with the wealth management communityFigure 8: The balance of wealth assets managed professionally for HNWIsFigure 9: Future investment preferences for HNW investorsFigure 10: The growing interest in the use of professional advisorsFigure 11: The market-by-market preferences for wealth management supportFigure 12: The level of experience for wealth managers in AsiaFigure 13: Client-advisor ratiosFigure 14: The time-motion activities in an average week fora wealth manager in the targeted Asian marketsFigure 15: The usage levels of mobile technology for Asian wealth managers todayFigure 16: The dominance of tablets for Asian wealth managers in five yearsFigure 17: The future requirements of the market in Asia to remain competitiveFigure 18: Asia’s HNWIs’ wish list from wealth managers in order to do more businessFigure 19: Asian wealth advisors immediate priority developments for their businessesFigure 20: The difference of opinion between Asia-based advisors and HNWIs on key factors for selectinga wealth managerFigure 21: The differences of view between clients and advisors on wealth mattersFigure 22: The advisors’ perception of value for money of the wealth management industry in AsiaFigure 23: The perception of value for money of the international wealth managers by HNWIsFigure 24: The perception of value for money of the local wealth managers by HNWIs
  • 6. 4 FutureAdvisor AsiaEXECUTIVESUMMARYEmbracing digital: the changing face of wealthmanagement in Asia1. In Asia the rise of mobile technology among wealthyclients is fast and significant. Most high net worthindividuals (HNWIs) now have at least 3 personal digitalgateways to the internet outside the home, with thewealthier HNWIs being the biggest users of tablets andsmartphones to get online.2. The amount of time spent online in relation to wealthmanagement among HNWIs in the Asian markets in thisstudy is 5.3 hours per week. As their wealth increases, sodoes their time spent online. For wealthier Asians, withwealth in excess of US$6m, their time increases to 7.3hours which amounts to 30% of their online time in a week.3. In essence, every five seconds an Asia-based millionaireis online managing issues related to their finances andtherefore interacting with the financial industry. China’smillionaires are the most digitally active and Indonesia’smillionaires are the biggest users of BlackBerrys.4. The top three client requirements from the web areinvestment research, investment monitoring and activeinvestment. Looking forward, Asia’s wealthiest investorsexpect more financial advice, both online and in person.5. To support efficiencies, wealth managers predict in fiveyears the dominant tools for the delivery of financialservices to HNWIs will be tablets. Activities will includeon-boarding, portfolio analysis, pitches, contactmanagement and investment research.Asia’s HNWIs’ expectations for future wealthmanagement6. Asian investors aim to increase their wealth, on average,3.7 times within a time period just over 12 years. Theseinvestors are confident (just over 60%) that they willachieve this goal.7. When selecting a financial institution the brand andreputation of the business are paramount, while thefacilities to interact digitally are also important and areexpected to become more important. In essence, thedigital footprintof their wealth provider will make an impression.8. In the future, the role of the independent financial advisorwill be increasingly important to clients, more so than theprivate banker or priority banker. Both wealth managersand HNWIs recognize that the financial plan is becominga core capability requirement for the industry.9. HNWIs in the region make the bulk of their wealth locallyand want to continue to invest heavily in home markets.Equally, they are now moving towards a rebalancing oftheir portfolios, moving out of cash into more diverse assetclasses including commodities and private equity.10. Private client investors in the region consider their wealthmanagement firms to be relatively solid value for money.However, the industry has a much higher opinion of itsown value. This belief in value delivered to clients is nearlytwice as high as the perception of value that clients hold.
  • 7. www.sungard.com/ambit 5Weakness of today’s Asian wealth management model11. Wealth managers are stretched in terms of their client-advisor ratios and yet they remain under pressure to growtheir book. The regional client-advisor average ratio is 86as opposed to the global ratio of around 50-60 clients.12. Currently the average advisor is spending less than 40%of their working hours in client-facing activities and 12% ofthe time in prospecting. Client meetings represent justover half a day a week while the most significant timeusage is answering emails at 5.4 hours.13. The advisors strongly believe that they know their clientswell. They believe they manage approximately 38% of theclients’ total wealth. However, the client responsesindicated advisors have a very poor level of knowledgeand often manage much less than the stated 38%.14. Local wealth managers are going to be expected toincrease their capabilities in financial planning, assetallocation and investment management to compete.Notably, the wealthiest clients have a more favorableimpression of the local firms compared to the less wealthy.15. The top priorities for future development in wealthmanagement are: enhanced business intelligence, CRMsystem upgrades and improved risk management tools. Halfthe advisors believe their current systems are inadequate.Looking ahead: the development of Asia’s future advisor16. The expertise in the industry is higher than widely assumedwith the average experience level in client-facing roles closeto a decade. Crucially, these experienced resources needtraining to adapt to the digital evolution occurring inwealth management.17. The reality is that Asia’s advisors are already using mobiletechnology in nearly 50% of their wealth services toenable them to compete. The issue is the tools being usedare often neither approved nor synchronized with theirfinancial institution’s systems.18. The expectation is that the wealth management industrywill need to become much better managers of data andcontent in order to improve individual relationships andproduct development for each client. The digitalenvironment is a major factor in this assumption.19. The future advisor in countries such as Hong Kong,Singapore and China are likely to see greater client demandfor an integrated and online client experience. ThePhilippines and Indonesia are slightly behind this pace whereretail banking continues to play a dominant role with HNWIs.20. The future advisor at either a local or an internationalwealth manager will be under pressure to deliver abroader and more strategic planning and assessmentsolution to win business. The value of this service will needto be demonstrable.
