Complex Made Simple

Considering wealth management? Here’s what you need to know

When it comes to wealth management, there are a multitude of solutions, which are best advised by your wealth specialist. But before choosing the right banking partner, it’s important to consider two main aspects: the approach of your bank and the selected solutions. One’s priorities may change at different life stages, which is why it’s important to have a good relationship with the bank and/or financial advisor. For instance, the goal might be to secure one’s future when investing at an early stage versus legacy planning at a later stage. Therefore, one’s chosen bank should be able to cater to these changing priorities through a wide range of local and international solutions.

The approach

We spoke to one of the world’s leading banks, Standard Chartered, to understand more about its approach to helping clients with wealth management. “Our main objective is to offer outstanding value to our clients by providing a knowledgeable, efficient and reliable service in a personal, helpful and responsive manner,” says Gautam Duggal, Regional Head of Wealth Management for Africa, Middle East and Europe.

Standard Chartered’s Wealth Specialists team and Relationship Managers conduct a thorough assessment analysis to ensure that all clients are offered suitable solutions that will match their investment profile and financial needs. This analysis also comes in handy in the future if and when clients decide to diversify or invest in other solutions, such as education planning or life insurance.

The bank’s Wealth Specialists’ model deploys a step-by-step process to support clients at every stage:

1. A dedicated team of experts deliver the bank’s investment insights and ideas. These insights are a combination of views from a team of local investment strategists and the group’s global market views. The insight is then put into context for each client so that they have an overview of what’s happening in the market as well as what this means for them personally.

2. These insights are then cascaded to all markets (internally and externally) through the Market Commentary Engine, which is available to everyone 24/7.

3. An automated process delivers these reports simultaneously to Wealth Specialists, Relationship Managers, and clients, to ensure consistency within in-house views.

4. Once clients have all the information, the team of expert Wealth Specialists and Relationship Managers discusses these reports personally with each client to break it down for them and advise on next steps accordingly.

All of Standard Chartered’s solutions are complemented through its digital offering so that clients – especially millennials – have access to information on the go.

The solutions

“Standard Chartered offers a truly open architecture platform for clients to invest into an expansive local and international product offering that is managed by world class partners in our Investment and Insurance solutions,” says Mr. Duggal. These solutions include a wide range of Mutual Funds, Fixed Income (local and international) bonds, Life and Non-Life Insurance solutions, as well as Foreign Exchange services at competitive rates.

“Moreover, Standard Chartered Bank has strived to deliver digital enhancements to meet technological advances and to cater to clients’ needs for an elevated client experience,” he adds. Late last year, the bank launched its Customer Investment Profile (CIP) tool on digital and mobile platforms. The aim of CIP is to ensure that clients’ financial goals and risk appetite – within their investment timeframe – are met before they make any investment decision. Additionally, Standard Chartered has also launched its Market Views on the go 24/7, which allows clients instant access to the bank’s extensive array of house views in the form of reports, videos and summaries.