In the dynamic landscape of wealth management, the role of wealth advisers is undergoing a transformative shift. No longer confined to product-centric transactions, advisers today are expected to deliver holistic financial guidance that resonates with the unique aspirations and challenges of affluent clients. We had the opportunity to speak with Lim Cho Peng, a seasoned expert whose extensive career spans client engagement roles at IPG Financial Services, BNP Paribas, ANZ and UOB. As the faculty member leading the Certified Affluent Wealth Adviser (CAWA) programme, she brings a wealth of knowledge shaped by decades of advising high-net-worth clients across Southeast Asia.
Understanding the Affluent Client Segment
Over the past two decades, Asia’s burgeoning mass affluent segment has significantly contributed to Singapore’s emergence as a premier wealth hub. The combination of a robust financial infrastructure, a transparent legal framework, and a highly skilled workforce has attracted both clients and financial institutions to its shores. However, this growth presents a paradox: while opportunities abound, clients are now spoilt for choice, making it imperative for wealth advisers to differentiate themselves.
“Affluent clients today seek more than just product offerings; they desire personalised strategies that align with their financial goals and life aspirations,” notes Cho Peng, whose advisory expertise is grounded in her leadership at IPG Financial Services and her early career with leading Private Banks. The rise of digital platforms has further intensified competition, pushing advisers to elevate their value proposition beyond traditional boundaries.
Moving Beyond Product-Centric Approaches
The shift from product-centric sales to client-centric advisory is not just a trend—it is a necessity. Drawing from her experience advising ultra-high-net-worth clients, Cho Peng emphasises the importance of understanding a client’s holistic financial landscape before recommending solutions.
“Much like a doctor diagnosing a patient, a wealth adviser must delve into a client’s unique circumstances, family dynamics, retirement goals, and risk appetite,” she explains. This approach ensures that clients receive tailored advice that addresses both immediate needs and long-term objectives.
For instance, a client initially interested in a simple term plan might benefit from a comprehensive discussion that reveals opportunities for legacy planning, retirement strategies, and estate considerations. Such deep, consultative engagements not only foster trust but also result in more robust financial outcomes for clients.
The Strategic Role of Insurance in Wealth Planning
While investment products often dominate wealth discussions, insurance solutions play an equally critical role in comprehensive financial planning.
“Insurance is not just about risk protection; it is a strategic tool for wealth transfer, risk diversification, and capital accumulation,” asserts Cho Peng, whose work with IPG Financial Services involved guiding affluent clients on legacy and estate planning strategies. Products like Indexed Universal Life (IUL) policies offer both protection and wealth accumulation benefits, serving as versatile components of a client’s financial portfolio.
Addressing common misconceptions, she highlights that life insurance should not be viewed merely as an expense. Instead, it provides intangible benefits, such as ensuring family harmony and facilitating smooth wealth transitions across generations.
Differentiating as a Wealth Adviser
In an increasingly competitive landscape, what sets top-tier wealth advisers apart? According to Cho Peng, it is the ability to engage in meaningful, sometimes difficult conversations with clients—a skill she honed throughout her career with leading financial institutions.
“Successful advisers are well-prepared, continuously educate themselves on global trends, and demonstrate genuine empathy,” she says. This commitment to professional growth and client-centricity is crucial for long-term success in wealth advisory.
The Value of Structured Learning
In an evolving wealth advisory landscape, structured programmes like the Certified Affluent Wealth Adviser (CAWA) provide advisers with practical, real-world skills to stay ahead. Designed specifically for professionals serving affluent clients, CAWA moves beyond a product-centric approach to focus on holistic financial and investment planning.
Through interactive case studies, role plays, and expert-led sessions, participants gain hands-on experience in profiling clients and tailoring solutions that align with their financial goals. The programme not only strengthens technical expertise but also enhances client engagement skills — critical for building trust and long-term relationships.
What sets CAWA apart is its focus on real-world application. Advisers leave with actionable strategies they can immediately implement to deepen client conversations and deliver value beyond product recommendations.
In a world where financial products are commoditised, it is the personalised advice and deep client relationships that define true success for wealth advisers.
As Cho Peng succinctly puts it, “Financial planning is not just about numbers; it’s about understanding people.”
Useful Links
Participants who successfully complete the programme will be awarded:
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Useful Links
Participants who successfully complete the programme will be awarded:
Note:
| Modules |
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The financial sector is experiencing significant shifts in a critical area—sustainability—alongside ongoing technological transformations. Traditionally, financial strategies have focused predominantly on maximising returns; however, a growing awareness of their environmental impact is giving rise to a new paradigm—one that today’s professionals may find challenging to navigate.
As more investors and institutions prioritise sustainability in their financial decision-making, recognising the long-term benefits it offers, the trend driven by the Environmental, Social, and Governance (ESG) framework is fundamentally reshaping our approach to wealth creation and responsible stewardship.
Mervyn Tang, who is Schroders’ Head of Sustainability, APAC, highlights three compelling reasons why private bankers should enhance their understanding of ESG to better serve their clients and future-proof their careers.