  • 8. 6 FutureAdvisor AsiaBUILDING FUTURECLIENT CONNECTIONSDigitally connected: Asia’s HNWIs have moredigital gateways than you thinkThe HNW investor, termed as an individual with a minimuminvestment level of US$1m, possesses a good number ofdigital devices and is far more active online than the wealthmanagement industry realizes. This has significant consequenceson their expectations of future relationships with financialinstitutions and their advisors.Today, in the five Asian markets, the average wealthy investor islikely to have a laptop or desktop plus at least two other digitaldevices including a tablet along with a smartphone or BlackBerry.For reference, 57% of the sample owned an iPad while 42%owned another type of tablet device. Interestingly, theimportance of the BlackBerry as an important aid in connectivityfor wealth management is diminishing except in Indonesia.Essentially, all of the devices owned are internet-enabled andso these investors have multiple gateways to the digital world.The millionaires consider these to be crucial in terms of how theymanage their lives personally, professionally and financially.Notably, the uptake in tablet-based devices is significant.Chinese and Hong Kong millionaires are the top of the pack interms of ownership. Singaporeans are not far behind. To all ofthem, there is no turning back from digital mobility. It is alreadytheir way of life.It is not surprising then that the wealthier the client across Asia, thehigher the likelihood they will own an iPad or other tablet. What isinteresting however is that the research is also suggesting thatthese devices are fast becoming the tool of choice for thewealthiest in the region and may even usurp the smartphone oreven the laptop as a primary gateway for getting online.LaptopDesktopcomputerSmartphoneiPadStandardmobilephoneTablet(notiPad)BlackberryNoneofthese$1m to $2m$2m to $4m$4m to $6mMore than $6m51%93%91%85%80%93% 91%87%86%85%67%65%49%45%39%36%31% 24%17%20%0%29%44%38%42%53%90%92%91%Which of the following devices do you own personally?LaptopDesktopcomputerSmartphoneiPadStandardmobilephoneTablet(notiPad)BlackberryNoneoftheseChinaHong KongIndonesiaPhilippinesSingapore30%30%95%84%82%81%75%93%98%92%88%60%70%67%62%48% 48%45%37%32% 24%22%19%11% 0%68%37%36%32%55%58%84%90%93%86%Which of the following devices do you own personally?Figure 1: Computing and mobile device ownership in selected Asia marketsFigure 2: Computing and mobile device ownership in Asia by net investable worth
  • 9. www.sungard.com/ambit 7Surfing for wealth: how Asia’s millionaires areincreasingly managing their fortunes onlineTablets are not just sitting idle with these wealthy clients, theyare using their devices and quite frequently. While it is clearthat the Asian millionaire is a very active digital surfer, thesignificant finding is actually how much time they are online inrelation to their finances. It is becoming apparent that HNWIsare essentially the Formula 1 drivers of the internetsuperhighway.The wealthy investor in Asia spends on average 5.3 hours eachweek on matters related to their banking and investments.In terms of the total average time spent online by Asia’smillionaires, this equates to around 25% of their surf time.It also suggests that staggeringly, every 5 seconds, amillionaire in Asia is interacting with wealth matters digitallyand this is only set to increase.This regional average above is interesting and plots a clearcourse for the future of wealth management. Yet, marketdifferences provide a new layer of revelation. For instance, themost digitally active wealthy are the China-based millionaires,allocating an average of 6.3 hours a week.Similarly, the younger population of millionaires across thefive markets are spending 29% of their online time aroundtheir financial affairs while millionaire women spendapproximately 50 minutes less time a week surfing forinformation on their banks and their investments than theirmale counterparts.However, the biggest discovery is that the richer the clientbase in Hong Kong, China, Singapore, Indonesia and thePhilippines (those with net wealth exceeding US$6m), themore time they spend connected to their wealth via theinternet. This gold-plated, double-click group of investorsspend on average 7.4 hours, or 30% of their digital lifeinteracting with wealth matters.126391263912639126391263912639News4.1 hoursSocial media3.7 hoursGeneral research3.3 hoursBanking Investments5.3 hoursOnline purchasing2.3 hoursGaming2.1 hoursFigure 3: The number of hours in a week spent onlineby Asian millionairesNewsSocialmediaInvestmentsGeneralresearchOnlinepurchasingGamingBanking$1m to $2m$2m to $4m$4m to $6mMore than $6m2.64.13.93.94.8%OFRESPONDERS(hours)4.43.83.73.54.23.53.745%39%36%31%2.81.62.22.43.22.22.22.43.42.83.13.5543210Figure 4: The most active surfers for wealth in Asia are the wealthiest
  • 10. 8 FutureAdvisor AsiaThere’s an app for that: growing demand forfinancial management appsWith this hyper-activity of millionaires around their financesonline, the crucial question is what exactly are they doing andhow are they travelling across the digital superhighway?In this context, the usage of mobile apps is noteworthy forwealth managers. China’s millionaires are the most activeconsumers of mobile apps in all areas including banking,investments and portfolio monitoring. This is the highest levelof activity in the region and there is some distance betweenthem and the other researched countries.The markets that are least active, but are still users of mobileapps appear to be both Indonesia and the Philippines.Meanwhile, there is generally a lower uptake of portfoliomonitoring apps but this is not because of a disinterest on thepart of wealthy investors in Asia. In fact they suggest clearlythey would like more capabilities here but bemoan the lack ofapps online that meet their needs. Again, the higher theinvestable wealth, the more active they were in this area.Aside from the actual usage of mobile apps, the regionalmillionaires were clear about their activities in relation tofinancial matters online. In essence they use the internetrelatively equally for a broad mixture of activities includingfinancial research, investment monitoring, actual investing,general banking, evaluating financial news and interacting withtheir financial institutions.Note: Graphic shows the highest and lowest countries in each category. All others countries are in the middle.84%80%83%75%79%68%72% 74%77%62%73%58%54% 52%44%51%47%44%16%70%64%50%53%48% 50%36%42%38% 38%28%23%28%20%25%22%12%16%2%Socialnetworking%RESPONDENTSBankingMusicMaps/navigationGamesWeatherVideo/moviesShopping/retailTravelInvestmentsEducation/learningLifestyle/hobbiesDining/restaurantHealthSportsHouseholdPortfoliomonitoringIdon’tuseanyappsNewsChinaHong KongIndonesiaPhilippinesSingaporeFigure 5: The usage levels of mobile apps among Asia’s millionaires
