Best for wealth transfer/succession planning in Singapore 2023
BNP Paribas Wealth Management
BNP Paribas Wealth Management has carved out a place in wealth transfer and succession planning in Asia, winning this Asiamoney private banking award for Singapore this year.
Its Singapore wealth business had a solid 2022. Revenues on assets jumped 20% in the year to the end of September 2022, versus the same period in 2021, while assets under management rose 17%. Net new cash for Singapore grew 149% and net operating income by 15%.
BNPP’s storied European roots and role as a savvy and reliable connector between East and West is one reason for its success. Another is that it’s equally focused on securing trust from the younger generation as the older families.
BNPP WM has designed a next-generation business with the primary objective of empowering the millennials and generation Z clients, given they will form the core Asian business in the future.
This focus, BNPP believes, is the secret sauce that distinguishes it from peers in Asia.
The message to clients – that carrying the torch of the family legacy is not a simple job – is proving a powerful differentiator.
The external shocks of recent years are helping to make BNPP’s point. In 2022, the bank achieved remarkable growth in its community of private bankers who are purposefully selected, trained, and equipped to expand banking relationships with the next-generation client base.
This momentum, which started in its flagship Hong Kong market, has since expanded into Greater China and southeast Asia. While BNPP hires next-generation relationship managers based on their strong fundamental skills as private bankers, it also looks for an aptitude for reading the needs and ambitions of younger members of wealthy families. As a group, they are morphing into the true face of BNPP Wealth Management in Asia.
The bank is also minding the intersectional interests of younger investors. While many private banks routinely equate sustainable investments and digital banking as the holy grail to win the next generation, BNPP is turning the question around to discern what really makes younger clients tick.
As such, when discussing wealth transfer and succession plans, the firm zeroes in on the many options for sustainable models for family businesses, thought leadership, smart charitable giving, and sound investment decisions across generations.
Accordingly, BNPP’s Asia relationship managers pay special attention to directing investments into future-proof companies. It sponsors popular thought leadership forums such as its Crazy Smart Asians podcast series with Tatler magazine. It runs annual wealth management next-gen events. There’s also the annual Sustainable Future Forum in Singapore.