Amanda Ong, country head of Arta Finance Singapore, says traditional private banks often lack the capacity and infrastructure to meet the evolving needs of next-generation wealth holders. This has led to increasing frustration over how their wealth is managed.
The next generation sees wealth differently from their predecessors. While older generations tend to focus on preserving and growing assets, younger heirs prioritise using their wealth to drive meaningful change, supporting causes like sustainability and innovation.
They are also increasingly seeking innovative solutions that prioritise agility and customisation, demanding wealth strategies that align with their lifestyles. The next generation is particularly drawn to tech-driven experiences like blockchain and AI. A Capco study found that 59% of Singaporeans are comfortable with AI guiding their wealth management decisions.