  • 11. www.sungard.com/ambit 9Notably, when investors predict their usage patterns in fiveyears’ time, they point to a decrease in directly evaluatingfinancial news and specifically for their investments. In fact,they expect the largest increase to be their interaction directlywith their financial institution on matters related to theirwealth. Furthermore, they expect their financial providers tokeep pace with them on this crucial aspect and at the momentthere are signs of doubt that they can keep up.Doubts notwithstanding, the future role of the wealth managerwill be an increasingly important resource to the Asian HNWsector in terms of information and enablement to help themachieve their personal financial goals. In particular, access is akey factor for HNWIs in the region and while they may havesignificant personal fortunes, they recognise that they maylack the level of specialist investment knowledge held by awealth management professional.Essentially, the client is acutely aware that the advisor has thenecessary skills required to navigate the complex financialmarkets. The key now is to determine how the advisor can deliverthis requirement in a manner that meets the needs of the client atthe right time and place and in the most efficient manner.0% 10% 20% 30% 40% 50%Access to specific investments and markets: 49%Lack of knowledge: 35%Lack of time: 25%Preference to delegate: 22%Another family member takescontrol of the investment: 21%Disinterest ininvestments: 8%Other: 2%Reasons clients are using their financial advisers:Figure 7: The rationale for Asian millionaires when engaging with the wealth management communityMaking investmentsUndertaking general banking(accounts payments etc)Monitoring your investmentsGathering financial newsUndertaking financialresearch on your own foryour personal investmentsEngaging with your financialinstitutions on your personalinvestments18.0%17.8%17.5%15.9%15.6%15.3%Making investmentsUndertaking general banking(accounts payments etc)Monitoring your investmentsGathering financial newsUndertaking financialresearch on your own foryour personal investmentsEngaging with your financialinstitutions on your personalinvestments18.0%17.8%17.5%15.9%15.6%15.3%Figure 6: The range of financial services activities undertaken online in the future
  • 12. 10 FutureAdvisor AsiaSky’s the limit: understanding Asia’s HNWIsambitions for growthToday’s millionaires in Asia are sprinting like Olympians whenit comes to wealth creation. The assessment here shows howmuch ambition these investors have and crucially, in light oftheir ambitions, how important they are in a digital wealthmanagement context.The average wealth of the community was US$3.7m. Theirambition in order to meet all of their financial requirementswas to attain US$13.8m. Again, the mainland Chinese and theSingaporeans had the largest wealth goal figures at US$15.2mand US$15.6m respectively. In sum, these fast track wealthcreators have set a financial target of 3.7 times their currentwealth level. Their view is it would take an average of 12.9years to meet this target and they have a 60% confidencerating in their ability to achieve this sum within that timeline.These are clearly confident individuals.To even get this far, onewould expect that.And not surprisingly, when it comes to finances,to date the majority have been handling their wealth on theirown. But if their confidence levels of achievement are only set at60%, there is clearly an opportunity for the wealth managementindustry, if they can get more connected to individual clients, todemonstrate their value and win new business.-20%020%40%60%80%100%To what extent do you agree with the following statements?Strongly agree Agree Somewhat agree Strongly agree Agree Somewhat agreeOverall(401)Country Net AssetsChina(151)HongKong(75)Indonesia(50)Philippines(50)Singapore(75)$1mto$2m(153)$2m–$4m(98)$4m–$6m(85)Morethan$6m(61)4%4%20%80%17%83%19%81%22%78%23%78%23%77%23%77%22%78%19%81%11%89%12%21%32%27%3%12%12%38%33%14%38%20%23%4%7%11%27%33%18%10%8%5%18%33%28%6%16%23%27%27%5%6%12%28%27%22%4%15%18%30%31%4%15%21%35%26%4%5%11%38%40%Wealthmanagedbyprofessionals–WealthmanagedbymeWealth managed by me Wealth managed by professionalsFigure 8: The balance of wealth assets managed professionally for HNWIs
  • 13. www.sungard.com/ambit 11A balancing act: how Asia’s wealthy are looking torebalance their portfoliosThe fundamental question is how do Asia’s HNWIs expect toachieve their growth ambitions in terms of their investmentplan? Also, what role do they expect the wealth managementindustry to play in meeting this goal? Getting connected andunderstanding their clients’ future asset allocation interestswould be a logical start.The results of our research reveal a marked portfoliorebalancing away from cash by as much as a quarter of thecurrent holdings. This is unsurprising given the wealthambitions of these millionaires who now clearly recognize thathaving too much cash liquidity is not going to assist them inachieving their financial goals.On a country basis, there is a variance to the asset classpreferences but fundamentally these investors across theregion are pointing towards capital growth. To achieve this,these wealthy investors are anticipating measured increaseinto more specialised fields such as private equity, naturalresources, commodities and collectables.RealestateCashEquitiesMutualfundsBondsCashequivalentsPrivateequityNaturalresourcesCollectables(art,antiquesetc.)CommoditiesOtherNoneoftheseChinaHong KongIndonesiaPhilippinesSingapore60% 52%42%40%62%56%51%30%20%72%64%78%64%49%41% 36%33%24%35%41%37%32%10%48%37%29%20%14%37%27%18%39%24%48%27%20%14%19%31%25%16%22%18%33%23%12% 4% 4%20%15%4%2% 2%1%2%1%22%34%Which of these asset classes would you like to have investments in withinthe next 5 years?Figure 9: Future investment preferences for HNW investors
