Some business owners have told me a very true thing:
"My assets are all there, and no accounts are missing, but I just feel like—no one is truly 'managing' it."
He's not complaining that the bank is unprofessional, nor is he grumbling that the financial advisor isn't working hard enough. More often, as the size of assets grows, banks multiply, and tools pile up layer after layer, families start to feel a "sense of systemic loss of control" over their finances: everyone is doing their job, but no one is connecting the dots for you.
The rise of EAMs (External Asset Managers) globally is essentially to address this feeling of losing control.
"My assets are all here, yet it feels like no one is managing them?" - First, understand what EAM is not.
Let's start with the most common misconception:
Many people hear EAM and think they are handing over their money for consultants to "operate with." Mature market EAM That's not how it works。
EAM is more like splitting wealth management into two things:
- Bank：Responsible for custody, settlement, trade execution, asset security, and compliance processes
- EAMWithin the client's authorized scope, perform "management/advice/integration" to bring cross-bank, cross-instrument, and cross-professional decisions back to a single logical framework.
The custodian bank still holds your assets, and the EAM's role is to be on your side, so you don't have to hand over your family's decision-making to the single narrative of one bank.
(This is also why it's often seen as a "buyer's perspective": you're paying for position and integration, not just another sales channel.)
"Where did this model come from?" EAM isn't a new term; it naturally grew out of the Swiss private banking ecosystem.
EAM is often traced back to Switzerland for practical reasons: Switzerland has long been a hub for private banking, with dispersed client assets and strong cross-border needs, butWhat customers really want is a consistent strategy across banks.rather than each bank speaking for itself.
The early EAM ecosystem was indeed more like a “word-of-mouth industry,” but it truly entered a mature phase after it was institutionalized. Since 2020, Switzerland’s Financial Institutions Act (FinIA) has required portfolio managers, trustees, and others to obtain a FINMA license;In a 2025 announcement, FINMA noted that as of the end of February 2025, it had processed over 941 applications out of 1,699 received.
When I look at this period of history myself, the most important thing isn't that "Switzerland is strict," but rather how it defined EAM as:
You don't have to be a bank, but you must be able to be supervised, audited, and verified.
This allows EAM to gradually move from "rule by man" to "institutionalization."
"Reports say the rich are getting richer, what does that have to do with me?" - The real change is: people are starting to fear they "can't hold on."
In *The Wealth Report 2025*, Knight Frank noted that the number of individuals with assets of at least $10 million grew by 4.41% in 2024, reaching a total of over 2.3 million;The number of individuals with assets of at least $100 million grew by 4.21%, surpassing 100,000 for the first time.
It would be a shame if you only saw it as a string of pretty numbers.
What we felt seeing it at the scene was:Newly rich people's anxiety is often more intense than that of old money.
The reason is simple: assets grow quickly, and the structure often can't keep up. Whether it's cross-border issues, taxes, family relationships, or equity arrangements, if any one aspect isn't handled properly, the result isn't just "making a little less money," but "creating another hole."
Capgemini’s *World Wealth Report 2025* also notes that in 2024, global HNWI wealth grew by 4.21% and the HNWI population grew by 2.61%, emphasizing that a massive intergenerational wealth transfer is expected in the future(The report mentions that a massive transfer of wealth will occur by 2048).
These signals combined, the most direct push for EAM is:The client's questions have gradually shifted from "how to make money" to "how to protect it, pass it on, and avoid problems."
"So why are people talking about Singapore and Hong Kong?" - Because they've turned cross-border asset management into an industry.
If you view EAM as the ability for "cross-bank integration," then the places where it grows most easily are often cities with high concentrations of cross-border funds, clear regulatory frameworks, and mature custodial systems.
Singapore is a prime example. According to the MAS’s *Singapore Asset Management Survey 2024*, Singapore’s AUM grew by 12% in 2024 to S$6.07 TB。
The feeling of this number is: when a city's asset management scale reaches this level, it is impossible to operate solely on a "single bank to single client" basis. The market will naturally require extensive external management, external consultants, and collaboration with family offices.
Hong Kong is the same. The Hong Kong Securities and Futures Commission's (SFC) "Asset and Wealth Management Activities Survey 2024" indicates that as of the end of 2024, Hong Kong's AUM in asset and wealth management businesses reached HK$1.42 trillion (approximately HK$1.42 trillion), up 131% year-over-year, with net capital inflows HK$1.047 trillion, an increase of 81% year-over-year.
You'll see a key point here: when the asset management market is deep enough, EAM is no longer a "high-end service for the elite," but a part of the supply chain.
Even banks view "external asset managers" as a source of asset growth. A Reuters report dated November 27, 2025, noted that Bank of Singapore saw asset growth of over 30% from financial intermediaries (including external asset managers).
This isn't marketing talk; it's market structure speaking: EAM's existence makes banks more like platforms and management more like collaboration.
"So what exactly does EAM provide?" - The point isn't investment jargon, but rather making decisions that don't conflict with each other.
Mature EAM/EAM-like solutions don't just offer a prettier market view; they transform decision-making into controllable processes, such as:
- Organize domestic and overseas assets, accounts, ownership structures, and beneficial arrangements into a "decision-ready" panoramic view.
- Prioritize liquidity, risk tolerance, inheritance goals, tax compliance, and family governance (to avoid making decisions based on emotions every time).
