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New Wealth Management "Dating" Service Launches in Singapore

- findaWEALTHMANAGER.com, a revolutionary matching service for high net worth individuals and wealth management institutions, has opened its doors in Singapore
- The Singapore launch builds on three hugely successful years in the UK, during which over 1,000 affluent investors have been matched with their best-matched providers
- The expansion into Asia continues a very exciting time which has seen findaWEALTHMANAGER.com win several nods at prestigious industry awards and secure GBP500,000 from angel investors
findaWEALTHMANAGER.com
2015-06-22 11:00 2058

SINGAPORE and LONDON, June 22, 2015 /PRNewswire/ -- findaWEALTHMANAGER.com, the online "dating" service matching high net worth individuals with wealth managers, has opened its doors 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 this market's explosive growth as a wealth management centre for both domestic and offshore clients. Total assets under management in Singapore have rocketed by 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.

*According to the Deloitte Global Wealth Management Centre Ranking 2015

The Singaporean wealth management market does look quite different to that of the UK, with institutions catering to a client base which tends to be more technologically orientated and proactive about their investments. However, this kind of diversity is just what the unique matching methodology of findaWEALTHMANAGER.com is designed to address. The service's proprietary algorithm generates precise matches based on criteria set by both the client and the institution, and this can take a very wide range of variables into account.

findaWEALTHMANAGER.com has already won the support of dozens of Singapore-based wealth managers and has built a panel of institutions which already rivals that offered in its home market. Just as in the UK, findaWEALTHMANAGER.com Singapore covers the entire spectrum of institutions -- large and small, traditional and more recently established, independent and bankowned.

Dominic Gamble, Chief Executive of findaWEALTHMANAGER.com, says:

"We are delighted to be launching in Singapore just three years after we set out to shake up the UK wealth management market. As a former private banker I knew that both clients and institutions were crying out for an easier way to form relationships - but even I did not foresee that we would match over 1,000 high net worth individuals with UK wealth managers so quickly.

"Launching a sister service in Singapore is a natural next step for us and we're looking forward to replicating the success we've enjoyed in the UK here. I'm hopeful that by this time next year findaWEALTHMANAGER.com will have matched 500 high net worth individuals with their ideal providers in Singapore."

The findaWEALTHMANAGER.com matching process

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 (and possibly also financial planning) 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 flipside 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.

About findaWEALTHMANAGER.com

findaWEALTHMANAGER.com is the only independent, free online matching service that helps people find the wealth manager best suited to them.

The process involves completing a short online questionnaire, which impartially identifies a shortlist of up to three best-matched wealth managers. findaWEALTHMANAGER.com takes the guesswork out of choosing the firm with the right capabilities, service levels, approach and geographical location for each client's profile and needs.

findaWEALTHMANAGER.com covers the entire spectrum of institutions -- large and small, traditional and more recently established, independent and bank-owned. To be part of the findaWEALTHMANAGER.com panel, an institution has to be regulated in the UK, manage more than GBP250m of client money, have an in-house investment advice or management service and have been established for at least three years.

Key facts and figures:

  • Users of the service range from investors with GBP50,000 to those with more than GBP50m. At least one match has been with an investor with more GBP100m of investible wealth
  • The UK site attracts 8,000 visitors a month, bolstered by high-profile media coverage; similar interest levels are already building in Singapore.
  • In the past 12 months findaWEALTHMANAGER.com has referred clients with more than GBP250m of investible assets to wealth managers
  • Soon-to-be 40 wealth managers on the UK panel, from traditional private banks to stockbrokers and discretionary and boutique fund managers
  • findaWEALTHMANAGER.com, like all the wealth managers on its panel, is regulated in the UK by the Financial Conduct Authority
Source: findaWEALTHMANAGER.com
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