Bridging the gap: the intention–action disconnect among Asia-Pacific’s high-net-worth investors

The world is navigating a period of profound and lasting change. Economic uncertainty, geopolitical fragmentation, regulatory complexity, and rapid technological advancement have combined to redefine what it means to invest with confidence. In the Asia-Pacific (APAC) region, this is underpinned by a looming transfer of wealth between generations, with some estimates suggesting that around USD 2.5 trillion will be passed on during 2021–2030¹.

We wanted to better understand how APAC’s high-net-worth individuals (HNWIs) are approaching asset allocation in the increasingly uncertain investment climate created by these external macroeconomic and financial tensions. That is why we and our strategic partners surveyed over 390 HNWIs in Australia, China, Hong Kong, Japan, Malaysia, Singapore, Taiwan, Thailand, and the Philippines.

We caught up with Omar Shokur, Regional Head for Asia, Private Clients, Lombard Odier, to explore the findings.

Which findings were you most surprised by?

We found several surprising paradoxes in the results. Broadly, these paradoxes highlight a disparity between intention and action. And they suggest that, while investors have a generally good understanding of risk, many are also – for whatever reason – not well positioned to act.

For example, APAC investors are worried about recession, geopolitics, and inflation, yet only about one in five are guided by a comprehensive asset allocation strategy. So, although they are clearly risk-aware, many APAC HNWIs aren’t equipped to respond effectively.

Another paradox is that, while the findings clearly indicate that respondents can readily identify gaps in their ability to manage their investments, only a low proportion of them actually seek out professional advice. It is, therefore, surprising that so many remain confident in their ability to achieve their investment goals. For these APAC HNWIs, a significant opportunity in engaging with professional wealth advisors remains on the table.

APAC investors are worried about recession, geopolitics, and inflation, yet only about one in five are guided by a comprehensive asset allocation strategy

Delve deeper into our findings about how APAC wealthy families are approaching investment decisions, wealth planning and succession here.

What could the consequences of such paradoxes be?

One of the threads running through our report is that structure is both crucial and, for many HNWIs, lacking. Our results depict a worrying trend – that HNWIs are worries about potential market corrections, while their respective portfolios are often built up without a coherent overall approach and structure, as only one in five have in place a comprehensive asset allocation strategy.

Without structure, an investment portfolio is likely to be disjointed or even contradictory, and, in turn, unlikely to deliver optimal returns.

For APAC HNWIs who are guided by a comprehensive asset allocation strategy, the most significant benefit is confidence that their portfolios are structured to meet their wealth goals and better manage the eventual downside risks, with our results showing a clear correlation between the two in certain markets, especially in Japan and Thailand.

Furthermore, the results show that when it comes to assets that are more complex, there is value in taking up to bridge gaps in knowledge. For example, while private assets are becoming increasingly desirable in APAC, it is investors who are advised that are more likely to be currently invested, or likely to increase their holdings. This reinforces the confidence that investors gain in investing when receiving advice.

Respondents readily identified gaps in their ability to manage their investments, (but) only a low proportion of them actually seek out professional advice

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The survey suggests significant generational differences around investment allocation interests and priorities. What do these differences suggest?

Significantly, the younger generations are more insecure about their portfolios than their older counterparts. The cause seems to be a lack of effective monitoring, with our findings showing that younger generations monitor their wealth less than their older counterparts.

This is significant considering that younger generations demonstrate stronger interest in investing in private companies, digital assets, and in expanding their individual or family business. That young HNWIs consistently lack structure, monitoring, and strategic alignment is a concerning trend that creates the potential for miscommunication, investment missteps, and family conflict, and points to another paradox: younger investors actively take on more risks in terms of their investments, but adopt a less structured approach to managing the risks that they embrace

All of this suggests that, while the younger generations are keen to experiment and diversify, they also need guidance to improve their knowledge and confidence. In turn, this underscores the importance of communication and shared values between generations, and of creating a framework that strikes the right balance between channelling their appetite for innovation and preserving their autonomy on the one hand, and enforcing discipline and oversight on the other.

Younger investors actively take on more risks in terms of their investments, but adopt a less structured approach to managing the risks that they embrace

What did you learn about APAC investors’ approach to investments into digital assets? Are they believers, or are they worried? 

I think it is significant that digital assets and cryptocurrencies provoke quite a strong reaction among APAC investors. On the one hand, investors – and younger generations in particular – are curious and enthusiastic about the investment opportunities such assets represent. For example, we see that about one in four Gen Z respondents would like to start investing into digital assets, compared to only 6.6% of Baby Boomers.

In some ways, this might be expected, as young investors have usually had much more organic exposure to digitisation and technological advancements throughout their lives than those from older generations. This also came through when we asked APAC HNWIs about the potential for cybersecurity risks to affect the stability and value of their investment portfolios, with younger generations identifying cybersecurity as a risk much more frequently than older investors. This suggests that younger investors' enthusiasm about investing in digital assets is paired with a good understanding of the risks involved – and how to mitigate them.

However, regardless of age, most investors would benefit from more education around investing in digital assets and the importance of cybersecurity. This brings us back to the most significant takeaway from our findings: confidence and education are key. Investors who receive professional wealth advice or take a more structured approach to their asset allocations have more confidence in investing, which, in turn, could define how their portfolios perform in the years to come.

This brings us back to the most significant takeaway from our findings: confidence and education are key

Find out more about our dedicated private banking solutions here.

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