Endowus WealthTech Conference: Panel Discussions

The Endowus WealthTech Conference 2023 illuminated the WealthTech sector's clear shift towards prioritising innovation, accessibility, and personalised solutions. Here are some key highlights from the panel discussions at the event.

Day 1 Panel: The Future of Family Offices - Fortune or Flop?

Moderated by: Gregory Van, CEO, Endowus
Lynn Hermijanto, Principal, TH3 Capital
Rajeev Natarajan, Managing Director, Head of Asia Pacific, ICONIQ
Kenny Ho, Managing Partner, Carret Private Wealth
Jimmy Lam, CIO, Pacific Eagle Asset Management

• The costs associated with establishing and running a family office can be significant and can vary depending on the size and scale of the family office. It is especially important for smaller family offices with assets below a certain threshold (e.g., a billion dollars) to determine what to insource, outsource, or employ a hybrid approach to optimise the cost of running the family office.
• There are advantages of size and scale in family offices. Larger family offices benefit from economies of scale, enabling them to hire top talent, access a broader range of investment products, and secure unique investment opportunities. Breaking up one family office into multiple smaller ones might not be cost-effective due to the loss of these advantages.
• There are challenges and considerations in passing down generational wealth and maintaining family cohesion. While the family office can be centralised to achieve certain benefits, there are situations where, in different generations, family members may choose to set up their own separate family offices. The decision can be influenced by factors such as economics, relationship dynamics, and the need to adapt to changing circumstances.

To watch the replay of this panel discussion, click here.

Day 1 Panel: Dialogue with DPM Heng Swee Keat: Creating Equitable Opportunities for All

Deputy Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat
Samuel Rhee, Chairman & Co-founder, Endowus

• While the global economy has faced challenges, such as disruptions in supply chains and geopolitical tensions, overall growth prospects are positive. However, uncertainty still remains, and being prepared for surprises is essential in both the short and long term.
• Singapore is positioned as a significant hub for wealth management in Asia, and good governance plays an important role in maintaining this reputation. The government's commitment to prudent financial management and its strategic use of reserves during the COVID-19 pandemic underpin the nation's stability and success in this regard.

To watch the replay of this fireside chat, click here.

Day 1 Panel: The Role of AI and Deep Tech in Wealth Management

Moderated by: Stephanie Magnus, Principal, Baker McKenzie
Sopnendu Mohanty, Chief Fintech Officer, MAS
Joo Lee, Chief Technology Officer, Endowus
Cumarran Kaliyaperumal, Chief Data & AI Officer, Microsoft APAC

• AI is reshaping wealth management by utilising models for data-driven decision-making. It handles both structured and unstructured data, enhancing processes like loan approvals, natural language understanding, and image recognition. In wealth management, data-driven decision-making is an important growth engine.
• AI adoption in financial institutions presents a dual landscape. Challenges include gaining stakeholder approval and addressing concerns over AI errors in customer interactions. However, AI offers opportunities to improve decision-making and enhance customer satisfaction. Its transformational potential is acknowledged, though implementation is in its early stages.
• The issue of trust in AI systems hinges on trust in financial institutions themselves, rather than just in AI technology. Transparency about how AI is being used is key. Responsible AI includes clear guidelines and ethical principles, ensuring safety in application. Additionally, openness about AI use, along with effective monitoring, are pivotal to building trust with consumers.

To watch the replay of this panel discussion, click here.

Day 2 Panel: Financial Planning Basics: From Graduation to Retirement

Moderated by: So Sin Ting, Chief Client Officer, Endowus
Chow Jia Hui, Content Creator & Endowus Client
Joy Lim, Managing Director, Market Team Head, UBS Global Wealth Management
Christopher Tan, Co-founder & CEO, Providend
Yeap Ming Feng, Head of Seedly

• Financial planning goes beyond just investing; it involves creating a well-defined plan to achieve your objectives. As you go through different stages of life, your financial goals may evolve, and it's essential to adapt your plan accordingly.
• The journey to investing and financial planning is unique for everyone. It is never too late to start investing, but the timing may vary for each individual. Building financial confidence is an integral part of this journey, and it often involves considering factors like homeownership, retirement planning, and managing different life stages.
• It is crucial to strike a balance between different types of insurance (such as term and whole life insurance) and the role of different asset classes in investments, such as equities, bonds, and alternatives. Ultimately, these choices should align with your financial goals and timeline.

To watch the replay of this panel discussion, click here.

Check out all the recordings from the full conference on the Endowus Youtube page here.

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