UK-based wealth management dating service launches in Singapore

• Matches high net worth individuals with wealth management institutions
• Singapore launch builds on three successful years in the UK

LONDON-based FindAWealthManager.com, which describes itself as an online ‘dating’ service matching high net worth individuals and wealth managers, has opened its doors in Singapore.
 
FindAWealthManager.com was launched in 2012 to provide investors with an objective, fast and free method of finding the right wealth manager for their profile and needs, the company said in a statement.
 
It also gives institutions a more effective way to reach out to the investors they are best-placed to serve than word-of-mouth recommendations alone, it added.
 
Singapore was a natural choice for the company. Total assets under management in Singapore have rocketed 25% since 2008, it said, citing the Deloitte Global Wealth Management Centre Ranking 2015 report.
 
Some predict that the city-state and its rival Hong Kong could overtake Switzerland as global wealth hubs before the end of the decade, FindAWealthManager.com said.
 
The Singaporean wealth management market does look quite different to that of the United Kingdom, with institutions catering to a client base which tends to be more technologically orientated and proactive about their investments.
 
However, this kind of diversity is just what the unique matching methodology of FindAWealthManager.com is designed to address, the company said.
 
The service’s proprietary algorithm generates precise matches based on criteria set by both the client and institution, and this can take a very wide range of variables into account, it claimed.
 
“We are delighted to be launching in Singapore just three years after we set out to shake up the UK wealth management market,” said chief executive officer Dominic Gamble (pic).
 
“As a former private banker I knew that both clients and institutions were crying out for an easier way to form relationships – but even I did not foresee that we would match over 1,000 high net worth individuals with UK wealth managers so quickly.
 
“Launching a sister service in Singapore is a natural next step for us and we’re looking forward to replicating the success we’ve enjoyed in the United Kingdom here.
 
“I’m hopeful that by this time next year FindAWealthManager.com will have matched 500 high net worth individuals with their ideal providers in Singapore,” he added.
 
The matching process
 
Wealth managers joining FindAWealthManager.com complete a detailed questionnaire on the facts of their offering, covering the investment management (and possibly also financial planning) services clients can access, the locations they can be serviced from, and the minimum investment levels required and so on.
 
Then, when users begin the matching process their answers on the flip-side of these questions, along with other pertinent preference information, are used to filter possible wealth managers.
 
The algorithm at the heart of this process combines relief ranking (through scoring questions) and in/out criteria such as minimum account size, residency and domiciliary status to generate a maximum of three best-matched wealth managers users can then choose to have contact with and meet (those with highly-specific needs may have fewer matches generated).
 
Clients will therefore have a very short shortlist of institutions to consider, while wealth managers themselves can precisely target those individuals they are best placed to serve, the company claimed.
 
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