Steffanie Yuen, Head of Hong Kong at Endowus, shared financial planning tips for those looking to relocate. Most people tend to focus on short-term and/or one-time costs such as rental, renovation, moving costs, etc., while neglecting other factors such as the local taxation systems, transportation, and costs of living. Before relocating, always research thoroughly, calculate your estimated monthly expense, and readjust your budget accordingly. Those looking to relocate overseas should consider building a pot of savings in that local currency to hedge against potential fluctuations.

Hugh Chung, Chief Investment Advisory Officer of Endowus, shared tips on how investors can rebalance their portfolios amid increased market uncertainty and economic activity. Instead of devoting time and resources to actively managing their portfolios, retail investors can lean on digital wealth management platforms such as Endowus, who offer automatic rebalancing functions. Investors should also avoid speculating as it may lead to poor returns and increased exposure to volatility risks.

With retirement adequacy shaping up to be the greatest generational challenge of our time, how can wealth managers level the financial playing field for more individuals? Penned by Gregory Van, CEO of Endowus for the World Economic Forum, this commentary discusses the impact of inflation and poor industry practices on retirement adequacy. Individuals are disadvantaged by a lack of transparency, hidden commissions, and limited access to the best investment solutions. Wealthtech is crucial to improving wealth management outcomes for all, by democratising professional wealth services at scale, and delivering institutional advice to retail investors across all wealth bands.

Endowus Head of Hong Kong, Steffanie Yuen, was live on Bloomberg Markets Asia to discuss Endowus' regional expansion, opportunities in wealth management, as well as its plans to target Hong Kong investors. Steff discussed how the growing mass affluent segment is often neglected by private banks, and wealthtech has the potential to automate and serve them at scale. Despite key behavioural differences between HK and SG investors found in the Endowus Wealth Insights Report 2023, both regions should prioritise diversification. Eligible investors looking to venture beyond the traditional 60/40 portfolio can explore Endowus Alternatives with lower minimums.

In the battle of incumbents vs digital wealth platforms, our head of Hong Kong, Steffanie Yuen, explains Endowus' advantage in offering lower fees, by democratising access to institutional share class funds to bring down the overall cost of investing. However, the rise of wealthtech and emerging technologies presents opportunities for greater industry collaboration. Steffanie opines that the reach and tech-enabled capabilities of digital platforms complements the relationship and client base of traditional wealth providers. This creates synergies that allow a wider group of clients to be served more efficiently in terms of product, access, and cost.

Steffanie Yuen, Head of Hong Kong at Endowus, discussed how those retired, or close to retirement, should manage their money. As this demographic transitions into the decumulation phase, they become more dependent on the pot of assets they have set aside to sustain themselves in their silver years. Proper wealth planning is crucial to ensure enough assets to cover basic expenses and retire comfortably. Investors are encouraged to consider moderate to low-risk investment options, such as fixed income and dividends to fulfil their short-term cash flow needs.

Asia’s leading digital wealth management platform Endowus has partnered with Allfunds, enabling Hong Kong investors to access investment products in a timely and cost-effective manner. This partnership allows Endowus to curate and onboard investment funds from a large universe of fund houses available on the Allfunds platform, bypassing the onerous process of negotiating individual distribution agreements with each fund manager.

The Sandwich Generation often bear the financial responsibilities that come with caring for children and parents. Steffanie Yuen, Endowus’ Head of Hong Kong, encourages this demographic to clearly define their various obligations, to plan out the respective investment strategies required to achieve each goal. Family members should also have open and transparent conversations to align on financial expectations and to plan intentionally for their collective future.

Digital wealth platform, Endowus, has partnered with asset management distribution platform, Allfunds, to offer its customers a broader range of mutual funds in Hong Kong. The tie-up will enable Endowus to quickly add solutions to its Fund Smart platform, that have already been through Allfunds’ due diligence and operational onboarding procedures.

Following its expansion into Hong Kong, Asia’s leading digital wealth platform Endowus partners with wealthtech platform Allfunds to bring investors access to more than 160 curated funds managed by 50 global managers. The streamlined digital process reduces the lengthy onboarding procedure to enhance operational speed and scalability for the firm. These funds are available on Endowus’ self-serve fund platform Fund Smart, where clients can choose to invest in single mutual funds or build multi-fund portfolios.

Steffanie Yuen, Head of Hong Kong at Endowus, discussed how Gen Zs and Millennials can start building their retirement nest egg. She encourages them to start investing as early as possible, taking advantage of the longer time horizon to learn, make mistakes, and find a suitable investment approach. There is no one-size-fits-all solution and young investors should define long-term needs before making any financial decisions. They should also aim to save 20% of their annual income from the age of 25.

The Endowus Wealth Insights Report found that inflation and the increase in the cost of goods and services remain the biggest financial concern in 2023 among respondents in Singapore and Hong Kong. Over 40% of Hong Kong people are “not at all confident” in having sufficient funds for retirement, even though the majority stated that they invest regularly.