  • 14. 12 FutureAdvisor AsiaTechnology is changing the boundaries of the wealthmanagement relationship model. Clients are increasinglyexpecting that they can access their advisor, their institution andfundamentally, their wealth at any point in time. Critically, thataccess is not just going to be purely for the pleasure of countingthe coins in the vault. It is going to enable the HNWI to make themost out of the opportunities they see around them and todetermine if they are on track with their wealth creation ambitions.In conclusion, the evidence based on Asia’s HNWI feedbacksuggest they are not just on the internet superhighway anddriving fast, they are looking to their wealth managers to providethe lighting on the digital streets ahead of them so they can get totheir destination even faster and more safely. Failure to help willmean the HNWIs may take a drive in a different direction.Getting the right advice: building the role of thewealth advisorThe evidence suggests recognition that the future advisor has arole to play that goes beyond pure execution and brokerage,even with these assured HNW investors.According to Asia’s HNWIs, the winners will be wealthmanagement professionals with a strong local investmentmanagement capability given the strong preference among thesewealthy investors to both source and invest in opportunities closeto home. Apparently, these HNWIs want to see, touch and knowhow their portfolios perform at any time and they want to beassured that their advisors are on alert to act in the event ofsignificant movements in their portfolios.When pressed, HNWIs detailed that the advisors will help themto access markets and provide the necessary knowledge andinsight they lack and as well as, in an increasing number of cases,take on the responsibility of carrying out the investment strategyon their behalf.The country where the role of the independent financial advisor isset to become most popular is China. Singapore was a closesecond where a large portion of the sample already indicatingactivity with wealth management-related independent financialadvisors today.In five years’ time, the priority bank and the private bank in Chinawill remain major influences on the HNWI’s wealth creation plans.Meanwhile, HNWIs in Hong Kong are dumping their friends andfamily off the advice influence charts.Such a development of influences in the wealth planning andimplementation process is revealing. When considered alongsidethe rapid emergence and expectation of more regular onlineinteraction between client and advisor, it places an even greateremphasis on the capabilities of the future financial advisor to beeven more omnipresent and capable.Independentfinancial advisorsPriority banksFamilyPrivate banksCurrent advice channel usage Predicted change in advicechannel usage in the futureFriendsAccountantsTraditionalmediaLawyersRetail banksSocial mediaFamily offices50%45%40%35%15%10%0% 5% 30%25%20%40% 47%32% 38%28% 34%33% 36%31% 32%22% 24%21% 22%18% 20%18% 23%12% 16%11%Figure 10: The growing interest in the use ofprofessional advisorsIndependentfinancialadvisorsPrioritybanksFamilyPrivatebanksFriendsAccountantsTraditionalmediaLawyersRetailbanksSocialmediaFamilyofficesNoneoftheseChinaHong KongIndonesiaPhilippinesSingapore36%44%39%35%26%18%40%36%35%28%23%52%48%44%46%38%31%26%27%36%30%29%23%18%28%22%18%34%21%16%20%31%26%20%14%16%25%19%6%8%25%24%13%8%15%6%7%20%10%8%8%12%4%6%1%4%18%22%20%36%Which investment advice channels do you use to help you make yourinvestment decisions in 5 years’ time?Figure 11: The market-by-market preferences for wealth management support
  • 15. www.sungard.com/ambit 13DEVELOPING ASIA’SFUTURE ADVISORSMisconceptions: Asia’s wealth management industrymay be young but it is not without experienceAmid these developing needs of the wealthy investor in Asia,the burning question is the level of readiness of the wealthmanagers. How able are they to better connect with theirprospective and existing clients? How well do they really knowtheir clients’ interests and needs? What are they worriedabout in terms of their ability to compete? And finally, whatare they and the institutions they are working for doing now toembrace and enhance the digital client experience?In terms of the advisors’ corporate background andexperience, the first finding of significance is that the level ofexperience in this industry may be higher than many assume.Generally, the industry is described as a young one whichreally has only started developing since the late 1990s.However, one could argue that modern wealth managementworldwide is in the same boat. With that being the case, therespondents in this survey on average had nearly a decade’sworth of wealth management industry experience with 70% inclient-facing roles. Moreover, these professionals had 14 yearson average in the financial services markets as a whole. Theseare not rookies, they have been around the block, often.*other asia refers to Indonesia and The PhilippinesYears in the current wealth management roleTotal years in wealth management/financial servicesOverall40 yrs to 49 yrs50 yrs and over18 yrs to 29 yrs30 yrs to 39 yrsHong KongOther AsiaSingaporeChina0 5 10 15 20 25 309.314.15.67.08.710.510.819.012.927.010.18.39.98.817.410.112.815.7Figure 12: The level of experience for wealth managers in Asia
  • 16. 14 FutureAdvisor AsiaCapacity costs: understanding its impact on thewealth advisors and their clientsInterestingly, it appears these wealth advisors are just cominginto their prime. They are acutely aware of their need to uptheir game on the client engagement level in order to raisetheir levels of business activity.But in this context, it is worth noting that half of the advisorssurveyed believe they have too much work to do while 47%consider that they are working at capacity. This capacity canbe measured by looking at the volume of relationships theadvisors manage on average.For instance, the average client to advisor loading is around86. In China, this rises markedly to 118 clients per advisor.Such a number would perhaps explain why 74% of China-based advisors believe they are operationally extendedbeyond their capacity. Similar characteristics of high clientratios are also reflected in Indonesia and Philippines wherethe wealth management markets are still dominated by retailbanking offerings. For reference, global client-loadingaverages for a full service wealth business are typically ataround 50-60 clients. The impact of too many clients willobviously have a detrimental impact on the quality ofrelationships that wealth advisors can have with their clients,and ultimately reduce service levels.Equally, another important influence on capacity is the amountof time spent on internal administrative tasks. It is clear thatfrom the professionals’ viewpoint, this is an industry that isworking at or close to full speed with the current tools it has.Looking forward, the pressures for revenue growth will placeeven greater demands on client loading averages. The industryneeds more clients to support its business model. It is in thiscontext that embracing digital channels may represent abreakthrough moment for the wealth management industryin terms of efficiencies and profitability.Overall18to2930to3940to4950andoverSingaporeChinaHongKongOtherAsia85.895.7104.256.2 56.075.3117.649.8106.3In your own role, if you deal with private clients, how many clients doyou personally manage?Figure 13: Client-Advisor ratios
