简体中文   简体中文 ENGLISH
首页 / 财富视界 / 媒体报道
媒体报道

Fargo Wealth rolls out digital platform “hand-inhand” with clients丨Asian Private Banker

2021.04.08      来源:Asian Private Banker

image001-1024x512.jpg


A tech-savvy UHNW client base has invested in and co-developed Fargo Wealth’s digital platform, which was rolled out in the past year to cater to clients’ investment needs.


The Hong Kong-headquartered multi-family office (MFO) and independent asset manager (IAM) has a client base predominantly consisting of emerging entrepreneurs in China’s “new economy”, many of whom have a background in technology-enabled sectors.


These UHNWIs with “new wealth” are no longer looking for traditional private banking services, said Joey Chan, chief executive officer, Fargo Wealth Singapore and an IAM veteran. Instead, the clients are “more tech-savvy and, in terms of managing their wealth, they value efficiency and transparency”. Fargo Wealth’s digital initiative was designed to meet such requirements, Chan explained. “When we started the initiative, we received both ideas and investments from our end-clients, most of whom entrepreneurs of major technology firms in China. We developed the platform hand-in-hand with our clients.”


Simplifying the investment decision-making process


A work in progress before the pandemic, the digital platform was timely launched last year, making it the first Chinese platform of its kind by an IAM, Chan told Asian Private Banker.


An internal CRM system and a client-facing digital application are at the heart of the firm’s digital drive. The digital app enables the clients to have a consolidated view of their wealth across multiple banking relationships, while receiving investment views from these banks.


Chan highlighted the aggregated portfolio approach by the application, saying that this has simplified by a significant margin the investment decision-making process for clients.


“The clients can also trade, place orders, and speak to their RMs through the same app,” she continued. “For instance, the client can send the request for a quotation through the app to us, and we will get back with the quotation and the spread. This allows the client to compare across different coupons and structures and makes the transactions transparent to the clients.”


Chan explained that Fargo Wealth’s independent position enables it to have access to different private banks and choose the best offerings from them.


“We then deliver the information to our clients through digital tools in a transparent way — this is the new way of gaining trust from the clients,” said Chan.


Upbeat about AUM growth


The IAM industry is constantly straddling the line between maintaining a lean cost structure — low expenses and simple setup — and growing AUM for more profitability, by taking advantage of “economies of scale”.


Chan said the firm has managed to keep its cost structure lean through higher RM productivity. Its digital initiative has improved efficiency and lowered operational costs.


Chan is upbeat about organic AUM growth in 2021 as Hong Kong’s IPO scene roars on, with more Chinese companies joining the ranks of a listing in the H-share market. This is expected to generate considerable wealth overnight for owners of newly-listed unicorns and create business opportunities for the firm.


“Our company has a presence across many major cities in China, including Beijing, Shanghai, Qingdao, Suzhou, Hangzhou, and Shenzhen. If there are any client needs or potential new client opportunities within China, we will be the first to know,” she said.


In Singapore, Fargo Wealth’s new office will branch out to a broader, more diversified client base throughout Southeast Asia, with the aim of hiring more RMs who can cover these markets.


Client referrals form another essential part in AUM growth. As Chan puts it: “Having had a good experience with us, clients would refer their own networks to us”.

相关推荐

2024.06.05

华港财富再获WealthBriefingAsia「Best Independent Wealth Manager」大奖

2024.03.28

华港联合家族办公室荣获《亚洲私人银行家》中国财富奖

2024.03.25

华港财富荣获《欧洲货币》“香港最佳联合家族办公室”奖项

2023.12.18

Are family offices leading an artificial intelligence gold rush?丨CampdenFB