With the rising economic uncertainties, wealth preservation is taking center stage alongside wealth accumulation. As high net worth and ‘high-earners-not-yet-rich’ individuals strive to balance these two financial objectives, wealth management firms have stepped in to offer their indispensable expertise.
Singapore, being a financial hub in Asia, boasts excellent financial regulation as well as political and economic stability. As such, plenty of high-net-worth individuals choose Singapore to build their businesses and invest their wealth. That said, wealth management firms in the country have continued to take off, providing an extensive array of advisory services tailored to meet the unique financial needs of their clients.
With an overwhelming number of firms in Singapore, choosing the right wealth management partner can seem daunting. But don’t fret! We have compiled a list of the best wealth management firms that have demonstrated excellence in their services. These firms stand out for their personalized solutions, deep industry knowledge, and dedication to their client’s financial success.
What Are the 5 Types of Wealth Management?
Wealth management firms offer an extensive yet tailored wealth management services and advisory that meets the unique financial needs of their clients. While it’s challenging to categorize wealth management into five distinct types, the five most common wealth management services offered includes:
1. Investment Management
Asset management firms will assess your financial fitness and provide strategies and advice on the allocation of assets, risk management, and selection of investments. They will help their clients in diversifying their investment portfolios based on their financial goals, risk tolerance, and time horizon.
2. Estate Planning
A wealth manager will not only help you make the right investment decisions but also create a plan for managing and transferring assets in the event the client becomes incapacitated or upon their death. This can involve:
- Creating wills and trusts
- Setting up charitable donations
- Minimizing estate taxes
3. Tax Planning
This involves strategizing to minimize the client’s tax liabilities. A tax accountant can help determine which deductions are applied so you can pay less when tax season comes. Plus, they can provide advice on tax-efficient investing, the timing of income and purchases, and other tax-related decisions.
4. Retirement Planning
This includes strategies to save for retirement, considering the individual’s lifestyle expectations, projected expenses, and preferred retirement age. It also involves managing the distribution of retirement funds in a tax-efficient manner.
5. Risk Management and Insurance Planning
This wealth management service focuses on managing potential financial risks. A wealth manager helps clients understand their insurance needs, such as life, health, and property insurance, and assists in managing risk through diversification of investments.
5 Best Wealth Management Services in Singapore
|Wealth Management Firm||Best for||Minimum Assets Required||Top 3 perks|
|DBS Treasures||Private clients||Investible assets of S$350,000.||
|OCBC Premier Banking||Personalized wealth management||Deposit or invest S$200,000 in fresh funds||
|UOB Wealth Banking||Low minimum qualifying AUM||Maintain minimum qualifying asset under management of S$100,000||
|HSBC Premier||Comprehensive financial solutions||
|Citigold Privilege Banking||Holistic, personalized wealth management||Investible assets of S$200,000||
1. DBS Bank
DBS Bank, based in Singapore, is a leading financial institution that offers a comprehensive suite of wealth management services. Their offerings cater to a wide range of clients, including high-net-worth individuals and ‘high-earners-not-yet-rich’ individuals, helping them meet their diverse financial goals. DBS Treasures, a DBS Bank’s premium wealth management service, is designed specifically for such individuals.
DBS Treasures offer an elevated banking and investment experience by providing clients with personalized wealth management advice, extensive market insights, and priority banking services, all supported by the institution’s digital platforms.
- DBS Treasures clients enjoy exclusive access to priority banking services.
- Assigned their own dedicated Relationship Manager, preferential rates, and quicker transaction processing times.
- Access to the all-in-one iWealth app for all your banking needs.
- FX rate alerts
- Be rewarded with up to S$17,700 when you get started with DBS Treasures.
OCBC Premier Banking is a premier wealth management service offered by OCBC Bank. It is designed for affluent individuals seeking a personalized approach to managing and growing their wealth. They offer wealth management solutions for your deposits, insurance, investment, and financing. Plus, with their services, you will also receive timely insights from OCBC Wealth Panel experts.
With OCBC’s financial expertise and wide range of resources, Premier Banking provides a holistic wealth management experience tailored to the specific needs of each client.
- Preferential fees and charges for select transactions.
- Offers a vast array of investment options, including equities, bonds, unit trusts, and foreign exchange, providing clients with opportunities for portfolio diversification.
- Priority queues at selected OCBC Bank branches and access to OCBC Premier Banking Centres.
- Send money overseas with S$0 cable and commission fees for 18 currencies.
- Enjoy up to 4.4% a year on your Premier Dividend+ Savings Account in the first 3 months when you join.
United Overseas Bank (UOB) Wealth Banking in Singapore is an exclusive wealth management service that provides a personalized approach to growing, protecting, and managing wealth. With UOB’s wide-ranging expertise and resources, Wealth Banking clients are offered customized financial solutions and dedicated support to help them meet their unique financial objectives.
UOB Wealth Banking clients not only enjoy having a dedicated relationship manager but also enjoy wealth advisory services and receive exclusive invites to exciting events, seminars, and workshops.
- Personalized wealth advisory service for tailor-made financial strategies and advice based on their specific financial goals and risk profile.
- Priority queues and preferential services at UOB branches.
- UOB Portfolio Advisory Tools – designed to help you monitor, manage, and optimize your wealth portfolio.
- Top up your account balances and get up to S$1,300 guaranteed cash credit and stand to be one of the 10 winners to walk away with a pair of Economy Class return air tickets from Singapore to Tokyo, Japan.
4. HSBC Premier
HSBC Premier is a distinguished wealth management service offered by HSBC Bank in Singapore. It is tailored for high-net-worth individuals seeking comprehensive financial solutions and global banking privileges. It boasts a host of digital wealth solutions and allows clients to transact, invest, and keep up to date with the current market trends.
Combining personalized financial advice with a wealth of exclusive benefits, HSBC Premier helps clients protect and grow their wealth while offering a seamless international banking experience.
- Gain access to carefully tailored wealth management solutions, including legacy planning and tax advisory.
- Enjoy prioritized service and preferential pricing on selected products.
- $0 remittance with HSBC’s Worldwide Transfer online.
- Get up to SGD10,437 as a welcome gift when you join HSBC Premier.
Citigold Privilege Banking & Wealth Management, offered by Citibank Singapore, is a premier wealth management service that provides a holistic, personalized approach to wealth creation and preservation. They fully customized solutions to suit your needs, goals, and finances. Through Citigold, clients are offered insightful investment advice and comprehensive financial solutions, facilitated by Citibank’s global presence and wealth management expertise.
- Each client is assigned a dedicated Relationship Manager and Wealth Manager.
- Gain insights from financial experts on investment trends and opportunities.
- Enjoy preferential interest rates for the Citi Wealth First account.
- Enjoy up to S$16,855^ rewards when you join Citigold. ^T&Cs apply.
By providing expert advice, tailored solutions, and a wealth of resources, these best wealth management services firms help clients protect, grow, and manage their wealth. As your financial partner, they navigate the intricacies of your own investments, tax planning, retirement strategies, and more. They will help you achieve your financial goals with confidence and peace of mind.
- Each wealth management firm offers a distinct set of benefits, so it’s important to choose a service that aligns with your unique financial needs and goals.
- A common feature among these firms is the offering of personalized advisory services and dedicated relationship management, enhancing the wealth management experience.
- Wealth management services are now easily accessible via applications and other digital tools providing clients seamless access to their portfolios, real-time market information, and digital advisory services.
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