  • 17. www.sungard.com/ambit 15The client-centricity challenge: how much“face-time” is enough?The essence of the wealth management value proposition isthe relationship between the advisor and their client. Basically,time in front of the client is the gateway to new businessopportunities. The crude traditional equation is less face time,less business. Yet the research shows that client-facing activitiesin Asia typically do not exceed 40% of total professional time.In terms of face time, the advisor’s average week includes justover 20% of their time in client meetings or looking for newclients. If we include phoning clients and a portion ofanswering emails as “virtual” face time with clients, this figurerises to close to but still less than two days per week.The rest of the activities are internally focused. If one alsotakes into account the fact that these advisors are typicallyspending up to four days a month on business travel, this setsthe full picture of the working patterns of the modern advisor.They may not be always pointing in the right direction forgrowth if they are currently only allocating 12% of their timeprospecting for new clients.Naturally, in defence of the current working patterns, many ofthese activities would not be taking place unless they were onbehalf of a client. But it is worth noting that front line staffcould easily be spending in excess of 60% of their time notinteracting with clients. Some might consider this a good ratio,and they may not be wrong. But as the industry becomes evermore competitive and client expectations grow, there is apressing need for wealth managers to improve their ability tofocus on their clients, whether through virtual channels orthrough improvement of new business processes that free upadvisors for a greater percentage of ‘face time’.Answeringemails(5.4 hours)Clientmeetings(4.8 hours)Looking fornew clients(4.9 hours)Researchon markets(4.1 hours)Phoningclients(4.2 hours)Non-clientmeetings(3.4 hours)Compliancepaperwork(3.8 hours)Generalpaperwork(3.2 hours)Clientreporting(2.9 hours)Training(2.3hours)Note: The remaining 1.0 hours of the 40-hour week is classified as “Other”Figure 14: The time-motion activities in an average week for awealth manager in the targeted Asian markets
  • 18. 16 FutureAdvisor Asia0 10 20 30 40 50 60 70 80 90 100Which of the following devices do you use MOST to help you carry out the following activities?Smartphone Standard mobile phone Blackberry iPad Tablet (not iPad) None% OF RESPONDENTSCredit monitoringTrade order entry29%35%1%1%38%15%19%32%7%7%6%9%35% 4% 7% 25% 5% 23%14% 1% 9% 35% 11% 29%11% 3% 3% 42% 9% 31%16% 5% 9% 27% 8% 34%14% 30%2%1% 11% 42%16% 4%1% 23% 14% 42%13% 4% 1% 23% 13% 47%8% 3% 4% 25% 13% 47%Customer datamanagementPortfolio analysisOutstanding clientsPresentationsInvestment researchSocial media sites forfollowing market newsFinancial markets newsBusiness emailsFigure 15: The usage levels of mobile technology for Asian wealth managers todayBYOD: Asia’s advisors are predicting new levelsof mobile wealth managementWhen taking travel time into account, in addition to the workflow,there is an interesting conclusion about the future advisor in thewealth management industry – their office must essentially be inthe palm of their hands. Consequently, they need to increaseefficiency and interactivity while on the road in order to improvetheir client connectivity. No access means no business.In this fast developing environment, the future advisor isalready intuitively using the technology at their fingertipsand integrating it into their working patterns. As is being seenelsewhere in the world, the trend for ‘BYOD’ or ‘Bring YourOwn Device’ is catching on in Asia. Many advisors may bedoing this in spite of their institutional employer who may notyet have approved processes for solutions on iPads, othersimilar tablet devices or smartphones. The audience ruefullyremarked that their companies were moving at terrestrialrather than digital speed as there are of course, security andefficiency concerns at play for the firms.But in some cases, it is possible that the impression that theinstitutions are behind the curve might be too gloomy. Whenlooking at activities such as investment research, portfolioanalysis and even credit monitoring, the technologicalsolutions are not a pipedream. However, the crucial questionis whether they are operating in sync with the business’scurrent or legacy systems and the answer is typically no, withthe follow-on question from advisors being – why not?
  • 19. www.sungard.com/ambit 1702030 40 50 60 70 80 90 100Which of the following devices do you think you will use MOST in 5 years to help you carry out the following activities?Smartphone Standard mobile phone Blackberry iPad Tablet (not iPad) None% OF RESPONDENTSCredit monitoringOutstanding clientsTrade order entry32%30%3%3%18%3%36%48%8%7%3%8%32% 1%2% 46% 13% 6%26% 3% 3% 48% 13% 7%16% 1%1% 57% 13% 13%20% 1%2% 47% 13% 18%27% 34%2% 2% 11% 23%22% 1%1% 41% 14% 22%24% 3% 2% 34% 16% 21%18% 1%2% 35% 19% 25%Customer datamanagementPortfolio analysisPresentationsFinancial markets newsSocial media sites forfollowing market newsInvestment researchBusiness emailsFigure 16: The dominance of tablets for Asian wealth managers in five yearsThis current state of play is significant and illustrates a moredigitally active industry than many realise. Yet, when castingforward into the future, the expected shifts are very marked.Put simply, tablet devices will essentially dominate the clientengagement aspect for relationship managers in Asia. The swipewill eventually replace the double-click. It’s just a matter of time.A particular growth area will be in the field of customer datamanagement where the role of the tablet devices willeffectively double and the role of the desktop/laptop (under“none”) will more than halve. Many other areas, such aspresentations, on-boarding clients and portfolio analysis willincrease in importance by approximately 50% more than theyare used today.This staggering step change in the use of mobile technology willtransform wealth management in the region. The positive news isthat the wealthy clients are very willing recipients of this stepchange and indeed from their perspective they are positivelypushing for an upgrade among their advisors when it comes tothe availability of online client services. This is simply becausethey are already spending large proportions of their time surfingthe internet and conducting financial investments online.
