At the Hubbis Malaysia Wealth Management Forum 2026, Jamie Sim, Head of Account Management, South Asia at Avaloq, examined how Malaysia’s wealth management industry can move from growth to sustainable scale.
Jamie’s presentation focused on the operational, advisory and technology foundations required for wealth managers to serve more sophisticated clients, support relationship managers more effectively, and build resilient business models in a more volatile market environment.
The central message was that growth alone is no longer enough. Malaysia’s next phase of wealth management development will depend on institutions that can scale efficiently, reduce operational friction, personalise advice, and use technology and AI to support both clients and relationship managers without adding unnecessary complexity.
Key Takeaways
- Growth Must Now Become Scalable: Jamie said many wealth managers have benefited from rising wealth, increasing investor sophistication and stronger demand for advice, but the challenge is now to scale that growth sustainably.
- Market Volatility Is Increasing Demand For Advice: Avaloq cited data showing that 86% of advisers report rising client concerns about tariffs and broader market volatility, increasing the need for trusted advice and frequent engagement.
- Speed Is Becoming A Trust Driver: In Asia-Pacific, 79% of affluent to UHNW investors now prioritise rapid response times, making responsiveness a core part of the client relationship.
- The Great Wealth Transfer Creates Both Risk And Opportunity: With more than USD 20 trillion expected to transfer globally over the next 20 years, and more than USD 2.5 trillion in Asia by 2030, wealth managers must adapt to retain next-generation clients.
- Client Loyalty Cannot Be Assumed: Jamie highlighted that 66% of APAC investors are reconsidering their wealth managers, underlining the need for stronger advisory differentiation and digital engagement.
- RMs Are Losing Too Much Time To Non-Client Work: Across the industry, 48% of an RM’s time is spent on non-client-facing and non-business development tasks, reducing their ability to advise, prospect and deepen relationships.
- Fragmented Technology Remains A Major Constraint: Avaloq cited data showing that 93% of RMs see fully utilising technology is at least a moderate challenge, while 70% identify poor integration between applications and tools as a significant issue.
- Three Strategic Priorities Are Required: Jamie identified three pillars for resilience: strengthening the core, differentiating advisory, and scaling through technology.
- AI Should Augment, Not Replace, Advisers: Jamie positioned AI as a productivity and decision-support tool that can automate complex tasks, improve responsiveness and help RMs engage clients more effectively.
- Malaysia’s Next Phase Will Depend On Resilience: The institutions best placed to capture growth will be those with scalable operating models, stronger advisory propositions, and technology foundations that keep cost and complexity under control.
Jamie began by positioning Avaloq as a global wealth management technology provider supporting private banks and wealth management institutions across 35 countries, including Malaysia. She noted that Avaloq works with over 170 leading private banks and wealth management institutions globally, with more than USD 5 trillion in assets managed with its software.
The firm, she said, sits at the intersection of strategy, operations and technology, helping institutions grow, transform and scale in different market conditions.
For Malaysia, the key issue is not whether the wealth management sector can expand. It is whether firms can do so without increasing operational cost, adding complexity or weakening control.
“The question is no longer just how wealth managers grow,” Jamie said. “It is how they grow efficiently, compliantly and resiliently.”
That distinction matters because the market environment has become more demanding. Geopolitical risk, tariff uncertainty, market fragmentation, regulatory pressure and rising client expectations are converging at the same time.
Clients want reassurance, context and guidance, often in real time. In Jamie’s view, volatility does not reduce the need for advice. It increases it.
“When markets are uncertain, clients do not disengage,” she said. “They need more frequent conversations, more context and more confidence from their advisers.”
Responsiveness As A Measure Of Trust
Jamie said speed has become a defining feature of the modern wealth management relationship.
Across Asia-Pacific, 79% of affluent to UHNW investors now say rapid response times are critical to building trust with advisers. This reflects a broader shift in client behaviour. Investors are increasingly used to instant access, real-time updates and seamless digital experiences in other parts of their lives, and they now expect similar standards from their wealth managers.
This is especially important as firms engage more digitally native clients. The next generation of wealth holders will not necessarily accept slow processes, fragmented communication or delayed responses simply because those have historically been part of private banking.
Jamie linked this directly to the great wealth transfer. Globally, more than USD 20 trillion is expected to transfer to a younger, more technology-oriented generation over the next 20 years. In Asia alone, the region’s wealthiest families are preparing to pass down more than USD 2.5 trillion by 2030.
