Contact: Louise Denver
Deloitte
FSI Communication Consultant
02 9322 7615

Contact: Sarah Woodhouse
Deloitte
Partner
(02) 9322 7510

Contact: Gerry Schipper
Deloitte
Managing Partner
(03) 9208 7085

Opportunity knocks as a new breed of high net worth Asian customers increase their spending power, drive up stock prices and attract an influx of foreign investment.

To make an impact in the fiercely competitive Asia Pacific wealth management market, financial services institutions have to aggressively differentiate their fees and services according to professional services firm Deloitte in a report released today.

The latest Asia Pacific report, Opportunity knocks:  Unlocking the wealth management potential in Asia Pacific, reveals that Asia’s financial services will have to boost their skills to provide the services demanded by a new breed of high net worth Asian customers.

“Most Asian players are relatively inexperienced in this unique sector,” said Mr. Gerry Schipper, Financial Services Partner Deloitte Australia.

“The report shows that banks in Australia, Hong Kong and Singapore are putting forward viable propositions,” he said.

Deloitte’s wealth management lead partner Sarah Woodhouse explained that those Australian players that are doing it right are the ones with wealth management groups that are:

• understanding customer perceptions and styles
• aware of regulatory developments
• offering an array of products
• based on well developed infrastructure and communication platforms
• developing their talent and retention programs.