  • 20. 18 FutureAdvisor AsiaAn integrated digital experience: what doadvisors want?Looking forward, an integrated digital experience will becomepart of the core client services that wealth management firmsoffer. So it is interesting to determine what advisors todaybelieve are important features of their wealth offering to Asia’sHNW sector. The response is that the intellectual expertise ofthe industry around strategic issues such as long-termplanning, asset allocation and monitoring top the charts.Not surprisingly, the clients agree. These skills are alsoconsidered to be of paramount interest to them but they havestruggled to find it at more traditional institutions such asprivate banks and priority banks.Moving forward, private clients are increasingly and activelyseeking out financial institutions that demonstrate they havethe capacity to get to know them well, advise themappropriately based on their expertise and knowledge andmaintain a high level of client engagement or understandingas the relationship develops. Those institutions that do will getmore business now and tomorrow.0 10 20 30 40 50 60 70 80 90 100In your opinion what do your private clients most value from providers of wealth management services?This is VERY important This is MODERATELY important This is NOT AT ALL important% OF RESPONDENTSPhilanthropyPrivate equityBrokerage (local)Tax adviceBrokerage(international)67% 27% 6%66% 3%31%65% 31% 4%63% 32% 5%54% 41% 5%47% 44% 9%43% 52% 5%42% 53% 5%39% 49% 13%38% 54% 8%32% 56% 11%30% 55% 15%30% 45% 25%19% 51% 30%13% 43% 45%General bankingDiscretionary portfoliomanagement (international)Discretionary portfoliomanagement (local)CreditTrust servicesAdvisory portfoliomanagement (local)Advisory portfoliomanagement (international)Financial planningAsset allocationInvestment monitoringFigure 17: The future requirements of the market in Asia to remain competitive
  • 21. www.sungard.com/ambit 19Significantly, the findings suggest that many wealthy clients inAsia expect that the world of digital data management isgoing to be an advantage in this process. In fact, this isechoed by the future advisors when they stipulate the mostimportant areas for improvement and development in thewealth management business model in order to not justremain competitive but to grow market share.At the top of the order is business intelligence – defined asraising the bar around the knowledge of both clients andprospects – alongside CRM (client relationship management)systems and risk management tools.TOP PRIORITIES1. Business intelligence2. CRM systems3. Risk management tools4. Financial planning tools5. Recruitment of front office staff6. Investment research, live market news feeds7.Training8. Compliance tools9. Portfolio modelling tools10. Branding, marketing and advertisingFigure 19: Asian wealth advisors immediate prioritydevelopments for their businessesPriorities for local institutions Priorities for international institutionsTrust servicesAdjust feesOnline bankingStaff efficiencyAdministrationPerformanceHospitality eventsReportingBrokerageCreditNew branchesTax advicePeriodic contactAlternate investmentsInternational investmentmanagementLoyalty rewardsFinancial planningNew products and services0% 5% 10% 15% 20% 25% 30% 35% 40%Figure 18: Asia’s HNWI wish list from wealth managers in order to do more business
  • 22. 20 FutureAdvisor AsiaWhat is increasingly clear is that the influence of branding issubstantial, particularly in congested industries such as Asianwealth management. The second order of priority is the level ofexpertise that is quickly demonstrated by the institution whenfirst engaging the new Asian investor. So clearly, the advisor isnot an unimportant element of the value proposition.Notably, the role of being referred by a friend or family to awealth management provider is not necessarily as influentialas wealth managers believe. It appears that clients are wary ofthe limitations of entrusting a single source of reference inchoosing a provider. If advisors want to expect more businessthrough referrals into the future, they may need to reconsidertheir process of generating referrals.Unsurprisingly, if an Asian HNWI is going to be a referralagent, they expect something in return. This was expressedloud and clear in the statement that loyalty rewards was amajor influence in clients doing more business, especially withthe local institutions. Such loyalty rewards could be extendedto include acknowledging referrals.Taking the above into account, this subtle yet significantdivergence of the relative importance of referrals between theclients and the advisors is likely to have an impact in the waythe industry develops.Brand and reputation: how important are they?On one level, while the above priority lists (Figures 18 and 19)are very encouraging as it acknowledges the need to improveclient engagement at all levels, it also reveals one majordifference with the views of the HNWIs. This is around theperceived level of importance of actively promoting theinstitution and its capabilities in the wider market. Essentially,the debate centres on the role of the corporate brand versusthe advisor.This is a thorny topic for the current ideology of wealthmanagement both in Asia and globally. There is effectively acivil war underway between those that consider the personalityand function of the relationship manager or advisor to be theexclusive reason for the evolution and future survival of theindustry. To them, the broader issues of brand, corporatevisibility and breadth of capabilities are not major influences.Equally, they contend that the growth of their model will comeprimarily from personal referrals and little else.The other side of the argument is that when seeking out newbusiness, there is little to gain in not promoting the institution’scapabilities to the wider market. Equally, the role of therelationship manager remains centrifugal to the wealthmanagement model. But the manager’s effectiveness as arevenue-generator will be enhanced substantially when thereis a strong corporate identity helping to attract new clients.This brand, according to clients, clearly gives them theconfidence that they are making the right decision in investinga portion, or all, of their fortune with the institution.01020 30 40 50 60 70 80Client response Advisor responseBranch networkSize of institutionAll-in-one product andservice offeringAdvice proposalConvenienceBest priceReferral from familyOffshore servicesReferral from friendsMarketing materialsOnshore servicesCredit ratingPrivacyBrand and reputationExperience of professionalsFigure 20: The difference of opinion between Asia-based advisors and HNWIs on key factorsfor selecting a wealth manager