For wealth managers, that transfer is not guaranteed business. Jamie highlighted that 66% of APAC investors say they are reconsidering their wealth managers.
“This creates both risk and opportunity,” she said. “Firms that cannot adapt risk losing relevance, while those that can respond faster and serve clients more intelligently will be better positioned to retain relationships across generations.”
The Pressure On Relationship Managers
Jamie then turned to the reality faced by relationship managers.
Across the industry, 48% of an RM’s time is spent on non-client-facing and non-business development work. This includes manual tasks such as preparing financial plans, reviewing portfolio recommendations and navigating internal processes.
For Jamie, this represents a direct constraint on growth. If nearly half of an adviser’s time is absorbed by administrative and operational work, less time is available for prospecting, advising and engaging clients.
The challenge is compounded by training and resource gaps. Jamie noted that 46% of advisers cite inadequate resources and training as a key challenge, even as they are expected to understand more products, markets, regulations and client needs.
Technology should reduce that pressure, but Jamie said it often does not. Some 93% of RMs report that their ability to fully utilise technology tools is at least a moderate challenge, while 70% identify the lack of integration between applications and tools as a significant issue.
In practice, this means advisers are still switching between systems, piecing together information and working through disconnected workflows.
“Instead of empowering RMs, technology can sometimes create more friction,” Jamie said. “Information becomes fragmented, workflows become disconnected, and context is lost.”
This is the core operating challenge. Wealth managers are asking RMs to deliver more timely and relevant advice, but often giving them fragmented tools, limited capacity and insufficient enablement.
From Growth Alone To Growth At Scale
Jamie said institutions need to shift the conversation from growth alone to growth at scale.
That requires a stronger operating model and a more coherent technology foundation. She identified three strategic priorities for building a resilient wealth management model: strengthening the core, differentiating advisory, and scaling through technology.
The first priority is to strengthen the core. This means streamlining processes, systems and data, while adopting open architecture and flexible integrations.
For Jamie, this is not simply a software exercise. It requires domain expertise, implementation experience and ongoing operational support. Wealth managers need partners that understand the full value chain, from strategy and operating model design through to execution, change management and continuous optimisation.
The second priority is advisory differentiation. As the mass affluent and emerging high-net-worth segments expand, client expectations are rising even faster. Clients expect advice that is relevant, timely and personal.
To meet this demand, firms need more granular client propositions, clearer service tiers and stronger engagement across channels. But Jamie stressed that differentiation must be designed into the model. It cannot depend only on individual RM effort.
The third priority is technology. Jamie positioned technology as the backbone that allows differentiated services to reach more clients while improving RM productivity, enabling real-time insights and automating complex tasks.
“Malaysia’s next phase of wealth growth will not be defined by speed alone,” Jamie said. “It will be defined by institutions that are structured, resilient and built to scale.”
Strengthening The Core
Jamie said manual and fragmented processes across the front, middle and back office are no longer sustainable, particularly in the age of AI.
Successful wealth managers are moving away from siloed systems and towards single-platform models that orchestrate the front-to-back value chain. This includes client onboarding, advisory, operations, risk and reporting.
Such a platform allows institutions to standardise processes, automate workflows and integrate best-of-breed capabilities across the organisation. Once that foundation is in place, firms can add analytics, AI insights and digital client experiences without creating more fragmentation.
The aim is to move from disconnected processes to a platform-driven model that supports efficiency and growth.
Jamie said a strong foundation creates three important benefits.
First, it improves operational efficiency. Best-practice workflows and automation reduce manual handoffs and workarounds, allowing teams to focus on higher-value activity.
Second, it supports cost-effective integration. APIs allow institutions to connect with existing systems, third-party providers, product partners and broader ecosystem participants without relying on costly point-to-point integration.
Third, it improves speed to market. Broad product coverage and flexible product modelling allow banks to launch new products and services faster, respond to market opportunities and meet changing client needs without rebuilding infrastructure from scratch.
This is central to sustainable growth. Wealth managers need to convert new opportunities into scale without increasing cost to serve.
“The foundation has to be flexible enough for today’s needs and resilient enough for tomorrow’s,” Jamie said. “That is what allows institutions to scale without losing control.”
Differentiating Advisory
The second pillar is advisory differentiation.
Jamie said APAC wealth clients are increasingly open to switching providers, while expectations around personalisation continue to rise. They want tailored advice, relevant solutions and engagement that reflects their individual goals, preferences and circumstances.