What was once a secondary consideration has now become a global imperative. The response to ESG issues, particularly climate change, is transforming how economies operate. “Governments around the world are putting policies to battle issues like climate change,” Mervyn says. “It’s changing the business models (and) the way our economy operates.”
As organisations navigate new regulations and seek incentives, such as those for electric vehicles, they must strike a balance between upfront costs and long-term objectives—ensuring their capital investments deliver sustainable returns over time.
Already, economies covering 90% of global GDP have set net zero targets, and over half of the world’s largest companies are aligning themselves with this vision. The results so far have been encouraging, with market research platform Gitnux reporting in 2024 that companies with strong ESG credentials have seen a 3-5% increase in annual revenue growth. Those with high ESG ratings also consistently outperform competitors who neglect them.
This shift creates a new role for private bankers. They’ll need to understand how these policies affect different industries, determine which are the reliable markers to prove sustainability, and how to position client portfolios for a sustainable future.
“Private bankers would be expected to talk about changes in sustainability and ESG policy in the same way as they are meant to talk about energy price inflation or Fed interest rates,” he surmises. “You’ll be expected to know more about ESG in the future.”
The senior professional explains how these fundamental concepts are discussed in WMI’s Certificate in Introduction to Climate Change and Decarbonisation Strategies programme. Besides gaining a broad perspective on topics such as climate science and international agreements in order to understand the global push for sustainability, the curriculum also includes training in core skills to assess and advise on green products and initiatives.
With outlets like Bloomberg indicating that the world’s ESG assets are projected to hit $40 trillion by 2030, informed finance professionals will stand out with their enriched knowledge and become invaluable assets to their clients’ evolving investment journey.
The rise of ESG investing is not just shaped by policies. It is being fuelled by increasing demand from individuals, particularly younger generations.
“The general public is caring more about ESG,” Mervyn reveals. “You see this in search trends for things like sustainable investing and climate change.”
Figures from PricewaterhouseCoopers substantiate this observation, with a report citing that a whopping 83% of consumers expect companies to actively shape their ESG best practices, and that 76% would discontinue relations with companies which mistreat employees, communities and the environment.
“This is particularly apparent for younger generations like Gen Z or the millennials,” Mervyn notes.
A Stanford University study supports this, revealing that while only 30% of boomers were invested in ESG issues when it comes to their investments, this grew to 60% with Gen X, and became a pronounced 80% with Gen Zs and millennials.
“If these generations are more interested in sustainable investing, as we see the intergenerational transfer of wealth, more and more of your clients may want to talk about ESG in the future,” he predicts.
As ESG considerations grow increasingly complex, effective ESG investing requires integrating all three pillars—environmental, social, and governance—into the decision-making process. Beyond environmental factors, social considerations evaluate a company’s labour practices, diversity and inclusion policies, and its impact on the communities in which it operates. Governance focuses on leadership quality, transparency, and risk management practices.
WMI’s programme provides advanced modules that delve into these areas, equipping professionals with the skills to assess the right metrics and deliver comprehensive reports that support informed discussions on sustainability. By considering all three pillars of ESG alongside traditional financial analysis, private bankers can help investors capture an organisation’s long-term potential.
In response to this accelerating trend, the financial sector is embracing the increasing demand for sustainable investment options.
“Sustainable investing options are increasing,” notes Mervyn, referencing both market trends and insights from his work at Schroders. “We’re talking about equities, fixed income, private assets. There’s a lot of things that your end retail investor can invest in to achieve their sustainability objectives and their financial objectives.”
The same report by Github reflects this sentiment in Asia, where 60% of retail investors have shown particular interest in ESF-focused funds, and that with the exception of Japan, allocation to ESG investing is expected to surge over 20% in Asia over the next five years.
Furthermore, the rise of digitalisation is democratising access to sustainable investments. Platforms such as crowdfunding now enable individuals to invest directly in emerging opportunities like green bonds and carbon offset initiatives—areas once limited to large institutional investors.
Rather than viewing this as competition, Mervyn emphasises that these developments highlight the need for complementary expertise. Informed private bankers can leverage their knowledge and these new tools to enhance their client offerings.
“More products means more options for your end clients to deliver what they need,” he says. “This is partly one of the reasons why asset managers are building up their sustainable investment product ranges. We see funds evolving from just your general sustainable funds to lots of different themes, to even direct private assets investing in things like renewable infrastructure.”
There’s more and more investment options for you to help cater to your clients’ financial objectives as well as sustainability objectives,” he adds.
The integration of ESG considerations into financial strategies is no longer a niche movement but a crucial complement to traditional finance. As private bankers navigate an evolving landscape, a solid understanding of ESG frameworks, reporting, and products becomes a vital tool for building resilient portfolios, managing risks, and fostering a more sustainable future.
WMI’s ESG programmes embrace this shift, offering a practical and industry-relevant syllabus designed by leading experts. Through engagements with senior professionals like Mervyn, participants gain real-world insights and case studies, equipping them to apply their knowledge effectively post-graduation—for the benefit of their organisation, clients, and the planet.
Useful Links
Participants who successfully complete the programme will be awarded:
Note:
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