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As an international financial centre, Hong Kong has long been one of the world’s pre-eminent wealth management hubs. The Hong Kong’s high-net-worth (HNW) market is maturing and may have reached an inflection point that brings new opportunities and challenges to wealth managers. Kevin Tai, Deputy Chief Executive Officer at Everbright Sun Hung Kai (“EBSHK”) shares on the three key trends that he has observed in the past year.

Firstly, demand for asset protection and succession planning has been on the rise. According to the “Hong Kong Wealth Management: HNW Investors 2020” report published in April 2021 by GlobalData, currently the majority of HNW investors are above the age of 60 and hence approaching retirement age.

“Consequently, wealth preservation strategies will resonate strongly with this segment of the market as opposed to younger investors who may be more growth oriented,” says Tai. “In addition, the focus of these HNW investors has transformed from primarily wealth creation and management to wealth succession.”

Cater for next generation’s needs 

As the next generation eventually takes up the responsibility to grow the family wealth, engagement with the next generation is crucial, he points out. 
“It pushes wealth managers to think about how to better serve the younger generation so that the relationships can be extended from one generation to the next, and from generations to generations” adds he.