AIA launches «AIA Platinum Wealth Elite», an investment solution that offers its clients direct access to its funds platform for the first time ever in a move aimed to help Singaporeans meet their wealth goals.
The new solution, set to launch on July 19, will address both the wealth creation goals and wealth protection needs of individuals in Singapore. The «AIA Investment Funds Platform» is populated by various renowned institutional investors in addition to AIA such as Ballie Gifford, Wellington Management and BlackRock.
Affluence Barometer 2019
«AIA chose Singapore as the first market for the launch of our innovative savings proposition to help address the rapidly growing need for both trusted advice and a distinctive approach to investment management,» said Ng Keng Hooi, AIA’s group CEO and president.
The need that Ng refers to was identified via AIA’s «Affluent Barometer 2019», research led by the firm to gain insights about affluent Singaporeans.
Main Priorities
Findings indicated that wealth creation (70 percent) was the main priority (compared to 46 percent that selected wealth protection) but 63 percent of respondents were unconfident about their abilities in this regard. Interestingly, those most confident in wealth cited «sufficient wealth protection» as the reason.
Despite the correlation, the findings said that one in five affluent in Singapore did not own life protection insurance policies. This trend was especially pronounced amongst the youth (those in their twenties) with one in three not holding any life protection insurance policies.
