Survey shows Singapore’s wealth management industry is embracing the digital age

40% of respondents under 35 even tapped robo-advisory services.

The majority of Singaporeans with at least US$100,000 in investable assets have increased their use of digital channels to manage wealth and are comfortable using AI to make decisions, according to a new survey by Capco.

The survey showed utilizing digital wealth management platforms has increased for  91% of respondents under 35 years as well as for 75% of respondents aged 45-64 years.

76% of respondents under 35 said they are comfortable with AI guiding their wealth management decisions while 40% even tapped robo-advisory services.

For the respondents in the 45-64 years bracket, only 42% said they are open to using AI and only 16% use robo-advisory services.

In seeking investment advice and ideas, online research (69%) topped the list, followed by wealth managers and advisors (60%), friends, peers and family (45%), investment books (36%), and social media (35%).

“We see that younger wealth clients have a greater predisposition to use digital channels and tools to engage with wealth management offerings,” said Hayley Haupt, Partner and APAC Wealth Management Lead at Capco. “Wealth managers need to ask themselves if they are ready to take full advantage of emerging technologies and modern data tools or architectures.”