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In this one-on-one session with The Asset, Joseph Poon, group head of DBS Private Bank, offers insights into the trends transforming wealth management in Asia, and how his bank is leveraging AI and other digital technologies to meet the changing needs of clients, particularly the next generation who will take over the family wealth. Poon is recognized as Private Banker of the Year, Asia, at The Asset Triple A Private Capital Awards 2025.
The Asset: The wealth landscape in Asia has seen significant changes in the past 12 to 18 months, from elevated rate volatility to generational wealth transfer. What, in your view, are the defining trends shaping private banking in for the next few years?
Joseph Poon: A key structural shift we see unfolding is the wave of wealth transfer to a new generation of HNWIs ( high net-worth individuals ). While this cohort of next-generation ( next-gen ) HNWIs using private banking services is still nascent, they will soon become the dominant cohort of private banking clients over the next 5 to15 years.
They are already redefining client expectations for private banks. They seek on-demand, digital-first, personalized wealth advice; they lean in on sustainability, innovation, and social impact; they see digital assets not as a fringe asset, but as part of their investment discourse.
These next- gen HNWIs are often more entrepreneurial rather than legacy wealth holders. Today, 70% of our clients are founder-investors and business owners, who look for across-the-bank financial services that cover the breadth of start-up financing, capital markets advisory, portfolio investing, wealth planning, and lifestyle alignment.
These next- gen HNWIs are often more entrepreneurial rather than legacy wealth holders. Today, 70% of our clients are founder-investors and business owners, who look for across-the-bank financial services that cover the breadth of start-up financing, capital markets advisory, portfolio investing, wealth planning, and lifestyle alignment.
The enduring success of private banks in this fast approaching era will hinge on whether they are able to meet the exacting demands of these next -generation HNWIs, by shifting from merely providing traditional, relationship-led services working off pure wealth management platforms, to digital-first, universal bank platform that is insight-driven – which can be nimbly and holistically orchestrated to support a digitally native, globally connected, and impact-conscious generation.
This phase shift in client profile also drives the demand for ESG-aligned advisory, digital asset offering, AI-driven personalized advice and “phygital” engagement that resonate with the behaviour, needs, and values of these next-gen wealth holders.
The Asset: Asia’s next-gen HNWIs are far more digitally native and values-driven. How has DBS recalibrated its value proposition to meet their expectations?
We have shaped our value proposition over the years by embedding AI-powered personalization in our advisory process, and offering seamless “phygital” engagement to enable and empowered prompt actions. We also have a broad set of ESG and social impact offerings to align with the philosophy, lifestyle, and value of Asia’s next-gen HNWIs.
In our phygital wealth management model, we apply a blend of AI-powered digital intelligence, combined with human intuition of our advisers, to deliver AI-driven, hyper-personalized, real-time engagement.
Our client-facing staff are equipped with actionable insights from machine learning tools that incorporate thousands of client-specific data points, to deliver timely and precise investment ideas or life-stage nudges ( e.g., succession planning, private market entry, etc. ). This dynamic approach mirrors the always-on, data-savvy behaviour of younger clients.
For purpose-driven and impact-focused advisory, we have entrenched impact investing and philanthropy into our advisory framework over the years.
Through the DBS Foundation, we provide unique pathways for these next-gen clients to align their wealth with values in the making of their legacy.
Regarding our integrated digital assets and innovation ecosystem:
The DBS Multi-Family Office ( DBS MFO ) platform offers flexibility and purpose:
The Asset: Family offices are becoming increasingly institutionalized across the region. What bespoke solutions are you offering to help them professionalize governance, succession planning, and multi-generational wealth preservation?
Our bespoke solutions include DBS MFO Foundry VCC platform. This allows clients to benefit from DBS’ dedicated support for succession planning, governance, and long-term strategic planning, in addition to getting access to DBS’ comprehensive investment advisory ecosystem – to support their wealth goals.
DBS launched the world’s first bank-backed Multi-Family Office ( DBS MFO ) platform using Singapore’s Variable Capital Company ( VCC ) structure.
It enables UHNW families to combine various investments under a single legal and operating framework, leveraging DBS’ infrastructure without having to devote resources to build their own single family office ( SFO ). With DBS MFO, clients have assurance of structured governance and yet keeping control. At the same time, they benefit from professional oversight and regulatory compliance.
With DBS MFO, clients have assurance of structured governance and yet keeping control. At the same time, they benefit from professional oversight and regulatory compliance.
Moreover, DBS considers our role as an architect of enduring family legacies, and not merely an asset manager. We help our clients develop succession frameworks, build governance structures, and facilitate intergenerational wealth transfer, with transparency and continuity.
Family offices can tap into DBS’ ecosystem of legal, tax, fiduciary, and philanthropic specialists, helping them institutionalize operations and investment processes.
The Asset: Are you seeing more clients gravitate towards discretionary mandates or advisory-led solutions? What’s driving that shift?
With global markets becoming more uncertain, financial landscape more complex, and thematic investing gaining ground ( e.g., AI, private markets, digital assets ), many clients feel less equipped to self-manage their investments. This has driven increased interest in professional portfolio construction, for both advisory and discretionary investments.
Many next-generation entrepreneurs and family principals are also too busy to manage portfolios actively. As a result, we have seen more clients employing curated, high-conviction strategies rather than picking individual investments.
Our Chief Investment Office’s ( CIO ) DBS Barbell Strategy outperformed markets with +13.68% returns in 2024 – placing us in the top 5% of peer funds globally. The strength and success of our CIO’s investment strategies and insights have reinforced clients’ confidence in our discretionary portfolios, reflecting its robust AUM growth.
