Asians More Likely to Switch Wealth Managers

Asians More Likely to Switch Wealth Managers

Compared to their global peers, Asian clients are more likely to change their primary wealth provider, according to a report by EY. Sustainability and AI could be the key to retention.

More than one-third (36 percent) of Asians, from affluent to ultra-high net worth individuals, are likely to change their primary wealth provider within the next three years, according to «The 2025 Global Wealth Research Report» by EY. This was especially pronounced in China with 51 percent of respondents being open to switching. In comparison, the global average was just 29 percent.

74 percent of respondents in the region also expect to move at least one-quarter of their portfolio away from their current provider. 48 percent plan to move up to half while 25 percent will look to move a majority or the whole portfolio away.

«This shift signals a fundamental redefinition of what clients now expect from their wealth managers. It’s no longer just about delivering returns; it’s about providing a broad, personalized experience that leverages the best of human insight and digital innovation,» said Elliott Shadforth, EY Asia-Pacific wealth and asset management sector leader.

Sustainability, AI

Sustainable investing was cited as an emerging area that was gaining traction with 37 percent of Asian respondents already investing in transition-focused financial products and another 44 percent showing interest in doing so. Clients in the region are also demanding artificial intelligence (AI) tools with 72 percent expecting wealth managers to use the new technology in some capacity, compared to the global average of 60 percent.

«As preferences shift towards sustainability and digital engagement, wealth managers must not only respond but anticipate these changes to remain competitive. The future of wealth management lies in building relationships based on trust, transparency, and a shared vision for financial success,» commented Patricia Tay, EY Asia-Pacific banking and capital markets sector leader.

The report was co-produced with research consultancy Savanta and based on responses from nearly 3,600 wealth management clients in 30 geographies. Within APAC, this includes Hong Kong, China, Singapore, the Philippines, Indonesia, Thailand, Vietnam, Japan, South Korea, Malaysia and Australia.