  • 23. www.sungard.com/ambit 21Reality hurts: client knowledge will need amajor upgradeAs a final element in the level of connectivity between the wealthmanagement sector and the Asia-based private clients, thereis the debate surrounding the relative roles and actions of thelocal wealth manager versus the international wealth manager.In examining this, the first step was to determine how much ofthe clients wealth was generated within their home marketand how much was sourced internationally.It is surprising and a bit disconcerting to see that the advisorshave a quite a different view to their clients. They believe thatthe bulk of their clients’ wealth comes from outside their homecountry and that a significant portion is housed withinternational providers who are perceived to offer both thebest expertise and values. These are the same advisors ofwhom 88% believe they have a strong understanding of theirclients’ entire investments and objectives.Somewhat agreeTo what extent do you agree with the following statements?AgreeStrongly agree Somewhat agree Agree Strongly agreeWEALTH IS... INTERNATIONALDOMESTIC WEALTH IS...Managed by localinstitutions (26%)Managed in homecountry (35%)Generated in homecountry (48%)Managed by localinstitutions (47%)Managed in homecountry (51%)Generated in homecountry (51%)Managed byinternationalinstitutions (75%)Managed outsidehome country (65%)Generated outsidehome country (51%)Managed byinternationalinstitutions (53%)Managed outsidehome country (49%)Generated outsidehome country (49%)ADVISORSCLIENTS 27% 19% 6%22% 16%10%16% 18% 24% 32% 9%10%13%14%15%18%20%14%14%20%17%17%10%14%27%17%19%10%14%27%27%38%17%7%2%1%Figure 21: The differences of view between clients and advisors on wealth mattersHowever in reality, this is quite the opposite. HNWIs in Asia areoften more skewed toward their local providers. They are alsoequally more interested in generating future new wealth fromtheir home countries partly because that is where their corewealth originated from. This insight into the HNWIs is not onlyrevealing but also highlights a discrepancy between theadvisors’ understanding of their clients’ investmentpreferences and the reality of the situation, one which needsto be addressed as a priority.On a positive note, this presents a challenging opportunity forthe future advisor. Those who are willing and able to step upto narrow this gap will be able to better position themselvesas a trusted advisor. Perhaps intuitively, advisors are alreadyaware of this gap, and this could explain why, as pointed outearlier (Figure 19), business intelligence was listed as thehighest priority for future development.
  • 24. 22 FutureAdvisor AsiaValue of services: endorsed by the advisor,challenged by Asia’s wealthyCritically, when it comes to assessing the value of the industrythere is also a slight mismatch between the buyers of theservices and the providers.From the advisor’s perspective, there is a generally positivesense of good value with 62% ranking the business as eithergood value or excellent value. The China market again has aneven higher perception of its strengths. Both Hong Kong andSingapore which are ultimately the more mature markets in theregion in terms of wealth management, take a more mutedview at 44% and 47% respectively. Overall however, if theadvisors had to do a scorecard on value, the result woulddefinitely be positive.Unfortunately, it appears that their clients have a slightlydifferent perspective. When asked to assess their views on thevalue of both their local and international wealth managers,they suggest that they expect more work to be done in order togain their confidence and ultimately more business.020406080100Overall18to2930to3940to4950andoverSingaporeChinaHongKongOtherAsia19%43%20%15%3% 2% 3%17% 14% 20%20%40%10%10% 9%38%26%24%8%4%62%27%13%31%25%19%13% 10%20%30%40%14%36%41%9%10%55%19%8%33%42%%OFRESPONDENTSExcellentDo you believe wealth management is good value for money?Good Moderate Poor Very poorFigure 22: The advisors’ perception of value for money of the wealth management industry in AsiaOverall, for the international providers, the clients in the regionbelieve only 44% of the industry is delivering value. On thepositive side, clients with more assets consider the internationalwealth management industry to be of better value.The picture is similar for the domestic providers. Notably, Chineseclients’ view of their local providers is better than the regionalaverage view on local providers but it is still not as bullish as howthe professionals’ view themselves. Again, the good news is thatthe wealthier the client the more satisfied they are, in terms ofvalue for solutions from their local wealth provider.What is very striking is how similar in perceived value both thelocal and international wealth managers are in the eyes of thewealthy clients. This would suggest that, unlike in years gone bywhen it was largely accepted that the domestic wealthmanagers in many of these markets did not have the capacity tocompete effectively against the international operators, thisnow does not seem to be the case.
  • 25. www.sungard.com/ambit 23The evidence from this research shows that clients appear tobe increasingly making use of the local wealth managers asthey are believed to be able to adequately meet the HNWIs’investment and banking needs. Moreover, these clients openly020406080100%OFRESPONDENTSVery good (9-10) Good (7-8) Neutral (5-6) Poor (3-4) Very poor (1-2)Do you believe your international advisor is good value for money today? (scale of 1-10)OverallCountry Net AssetsChinaHongKongIndonesiaPhilippinesSingapore$1mto$2m$2mto$4m$4mto$6mMorethan$6m10%33%39%15%3% 4%9%38%38%11%5%30%43%20%3% 3%14%31%48%3%27%15%52%6% 5% 4%16%44%28%8% 3%39%45%11% 18%31%33%17% 15%39%27%12%7%25%33%31%5%Figure 24: The perception of value for money of the local wealth managers by HNWIs020406080100%OFRESPONDENTSVery good (9-10) Good (7-8) Neutral (5-6) Poor (3-4) Very poor (1-2)Do you believe your international advisor is good value for money today? (scale of 1-10)OverallCountry Net AssetsChinaHongKongIndonesiaPhilippinesSingapore$1mto$2m$2mto$4m$4mto$6mMorethan$6m12%32%37%15%4%13%37%34%14% 10%27%37%22%5% 8%4%33%50%4%29%25%33%8%4% 8% 8%17%38%26%12%5%32%44%16%4%14%33%37%16% 13%41%31%10%5%19%38%31%4%Figure 23: The perception of value for money of the international wealth managers by HNWIsacknowledge that they would be interested in products andservices from their local providers such as investmentmanagement, asset allocation and portfolio monitoring that havetypically been within the domain of international private banks.