Product access alone is no longer enough to differentiate. A broad product shelf does not automatically create loyalty. In Jamie’s view, wealth managers need to move from a product-centric model to a client-centric advisory model.
This requires institutions to re-examine client journeys across segments. Using more granular data, firms can build refined client personas, assess the level of advice different clients require, and define which products, specialists, tools and channels should be available to each segment.
For some clients, self-service and digital capabilities may be sufficient. Others may require hybrid models, relationship managers, investment counsellors, credit specialists, wealth planners, or access to more sophisticated solutions.
This segmentation is especially important as firms seek to serve affluent, mass affluent, HNW and UHNW clients more efficiently. Institutions need to determine which sophisticated products can be responsibly democratised, how digital tools can complement RMs, and how service tiers can be designed without undermining quality.
“Personalisation cannot simply mean more manual work for RMs,” Jamie said. “It has to be designed into the advisory model, the workflows and the technology that supports them.”
Done well, this approach can help institutions deliver more relevant experiences, build stronger relationships and improve long-term loyalty.
Technology As The Backbone Of Scale
Jamie then turned to the role of technology in scaling differentiated advisory.
From the client perspective, digital tools can help deliver a more modern wealth experience. Goal-based planning and robo-advisory capabilities allow firms to align client resources with financial goals across a wider client base, rather than reserving more structured planning only for selected clients.
Digital banking experiences can also become more engaging through nudges, gamification and mobile-first interaction. These tools help keep clients involved in their financial journey while reducing the need for RM intervention in routine activities.
Jamie also highlighted conversational banking. Across Asia, instant messaging is widely used, and many investors now communicate with wealth managers through digital channels. Secure and compliant messaging, video interaction and document sharing are therefore becoming increasingly important.
From the RM perspective, contextualised insights can give advisers the right data at the right time, helping them tailor recommendations, reduce preparation time and produce more relevant proposals.
A digital workplace can also consolidate information and tasks across multiple systems, reducing the need for advisers to navigate fragmented platforms. This gives RMs more time for meaningful client conversations.
“The goal is not to make the adviser less important,” Jamie said. “The goal is to give the adviser the tools, context and capacity to deliver better advice at scale.”
AI As A Practical Productivity Tool
Sim said no discussion of wealth technology is complete without AI, but she positioned AI in practical terms rather than as a replacement for advisers.
AI-enabled solutions can improve productivity by automating complex tasks and augmenting decision-making. This is particularly relevant in the front office, where AI RM assistants can summarise client portfolios, suggest next-best actions and incorporate real-time market events, client behaviour and portfolio context.
This can help RMs prepare faster, engage clients more proactively and provide more confident guidance.
In client servicing, AI ticketing agents and AI-powered search across internal documentation can help teams resolve queries and requests more quickly, while maintaining control, consistency and accuracy.
Across banking operations, AI can support processes such as corporate actions and document processing, helping reduce manual effort and free up capacity for higher-value work.
Even in platform development, Jamie said AI can support faster delivery. AI coding assistants can help translate business outcomes and requirements into software code more efficiently, accelerating customisation and enhancement work while maintaining quality and control.
Taken together, these capabilities can help banks support growth while keeping complexity and cost to serve under control.
“AI should not be viewed as a substitute for human judgement,” Jamie said. “Its value lies in helping advisers and teams work faster, smarter and with better context.”
Building Resilience For Malaysia’s Next Phase
Jamie concluded by returning to three core takeaways.
First, operational efficiency provides the foundation for scale. When day-to-day operations are streamlined, institutions can grow without adding unnecessary cost or complexity.
Second, advisory differentiation is critical. Personalised and client-centric advice is central to retention, growth and market share.
Third, technology is the key enabler. The right tools can improve efficiency, strengthen RM productivity and allow firms to deliver more consistent client experiences.
For Malaysia’s wealth management industry, the implications are clear. Growth opportunities remain significant, but the winners will be those able to modernise their operating models, strengthen advisory capabilities and build technology foundations that support resilience.
Jamie’s message was that the industry’s next stage will require more than new clients and rising assets. It will require institutions to build operating models that can absorb volatility, respond quickly, support RMs and scale without losing control.
“Wealth managers that modernise their foundations will be best positioned to capture growth while maintaining trust,” Jamie said. “That is what resilience looks like in the next phase of wealth management.”
