[SINGAPORE] As life insurers increasingly focus on high-net-worth (HNW) clients and expand their wealth management services, Prudential has introduced a dedicated space for such customers to meet with private client advisers (PCAs) in a private, by-appointment-only setting.
“We understand that HNW individuals have unique financial needs and expectations that require sophisticated solutions and financial advisory,” Prudential Singapore chief executive officer Chan San San told The Business Times.
She added that the insurer has a 380-strong PCA team that is “specially trained to discuss financial planning strategies and formulate solutions for HNW clients”. The number of such advisers has grown slightly more than six times since 2018, when the team was initially set up with just 60 members.
She noted: “Understanding that our HNW customers have more complex financial planning requirements, we make available to them the services of a range of experts who can advise them on legal, trust and tax matters.”
Prudential on Monday (Mar 24) announced that it had launched its Wealth Suite, which has been designed to support the growing number of HNW clients seeking comprehensive wealth and financial planning services through their advisers. (*see amendment note)
An individual must meet stringent criteria to become a PCA at Prudential. This includes qualifying for the Million Dollar Round Table and at least three years of licensed financial adviser experience.
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Beyond in-house training, the insurer invests in their professional development by fully funding customised courses offered by the Wealth Management Institute. This offers the advisers opportunities to gain expertise in wealth structuring areas such as asset protection, liquidity planning, wealth accumulation and wealth preservation.
The Wealth Suite’s launch coincides with the growth of Prudential’s HNW business in recent years, mirroring Singapore’s rise in prominence as a leading international financial centre, the insurer said.
From 2023 to 2024, the number of its HNW customers increased 16 per cent, while sales rose more than 40 per cent, driven by its financial representatives and advisers.
With a HSBC report projecting Asia’s millionaire population to more than double to 22 million by 2030 from 10 million in 2022, Prudential aims to leverage this growth to further expand its HNW business.
“In tandem with the region’s growing pool of wealthy individuals who view Singapore as a global wealth hub, we anticipate that overseas customers will make up a significant portion of Prudential Wealth Suite users,” said Goh Theng Kiat, chief customer officer at Prudential Singapore.
He added that these clients often have complex, globally connected portfolios and value Singapore’s strategic location for accessing Asian markets, as well as the country’s stable environment for wealth diversification.
A special feature of the Wealth Suite is the presence of an in-house adviser who works together with PCAs to support HNW customers with more complex financial needs.
In addition, eligible ones can consult with an external panel of experts for specialised services, such as tax and business advisory, legal and estate planning, fiduciary and trust services, family office advisory and legacy giving.
“Tax planning is an integral part of financial planning for HNW individuals with complex wealth structures and estate planning needs,” said Goh, adding that many of the insurer’s wealthy customers seek ongoing guidance on tax-related matters to optimise their financial planning strategies.
*Amendment note: This article has been amended to correctly reflect that the Wealth Suite which was launched on Mar 17 was officially announced by Prudential on Mar 24.
