How a bank for Asia’s global families is enhancing market visibility and penetration to support the growth agenda in the new normal

What will the finance world look like ten years from now?

In SCMP Conversation: The Next Normal, moderator Gary Liu spoke with Terence Chow, CEO for Asia for RBC Wealth Management.

For Terence, his company is focusing on recognition to support its clients. Most of RBC Wealth Management’s customers are Asian global families, meaning they have family members all over the world.

RBC has to understand how their clients feel to truly address their concerns and help them achieve their financial goals. They take a discovery-first approach, diving into their clients’ perspectives to find the best way to meet their needs.

As a digitally-enabled relationship bank, the connections RBC has with its clients are of utmost importance. Though they use digital tools, they are still a relationship-first organization.

Their focus on discovery in wealth management requires that they learn more about their clients and recognize the problems they need to solve. RBC strives to fully understand their clients, what they want, and their specific desires.

Since most of RBC’s clients are Asian global families, a large portion of them is focused on providing for their family, wherever they may be in the world. They want RBC to position their wealth properly to support their family.

The majority of Asian global families are made up of multiple generations, and those generations may have different goals. Older generations are still focused on building their wealth to pass it down to their children and grandchildren.

However, younger generations think more about stewardship. They want to channel their wealth towards good causes.

With these perspectives in mind, RBC can build a wealth management strategy that satisfies both generations. Because they recognize what their clients want, they can develop a strong strategy that supports their clients’ goals.

Beyond the personal connections, recognizing clients’ perspectives can help business professionals understand the financial industry’s future. For example, because COVID-19 grounded many people in Asia, some have started to see more opportunities for growth there.

Knowing how industry leaders think guides predictions for the future. Terence and RBC’s tactic of recognizing what is important for their clients can also help determine how the financial industry will adapt to a post-COVID world.

Check out the full conversation between Gary Liu and Terence Chow below:

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