Key Facts
• In 2013, the author moved to Singapore to advise wealthy clients.
• Private banking thresholds rose from 1 million SGD to 3–5 million USD in 10 years.
• Wealthy individuals rely on long-standing networks and referrals for trust.
• Clients are often entrepreneurs or family business heirs with assets exceeding 10 million USD.
• Wealthy individuals distrust those who approach them after they become affluent.
• Short-term profit-seekers risk damaging reputations and losing wealthy clients.
• Trust is built through consistent actions aligning with advice, such as overseas asset management.
• Educational advice is also sought, with personal experience enhancing credibility.
• Wealthy individuals value community reputation and long-term relationships.
Summary
The ultra-wealthy prioritize trust through long-standing relationships and community reputation. They avoid individuals who approach them post-wealth, suspecting short-term profit motives. Over the past decade, private banking thresholds in Singapore have risen significantly, limiting access to those with assets exceeding 10 million USD. Trust is built through consistent actions, such as practicing the advice given, including overseas asset management and education planning. Referrals from trusted networks remain the primary way to establish connections with this exclusive group.
