Wealth Management Takes a Digital Balance: Striking the Right Balance Between Tradition and Innovation
China DailyWealth managers in Hong Kong are transitioning towards a hybrid model that combines traditional in-person consultations with digital platforms to cater to a diverse clientele. The survey revealed that 93 percent of the participants have increased their utilization of digital platforms for wealth management activities in the past two years, with 47 percent noting a significant rise. The city's wealth management industry demonstrated resilience last year, with the assets under management logging a modest growth of 2.1 percent year-on-year to above HK$31 trillion ($3.99 trillion). However, the traditional operation mode of wealth management has not been eclipsed by the digital frenzy, as evidenced by Capco's survey results showing that in-person consultations with wealth managers and advisers are utilized by nearly half of the participants. The city's strategic geographical location, legal system, a freely convertible currency pegged to the US dollar, and a business-friendly tax environment are some of the strengths that contribute to its attractiveness to the industry.
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