This trend is indicative of a broader shift toward digital financial management solutions in Singapore's wealth management sector.
SINGAPORE: Robo-advisors are increasingly gaining traction among younger Singaporeans, especially those under 35, according to a recent survey by Capco. This trend is indicative of a broader shift toward digital financial management solutions in Singapore’s wealth management sector.
This contrasts with a 75% increase among those aged 45 to 64. Notably, 76% of the younger demographic expressed comfort with artificial intelligence in guiding their wealth management decisions, significantly higher than the 42% observed in the older group. Capco’s survey highlights the growing importance of digital communication in wealth management. While face-to-face interactions remain valued, the rise of sophisticated digital communication tools is reshaping client expectations. Capco advises wealth managers to adopt an omnichannel strategy to enhance client experiences and cater to the preferences of digital-native investors.
A hybrid approach that combines digital self-service with human interaction is favored by 43% of respondents for remote investment or wealth management services. When seeking investment advice, 69% turn to online research, 60% consult wealth managers or advisors, 45% rely on friends, peers, and family, 36% refer to investment books, and 35% look to social media.
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