Wealth Management FAQ

The minimum for private banking in Singapore typically ranges from S$1 million to S$5 million depending on the bank. DBS Private Bank has one of the lowest minimums at S$1 million, while international banks like UBS require S$2-3 million and JP Morgan requires S$5-10 million. Priority banking tiers like Standard Chartered Priority start from S$200,000.

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The best private bank depends on your needs. DBS is best for Asian market expertise and lower minimums. UBS excels in global diversification and sustainable investing. HSBC is ideal for cross-border wealth management. JP Morgan suits ultra-high-net-worth clients seeking investment banking synergies.

Singapore private banks offer: Investment management (discretionary and advisory), wealth planning (tax, estate, succession), lending solutions (Lombard loans, mortgages), foreign exchange, alternative investments (PE, hedge funds, real estate), and family office services. Many also provide lifestyle services, art advisory, and philanthropy guidance.

Private banking refers to banking services for high-net-worth individuals, typically bundled with investment products from a single institution. Wealth management is a broader term encompassing financial planning, investment management, tax planning, and estate planning, often delivered by independent advisors who can access products from multiple providers.

The minimum AUM for a Singapore family office with tax incentives is S$20 million under the Section 13O scheme or S$50 million under the enhanced Section 13U scheme. Without tax incentives, there is no minimum, but operating costs make it practical only for families with S$10 million+.

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Setup costs range from S$150,000 to S$400,000 for legal, tax, and incorporation fees. Annual operating costs including required local spending (S$200K-S$500K), staff (2-3 investment professionals), and compliance run S$500,000 to S$1.5 million per year depending on the scheme chosen.

Section 13O (formerly 13R) provides tax exemption for Singapore-incorporated fund vehicles with S$20M+ AUM. Section 13U (formerly 13X) is the enhanced tier for S$50M+ families allowing offshore fund structures. Both exempt specified investment income from Singapore tax.

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Singapore family offices under 13O/13U schemes enjoy 0% tax on specified investment income including dividends, interest, and capital gains. Singapore also has no capital gains tax, no inheritance tax, and no tax on foreign-sourced income not remitted to Singapore.

Wealth managers typically charge: Management fees (0.5%-1.5% of AUM annually), performance fees (10-20% of profits above benchmark), transaction fees (commissions on trades), and product fees (trailer fees from fund managers). Fee-only advisors charge flat fees or hourly rates without product commissions.

Asset wealth management is the professional management of a client's investment portfolio and financial assets. It includes asset allocation (distributing investments across stocks, bonds, alternatives), portfolio construction, risk management, rebalancing, and performance monitoring. The goal is to grow and preserve wealth according to the client's objectives and risk tolerance.

Consider: Minimum requirements (match your AUM), fee structure (transparent and competitive), investment philosophy (aligned with your goals), track record (long-term performance), service model (dedicated RM, digital tools), and specializations (Asian markets, alternatives, sustainable investing). Always verify MAS licensing.

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