Healthy growth for wealth management


  • Business
  • Friday, 28 Mar 2003

BY PAULINE S.C. NG

 

WEALTH management is an area that enjoys healthy growth, according to Citibank Bhd director Allen K.H. Tan. 

There are tremendous prospects in financial planning and wealth management as the affluent are always looking for alternatives beyond that offered by current and savings accounts, he said in an interview in Kuala Lumpur. 

The bank's vice-president and sales director Karen Ng said it was estimated that “the affluent” comprise some 2% of the adult population. 

To qualify for services under the bank's Citigold Wealth Management Banking, customers need to have a least RM300,000 in investible funds placed in deposits or unit trusts, or a combination of both. 

Allen K.H. Tan

Ng said that Citibank, which had more than one million customers in total, had gained “strong double digit” market share in this segment. 

“We make sure what the customers are invested in is in line with their financial goals and aspirations, and work towards it at a comfortable pace. It also depends on their risk profile,'' she said. 

“Many of our affluent customers have signed up for wealth management services and benefited from it,” Tan added. 

Citigold Wealth Management Banking is different from other banking services in that its advisory teams are well trained, while the bank is backed by the resources and research of Salomon Smith Barney, a unit of the Citigroup, said Ng. 

Moreover, the team constantly conducts on-going portfolio reviews with its customers. 

Karen Ng

The main financial products offered to the bank's customers under Citigold Wealth Management Banking include depository products, unit trust funds, bonds, equities and credit cards. 

Beginning from March 17 until September, Citigold Wealth Management Banking will run a fortnightly column in The Star called Financial Health for Financial Wealth

The series is targeted at the more financially savvy investor, and its contents will revolve around the concept of wealth management. 

“The column is in line with Citigold's proposition of helping customers in matters of wealth management,” said Tan. 

It would also give Malaysians an insight into the world of wealth management, he added. 

Previously, Citibank has embarked on other financial planning and wealth management columns such as its Know Your Money, Grow Your Money series which was run twice in The Star from September 2000 until June 2001 and from October 2001 to April 2002. 

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