findaWEALTHMANAGER.com.sg, the online “match-making” service pairing high net worth individuals with wealth managers, has launched in Singapore to build on three years of great success in the UK. 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; while also giving institutions a more effective way to reach out to the investors they are best-placed to serve than word-of-mouth recommendations alone.
In the highly-diverse UK market, the service has really struck a chord with investors – to the extent that over 1,000 HNWIs have now been matched with wealth managers and user numbers continue to climb month on month. Meanwhile, enthusiasm for the service within the industry has culminated in findaWEALTHMANAGER.com recently being crowned “Innovative Client Solution” at the WealthBriefing European Awards for 2015.
Exporting the findaWEALTHMANAGER.com concept to Singapore is a natural next step, given the market’s explosive growth as a wealth management centre for both domestic and offshore clients. Total assets under management in Singapore have rocketed 25% since 2008 and 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’s unique matching methodology is based on a proprietary algorithm designed to generate robust two-way matches between the high net worth individuals using the service and the wealth managers that comprise the panel of available institutions. Wealth managers joining findaWEALTHMANAGER.com complete a detailed questionnaire on the facts of their offering, covering the investment management 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.
