Abrdn, an international investment firm, and FNZ, established wealth management platform, have formed a strategic relationship in Asia, which will begin with the launch of a multi-distributor, open architecture, digital wealth platform for Asia, starting with the Singapore market.
The new digital wealth platform will serve independent financial advice businesses, banks, virtual banks, family offices, and insurance organisations across Asia.
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Moreover, the platform will enable financial advisers to provide their core clients with improved investment outcomes by enabling them to carry out investing advice more quickly and affordably.
With more improvements to come, it will be able to handle discretionary portfolios and provide self-directed solutions via client and/or adviser portals and regulated wealth APIs.
Since 2005, abrdn and FNZ have worked well together to create an innovative tool for financial advisers that is now widely used in the country with £75.2bn ($94.7bn) in assets under administration (AUA).
The platform gives UK financial advisers access to technology and financial planning options, empowering them to add value for both their clients and their businesses.
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By GlobalDataIt provides a variety of services and tools tailored to client requirements, such as access to the investment possibilities offered by abrdn and a large selection of open architectural investment options.
Furthermore, by 2025, Asia excluding Japan is predicted to have greater wealth than the US, and by the end of the decade, there would be over 76 million millionaires on the continent, which is an increase from the current estimate of 30 million.
To meet the expandable needs of financial intermediaries, this substantial expansion offers modern technology in the wealth management sector a significant economic opportunity.
Rene Buehlmann, Global CEO of Investments, and head of Asia Pacific, abrdn said: “Following the success of our UK adviser platform, we are delighted to be working with FNZ to launch a platform business in Asia that we believe will make a positive difference to the investment processes and investment outcomes for financial advisers and their underlying clients. Asia is a key market for us, and we are committed to delivering solutions that meet the evolving needs of investors in the region.”
Tim Neville, CEO Asia Pacific, FNZ added: “We are very excited to be building on our long-term relationship with abrdn to establish a multi-distributor wealth platform in Asia. This is the first genuine multi-channel wealth platform in the region, specifically tailored to meet the diverse requirements of the Asian markets.”