The Asset: Private markets and alternative investments have become central to many wealth portfolios. How is DBS democratizing access to these asset classes, and what role does client education play in that process?
Amid the growing client demand for alternative investments, DBS Private Bank has been advocating investment in alternative assets to provide clients with portfolio diversification benefits and new pathways of getting diverse sources of return. As a result, our wealth clients’ AUM in private assets has grown about five-fold over the last five years. The growing appetite for investments beyond the public markets has driven us to significantly expand our offerings in this space, covering a broad range of asset classes such as private equity, private credit, real estate and infrastructure. For example, we recently launched a fund focused on sports, media, and entertainment opportunities in April.
Most recently, DBS Private Bank collaborated with Hamilton Lane, one of the world’s largest private markets investment firms, to offer the bank’s ultra-high-net-worth clients and family offices a bespoke private assets solution. The latest move widens individual clients’ access to a customized portfolio of top-tier private asset funds that, until now, has been largely available only to institutional investors. Known as Private Assets Tailored by Hamilton Lane ( PATH ), the solution enables qualified investors to curate a diversified portfolio of private market funds spanning private equity, credit, infrastructure, and real estate.
Client education is a foundation of our approach. We invest extensively in educating clients about the nature, benefits, and risks of private markets and alternatives. This includes regularly providing clear insights, transparent communication, and proactive advisory so clients can make informed decisions.
The Asset: Impact investing is gaining ground. Are clients in Asia truly allocating meaningfully to sustainable strategies, or are we still in the "exploration" phase?
Impact investing is gaining ground among wealth clients in Asia. Our clients are increasingly seeking investments that align with their values and contribute to positive social and environmental outcomes. This shift reflects a broader trend towards sustainability and responsible investing in the region. However, many clients are still in the early phase of their journey. They are actively seeking information, understanding the nuances of various sustainable strategies, and evaluating how these investments fit into their broader portfolios. We support them through education and personalized guidance. This has helped to raise their level of understanding and comfort on what and how to incorporate impact investments in their portfolios.
The Asset: DBS has long been known for its digital leadership. How are you integrating AI, machine learning, or predictive analytics into your private banking advisory model?
We integrate AI, machine learning and predictive models in our advisory model in a number of ways.
For example, we have an AI-powered Nudge Engine for relationship managers ( RMs ). DBS uses machine learning algorithms to analyze thousands of client data points – including portfolio activity, life stage triggers, market conditions and behavioural patterns.
These signals are then translated into personalized “nudges” sent to RMs, prompting them to raise prompt, relevant conversations with clients.
We also offer predictive insights tailored to life stage and preferences. Rather than just reacting, our AI system predicts what clients will need next, based on patterns across similar profiles or historical behaviour.
We offer predictive insights tailored to life stage and preferences. Rather than just reacting, our AI system predicts what clients will need next, based on patterns across similar profiles or historical behaviour.
For example, if a client’s profile and recent activity suggest interest in private markets or wealth structuring, the RM will be prompted with relevant insights or suggested solutions.
The machine learning tools help us scale personalization across our diverse and growing client base, without the loss of fidelity.
Every client interaction becomes more contextual, data-informed, and value-driven, moving away from generic product pushing.
These AI capabilities are embedded directly into our RMs’ advisory tools, rather than running as separate dashboards. This ensures insights are delivered at the point of client interaction, making the advisory process relevant, prompt, and intelligent.
The result is a next-generation advisory model that is proactive, predictive, and precision-led. It anticipates needs before they are voiced, recommends high-conviction ideas aligned with client intent, enhances client experience, and improves RM productivity. With phygital engagements, we observed that net cash deployed to investments doubled last year and continued to be resilient in the first half of the year.
The Asset: At the same time, clients still want high-touch engagement. How are you balancing digital scale with personalized advisory, particularly in complex areas like succession planning or multi-jurisdictional asset structuring?
We combine AI-driven digital tools, for scale, speed, and data insights, with experienced RMs and specialists for nuance, trust, and complex judgment. This enables us to deliver personalized, relationship-led advice even at scale, without compromising the bespoke attention required for complex planning.
Bespoke advisory for succession and family governance is delivered via specialist advisers, often in coordination with external partners ( legal, tax, fiduciary ), anchored by digital tools that surface key moments for engagement ( e.g., wealth transfer triggers, generational shifts ).
Our digital scale supports day-to-day portfolio needs, while in-house specialists ( e.g., wealth planners, CIO, trust advisers ) step in for bespoke matters like business succession, multi-generational trust design, cross-border tax planning, and next-gen engagement and governance education.
The Asset: If we fast-forward three years, what do you think will define success for a private bank in Asia in 2028?
Success will no longer be defined by AUM alone, but by a bank’s ability to be adaptive, anticipatory, and aligned with both the values and dynamism of Asia’s next wave of wealth holders. The private bank of the future must have a deep understanding of Asia’s next-gen wealth holders’ mindset and be the bank that is as agile, digital-first, and global as they are. They will need to blend scale and speed ( AI ) with depth and trust ( advisers ), especially in complex areas such succession, tax structuring, and legacy planning.
Banks that offer turnkey institutional platforms will be at a distinct advantage with the demand for more structured and professionalized ways to manage wealth and embed impact investing frameworks and legacy planning tools into their core proposition, not treat them as add-ons.
With increasingly global client domicile and asset footprints, private banks of the future must be able to offer clients one-bank platform that delivers seamless wealth management service, institutional banking solutions, delivered with AI-powered digital intelligence, combined with human intuition of our advisers – to deliver prompt, hyper-personalized, and intuitive solutions to a new generation of wealth holders.
( A summarized version of this interview is on the printed magazine of The Asset, issue Number 7* 2025, pages 68-69 )