- Assist in comparing the conditions and limitations of different platforms (fees, custody arrangements, financing terms, execution efficiency).
- Integrate professionals like accountants, lawyers, and those in trusts and insurance into a single solution logic, rather than addressing them separately.
- Cross-check before making major decisions: Will this arrangement conflict with tax/trust/inheritance matters?
You can think of it as:Investing can be outsourced, but the "overall framework" cannot be cobbled together.
"Does Taiwan Really Need EAM?"—As Wealth Grows and Policies Promote Asset Management, the Market Will Naturally Grow "External Integrators"
In recent years, Taiwan has seen very clear trends: the number of wealthy individuals has increased, assets have become more complex, and policies are promoting the professionalization of the asset management industry.
UBS's "Global Wealth Report 2025" widely cited figures in Taiwan are: Taiwan has approximately Nearly 760,000Millionaire, average adult wealth approximately US$312,075。
But what I care more about is the on-site reasoning behind it:
When the number of people with a net worth of a million US dollars reaches this scale, it signifies that the demands of high-net-worth families are no longer a minority exception, but will gradually become a "new normal."
At the same time, supervisory authorities are making asset management a policy focus. A progress report from the Financial Supervisory Commission's Banking Bureau dated July 2025 mentioned that as of March 2025, the total AUM of Taiwan's financial industry was close to NT$34 trillion。
The official promotional website also revealed that as of September 2025, the cumulative AUM for high-net-worth clients would be approximately NT$1.99 trillion。
The media also reported that as of the end of August 2025 (on a comparable basis), the AUM of domestic banks' high-net-worth clients was approximately NT$1.8 trillion。
These numbers added together represent one thing: the Taiwanese market is moving towards "multiple platforms, multiple legal domains, and multiple tools."
And as soon as you reach this stage, "external integration" becomes a necessity, not an option.
"What does Taiwan's EAM/EAM-like look like?" - Despite being called consultants, their approaches vary greatly.
In Taiwan, you'll typically encounter EAM/EAM-like systems along four common routes:
- Cross-bank integration and condition negotiationThe core is platform comparison, clarification of terms, negotiation of rates/conditions, and overall consistency across banks. This is the closest EAM model to mature markets.
The key points you should focus on are: whether fees and conflicts of interest are clearly disclosed, and whether cross-platform comparisons can truly be made, rather than just representing a single channel. - Insurance + Inheritance Structure ExtensionUsing insurance as a key tool for risk isolation and inheritance arrangements, then connecting it with trusts and family governance.
The key points to look for are: whether the other party dares to say "this situation is not suitable for insurance as the core solution," and whether insurance is placed back in its rightful position. - Licensed Investment Advisor / Brokerage Firm's Investment Management typeStrengths lie in investment processes and risk control, but not necessarily proficient in cross-border taxation, trusts, equity, and integrated family governance.
The key point you want to focus on is whether investment decisions can be integrated with tax/inheritance constraints, rather than just discussing performance. - Accountant/Lawyer-led structured integrationFirst, solidify the foundations of tax compliance, equity structure, trusts, and family governance, then adopt collaboration for investments.
The key point you need to consider is whether the tax language can be translated into actionable decision-making processes, rather than just being a "seemingly complete opinion."
What are Hengpu's advantages? - We're not here to help you make a quick buck; we're your chief engineer for cross-border asset allocation.
I want to be more direct.
Hengpu is not here to help you chase quick money. There are already many people in the market willing to reveal their secrets, so we don't need to be one more.
The meaning of Hengpu's existence is to act as your sole "chief engineer" when you start crossing banks, borders, and tool configurations to manage your assets.
We don't sell products, we sell capabilities.Stop your decisions from fighting each other.
Hengpu can achieve this not by single-point expertise, but by putting the key pieces of the puzzle on the same table:
- Private banking resourcesAssist you in comparing and negotiating terms across different platforms (rates, financing, escrow arrangements) by asking the right questions and clearly defining conditions—instead of relying on "We're from a bank" to gain trust.
- Trust resourcesIntegrate benefit design, authority, and backup mechanisms into the overall structure, making the trust not an isolated entity but a part of family governance.
- Insurance resourcesView insurance as a piece of the puzzle for risk isolation, liquidity, and legacy planning, rather than letting products dominate the overall strategy.
- Accountant + Lawyer CollaborationIntegrate aspects such as taxation, contracts, equity, and family governance, which are most prone to significant backlash, into the decision-making process early on to avoid the high costs of post-decision remedies.
At the same time, Hengpu will also be clear about the boundaries:
We do not promise returns, provide insider tips, market ourselves as an investment research institution, nor do we make commitments beyond our capabilities in investment monthly reports. When clients require "licensed investment management" level services, we will assist in connecting them with suitable platforms/institutions. Hengpu is responsible for clearly communicating goals, constraints, risk tolerance, and cross-professional impacts, and conducting cross-checks before major decisions to ensure the overall arrangement can operate long-term.
So when assets are still concentrated on a single platform and demands are relatively simple, banking services are usually sufficient; but when assets span multiple banks and jurisdictions, family rights relationships become more complex, and tax compliance and inheritance arrangements must be considered simultaneously, the value of external integrators becomes very tangible – not because they are better at predicting the market, but because someone is willing to take responsibility for "overall consistency."