  • 26. 24 FutureAdvisor AsiaConclusion: making an impression with the digitalwealth footprintIn summary, establishing connectivity to the HNW client inwealth management is the clarion call across Asia. Clientswant it, in fact they are shouting for it. Advisors want it andthey are working as hard as they can to prove it. In thisenvironment, digital is coming of age.The future advisor accepts that the digital environmentpresents a new dimension to their ability to enhance clientrelationships. Currently, they are doing all they can to harnessthe environment to their advantage. They are acutely awarethat much of what they are doing is tactical and possibly eveninefficient. But they know that if they do not up the pace, theywill be left behind in the race for wealth management.The client is very clear about the importance of the digitalfootprint in the management of their future wealth. In fact,they are seeking to push the boundaries even further. They donot just want to have a digital solution that providesadministrative support. They want a solution that deepens theinteractivity between them, their wealth and the advisors thatsupport them. They appear to expect that the wealthmanagement industry should harness digital to improve thelevel of knowledge they have around their wealth.The reality is that the solutions for developing a digitallyintegrated wealth management proposition are alreadybeyond beta-testing. The challenge is proving to theprofessional community that there is a demand for thesesolutions, a benefit in integrating them into the businessworkflow that offers not just operational efficiencies but alsonew revenue-generating opportunities. In an industry stillsteeped with many pre-digital processes, it is fairly obviouswhich efficiencies need improving.Just as a reminder, every five seconds a client in Asia is goingonline to actively engage with their fortunes. In the averagetime taken to read this report it is very likely that your industryhas been approached digitally by at least 360 millionaires ineach of the five markets Hong Kong, China, Singapore,Indonesia and the Philippines.The digital evolution is not about to start, it is clearly alreadyunderway. Your HNW client has already left footprints in thedigital sand – it is up to you, the future advisor to figure out ifyou are willing to follow.
  • 27. www.sungard.com/ambit 25APPENDIXResearch methodology sample informationWithin this wealthy group, the average net worth was US$3.7million while nearly 20% of respondents had an average wealthof US$8.5 million. These fast trackers of fortune creation werebringing home an average of almost US$240,000 a year inincome with the mainland Chinese leading the way with thebiggest pay check averaging US$316,000.With respect to the work-life profile of these millionaires, nearlynine tenths of the sample had children and were actively creatingwealth rather than living off wealth. The majority (60%) werehighly skilled professionals in full time employment, while 27%ran their own business. In relative terms, the most businessowners were in the Philippines and Indonesia.For the wealth advisors, 61% of the sample size was basedin Hong Kong and Singapore. One third worked for local orinternational private banks, 12% worked for priority banksand 15% worked for independent financial advisor firms orfamily offices.The bulk of these advisors were just entering the prime of theirfinancial careers with just over one third of the professionalsaged 40 years and above.In terms of expertise, the average tenure in a client facing rolewas nine years while the average total professional experience inthe financial services industry was 14.1 years.Overall, these are well experienced professionals that have agood idea of what they need. So, they are worth listening to.0100200300400500NUMBEROFRESPONDENTSOverallGender Age Country Net assetsMaleFemale25to3940to4445to4950andoverChinaHongKongIndonesiaPhilippinesSingapore$1mto$2m$2mto$4m$4mto$6mMorethan$6m40123416770141151 15375 7550 5096 98856190020406080100NUMBEROFRESPONDENTSOverall25to3940to4445to4950andoverChinaHongKongOtherAsiaSingaporeAge Country961347251039272010HNWI sample distribution details:About Scorpio PartnershipScorpio Partnership is a global market insight and businessstrategy advisor specialised in HNW and UHNW markets. Theowner-managed company has undertaken over 20,000interviews with private clients and advisors in over 35 countries.The focus of the business is to identify the needs of the wealthiestconsumers on the planet and ways in which the financial industrymeet those needs. FutureAdvisor is the latest in a series ofpublicised research initiatives which include FutureWealth andFuturePriority focused on tracking the HNW.Started in 1998, the award winning firm is independent and hasadvised many of the world’s leading brands in financial servicesas well regulators, global technology firms and investment banks.www.scorpiopartnership.comAdvisor sample distribution details:
  • 28. ©2012 SunGard.Trademark Information: SunGard, and the SunGard logo and Ambit are trademarks or registered trademarks of SunGard Data Systems Inc.or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.About Ambit Wealth ManagementSunGard’s Ambit Wealth Management solution suite is a complete wealthmanagement system that helps banks and family offices across Asia develop highlypersonalized client services, so that they can attract, retain and grow profitable clientrelationships. The solution also helps financial institutions adapt to rapidly changingmarket conditions, improve staff productivity through better workflow managementand ensures strong profitability management, through better cost control andimproved operational efficiency.About AmbitThe global banking model has shifted and a transformation is occurring in howmoney is being managed as banks strive to re-build trust and create value for theirshareholders. A focus of investment for banks is on ensuring regulatory complianceand in assuring shareholders that they fully understand and can manage their riskexposures. SunGard’s Ambit solution suite helps banks successfully navigate thesechallenges by helping ensure regulatory compliance, enhancing the multichannelexperience, improving customer trust, driving efficiency into operations and ensuringa clear insight into enterprise-wide risk exposures. The Ambit Banking solution suiteincludes integrated solutions for customer management, core banking, cardmanagement, wealth and private banking, asset finance, liquidity optimization,reconciliation, treasury management and risk and performance management.Find out more at www.sungard.com/ambitAbout SunGardSunGard is one of the world’s leading software and technology services companies.SunGard has more than 17,000 employees and serves approximately 25,000customers in more than 70 countries.SunGard provides software and processing solutions for financial services,education and the public sector. SunGard also provides disaster recovery services,managed IT services, information availability consulting services and businesscontinuity management software.With annual revenue of about $4.5 billion, SunGard is the largest privately heldsoftware and services company and was ranked 480 on the Fortune 500 in 2012. For more information, please visit:www.sungard.com/ambit Contact usambitinfo@sungard.com Tweet this whitepaperwww.twitter.com/sungardbanking

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