Wealth Management is an advanced investment advisory discipline that incorporates financial planning and specialist financial services. The key objectives are to provide high net worth individuals and families with tailored retail banking services, estate planning, legal resources, taxation advice and investment management, with the goal of sustaining and growing long-term wealth. Whereas financial planning can be helpful for individuals who have accumulated wealth or are just starting to accumulate wealth, one must already have accumulated a significant amount of wealth for the wealth management process to be effective.
Wealth management can be provided by independent financial advisers or large corporate entities whose services are designed to focus on high-net worth retail customers. Such customers would be considered 'mass affluent' or 'upper retail' clients because of their net worth, the number of potential products they own from financial institutions, their assets under management and other methods of segmentation. Large banks and brokerage houses create separate sales forces, services and other 'benefits' to retain or attract these customers who are typically more profitable than other retail banking, brokerage, or insurance customers.
Contents [hide]
1 Pioneers
1.1 Philippines
2 References
3 External links
[edit] Pioneers
[edit] Philippines
As the first bank in the Philippines to offer wealth management services, Citibank tapped into the rich vein of newly wealthy Filipinos who emerged as a result of the country’s economic boom in the early to mid-1990s.[1]
Citi's history in the Philippines dates back to 1902 when the International Banking Corporation established a branch in Manila, followed by opening of a second branch in Cebu in 1904.
Today, Citi is the largest foreign commercial bank in the Philippines in terms of customers, assets, revenues, and domestic branches. It consistently ranks among the top five commercial banks in terms of profitability and top ten in terms of assets, deposits and loans. Citibank Philippines employs over 4,200 staff, 99% of which are local residents.
The Citi Private Bank is a significant business for the Philippine franchise offering portfolio and asset management services to the ultra-affluent in the country. It offers extensive investment strategies, renowned research, wealth, philanthropy and lifestyle advisory services, and a global network of investment and FX specialists long-recognized as industry leaders. The Philippines ranks as one of Citi Private Bank's top five markets in Asia Pacific.
Philippines is also a regional hub for three of Citi's operations: Citi Business Services, a global financial and management reporting center and global payment and employee services center supporting over 60 countries in Asia, Europe, Middle East and Africa; Citi Information Technology and Infrastructure Philippines; and a satellite office of the Asia Pacific Banking Institute. Citi Philippines also supports the regional network by hosting Centers of Excellence in risk analysis and compliance and events administration. [2]
Wealth management can be provided by independent financial advisers or large corporate entities whose services are designed to focus on high-net worth retail customers. Such customers would be considered 'mass affluent' or 'upper retail' clients because of their net worth, the number of potential products they own from financial institutions, their assets under management and other methods of segmentation. Large banks and brokerage houses create separate sales forces, services and other 'benefits' to retain or attract these customers who are typically more profitable than other retail banking, brokerage, or insurance customers.
Contents [hide]
1 Pioneers
1.1 Philippines
2 References
3 External links
[edit] Pioneers
[edit] Philippines
As the first bank in the Philippines to offer wealth management services, Citibank tapped into the rich vein of newly wealthy Filipinos who emerged as a result of the country’s economic boom in the early to mid-1990s.[1]
Citi's history in the Philippines dates back to 1902 when the International Banking Corporation established a branch in Manila, followed by opening of a second branch in Cebu in 1904.
Today, Citi is the largest foreign commercial bank in the Philippines in terms of customers, assets, revenues, and domestic branches. It consistently ranks among the top five commercial banks in terms of profitability and top ten in terms of assets, deposits and loans. Citibank Philippines employs over 4,200 staff, 99% of which are local residents.
The Citi Private Bank is a significant business for the Philippine franchise offering portfolio and asset management services to the ultra-affluent in the country. It offers extensive investment strategies, renowned research, wealth, philanthropy and lifestyle advisory services, and a global network of investment and FX specialists long-recognized as industry leaders. The Philippines ranks as one of Citi Private Bank's top five markets in Asia Pacific.
Philippines is also a regional hub for three of Citi's operations: Citi Business Services, a global financial and management reporting center and global payment and employee services center supporting over 60 countries in Asia, Europe, Middle East and Africa; Citi Information Technology and Infrastructure Philippines; and a satellite office of the Asia Pacific Banking Institute. Citi Philippines also supports the regional network by hosting Centers of Excellence in risk analysis and compliance and events administration. [2]