In a recent discussion with Hubbis, Jessica Cutrera, President and Co-Founder of Leo Wealth, shared her perspective on the evolving challenges and opportunities shaping independent wealth management in Asia. With a presence in Hong Kong, Singapore, and the United States, Leo Wealth has positioned itself as a fiduciary-focused advisory firm that offers tailored solutions to entrepreneurial families, fund managers, and cross-border clients navigating complex regulatory and governance needs.
Cutrera spoke candidly about the post-COVID landscape in Hong Kong, the shifting talent dynamics between banks and external asset managers (EAMs), and the increasing demand from Greater China families for holistic, technically proficient advice. She also outlined the competitive pressure facing independent firms, the tightening compliance environment, and the urgent need for new models that normalise the monetisation of advice, particularly in areas beyond traditional investment mandates.
The Talent Challenge: Beyond Relationship Managers
As the wealth management industry matures across Asia, Cutrera sees the battle for talent becoming more nuanced. “The banks are becoming less fun,” she remarked. “They’re working very hard to institutionalise client relationships, splitting responsibilities across investment specialists, support staff, and relationship managers, so that no single person owns the book.”
While this model strengthens client retention for banks, it also limits flexibility for individual bankers. “We’re hearing from more bankers who are fatigued by internal bureaucracy,” she added. “The constant pressure to produce source-of-wealth reports, liaise with multiple teams, and maintain rigid protocols is driving some to consider setting up their own platforms.”
However, Cutrera is quick to clarify that the independent model is not for everyone. “It’s still a competitive landscape, and other firms are all actively hiring,” she said. “But for us, the real challenge is finding professionals with a diverse enough skill set. We don’t just need people who can entertain clients. We need those with technical depth.”
She emphasised that families, especially those from Greater China, are increasingly focused on solving real-world problems such as governance, succession, and cross-border structuring.
“It’s not just about managing money anymore. It’s about integrating advice across jurisdictions, asset classes, and generations. And to do that, you need more than just a sales background.”
The Cross-Border Puzzle
For independent firms operating in Asia, managing cross-border complexity is becoming a defining challenge. Cutrera pointed to the regulatory difficulties in serving clients from jurisdictions such as Taiwan and Japan. “There is definitely demand from clients in these markets,” she said. “But the rules are getting harder, and the compliance burden isn’t any lighter just because you’re independent.”
Unlike banks, which can leverage entire departments to manage these risks, independent firms must build leaner yet equally effective frameworks. “Being independent gives you flexibility, but it doesn’t give you immunity from regulatory scrutiny,” she noted. “You still have to meet the highest standards, just with fewer resources.”
Tax is another area where expectations are rising. “Historically, tax hasn’t been a major focus in Hong Kong or Singapore due to the favourable treatment of investment income,” Cutrera said. “But families now have assets in the United States, the United Kingdom, and Europe. The non-domicile regimes are disappearing, and tax planning is no longer optional.”
She noted that many EAMs have traditionally referred clients to external tax advisers, but clients are now demanding more integrated advice. “We’ve had to do a lot of cleanup from advice that wasn’t suitable, especially in markets like the UK and France,” she said. “We’re seeing more families looking for fiduciary partners who understand how tax, structuring, and investment decisions interact globally.”
Redefining the Business Model
Cutrera believes the independent wealth industry needs to rethink its value proposition. “There are a few EAMs or Multi-Family Offices (MFOs) that operate in a truly fiduciary way, but they’re still in the minority,” she observed. “Most are still relying heavily on retrocession-based investment revenues because they don’t know how to charge for advice.”
At Leo Wealth, the business model centres on transparency and a fee-for-service approach. “We charge retainer fees, project fees, and advisory fees, even in situations where there’s little or no investment to manage,” she explained. “That includes supporting clients with family governance, global structuring, and strategic decision-making.”
This model has proven particularly effective with entrepreneurial and fund manager clients. “Their wealth is often tied up in their businesses or funds. They may have very little liquid capital, but they still need help, sometimes more help, than a traditional investor,” Cutrera said. “We’ve been able to add value without relying on product-based revenues.”
She acknowledged that shifting the industry mindset will take time. “Many firms still offer advice for free and expect to be compensated only through product sales. That’s not sustainable, especially if you want to build a business that can scale and serve clients globally.”
Navigating Compliance with Agility
The recent high-profile anti-money laundering investigations in Singapore have sent shockwaves through the wealth management industry across the region. “The compliance burden has never been higher,” Cutrera said. “Everyone is tightening procedures, not just regulators, but also banks, custodians, and fund platforms.”
Still, she believes the independent model offers some advantages.
“We can be more nimble and less cookie-cutter in how we conduct due diligence,” she explained. “Our teams can adapt processes based on client profiles, rather than relying on rigid templates.”
That said, she does not view independence as a shortcut. “You still need to be absolutely robust,” she cautioned. “But you can build frameworks that are client-centric and efficient, rather than designed for mass-market scalability.”
Hong Kong’s Renewal and the Global Wealth Conversation
Looking ahead, Cutrera is optimistic about the role of Hong Kong in the regional wealth ecosystem. “There’s definitely more energy in the market post-COVID,” she noted. “People are back, events are happening, and business is getting done.”
Still, geopolitical considerations remain top of mind. “Some clients are diversifying across Hong Kong and Singapore, not necessarily choosing one over the other, but hedging risks,” she said. “There are real concerns about what might happen if tensions between China and the United States escalate.”
However, she believes the client perspective is more pragmatic than the industry conversation often suggests. “Most clients aren’t caught up in the Hong Kong versus Singapore debate,” she added. “They want geographic diversification, yes, but their focus is on service, trust, and execution. Not which city the office is in.”
Positioning for a New Era of Independent Advice
As the independent wealth management sector matures in Asia, Cutrera sees room for more specialisation and professionalisation. “The fiduciary model isn’t just a marketing slogan, it has to be a real commitment,” she said. “That means building processes, teams, and capabilities that go beyond investments.”
She remains focused on deepening Leo Wealth’s advisory infrastructure and talent bench. “We want to support clients with everything from succession planning to cross-border relocation, from tax coordination to corporate structuring,” she said. “That requires a different kind of professional, one who can sit across from a family and truly understand their world.”
For the next phase of growth, Cutrera believes the winners will be those who can translate complexity into clarity. “Families are more global, more diverse, and more demanding than ever before,” she concluded. “To serve them well, we need to be strategic, technical, and, above all, relevant.”
