Complex private wealth structures can be difficult to manage on your own, and manually compiling information on your wealth from a variety of sources presents the possibility of error and confusion.
The Altoo’s Wealth Management Platform has been designed to help with this issue. Instead of simply collecting and reporting information, it provides a clear digital picture of your wealth to help you make better decisions.
Our solution may act as a “Digital Family Office” for you, saving you the time and trouble of establishing a traditional one.
The Altoo Wealth Platform gives the best of both worlds by providing access to the same high-quality data and technology as professional Wealth Management Platforms in a user-friendly and simple design that everyone can understand.
A cornerstone of our Wealth Platform is security. It plays a big role in how we serve and improve our platform because it contains sensitive data. We partner with our clients to Deliver Simplicity for Complex Wealth. We provide them with tools and services they can use immediately to make smart portfolio decisions and manage their wealth with ease. Our integrated technology infrastructure enables us to rapidly enhance our wealth management systems in response to customer and partner feedback. Thanks to our agility, flexibility, and independence, we are able to respond rapidly to consumer demands and emerging trends. Unlike traditional banking platforms, we deliver incremental enhancements every two weeks.
Our collaboration tool allows you to create a closed user ecosystem to securely share messages and documents within your network. Moreover, you can gradually involve further family members on the platform and prepare a smooth transition of assets if needed.
Our mobile app lets you access and track your wealth easily. Communicate securely with your network and get alerts about your investments.
Our clients say that “Altoo helped me protect my family’s money for the future. It also made it easier to understand everything, so I can make better choices about investing. This means we have more time to be together as a family.” John P, Private Wealth Owner.
“The tangible benefits are: overall financial position, reduction of inaccurate manual processes, automated reporting capabilities, peace of mind. Our approach is proactive and personal. Every client relationship has a dedicated Curator to help you make the most of our wealth management solutions.”
At times, this might seem easier said than done for you, especially if you are a complex wealth owner. If you have money in different types of assets, your total worth is more than just what’s in your bank account.
But, this is where the Altoo Wealth Management Platform comes in:
It is always complementary to speak to one of our Altoo Experts.
We take a closer look at Switzerland, which has the fourth largest wealth market in Europe. Switzerland is one of the most expensive places to live. It may not be a surprise that some of the world’s richest people live in Switzerland. Forty of the 2’755 richest people on the Forbes 2022 list live in Switzerland. Many of these people come from extremely established and affluent Swiss families that have run global businesses for generations. Over 60% of people in Switzerland own assets worth more than $100’000.
When it comes to wealthy people, 11% of Swiss residents have a net worth of over $1 million US dollars. 2’650 individuals have a net worth of over $50 million, and 980 have a net worth of over $100 million. We observe that in Zug the top 10% earn almost half of all income and pay 88% of all cantonal taxes. (Source: Swiss Institute for Economic Policy at the University of Luzern).
The Swiss wealth management business is facing difficult circumstances, with profitability declining. However, the Swiss wealth industry is inventing new products and services, giving an example to the global financial industry.
New change drivers such as digital wealth practices are being added to the mix, shaping the investment management industry of the future. The Swiss wealth management sector is continuing to consolidate, with several large commercial banks electing to abandon the market.
Many large Swiss commercial and private banks are resolving to exit the industry as the industry continues to consolidate. In contrast, Swiss fintechs and innovative firms in digital wealth management such as Altoo are on the rise.
The Global Wealth Report (Credit Suisse 2020) suggests that more than 2 million Germans have a net worth of $1 million or more. This report also puts Germany third in the world when it comes to people worth $50 million or more.
According to the Forbes 2021 Billionaire’s List, with 136 billionaires in Germany, Germany is number four in the world. In the past few years, the number of rich people has grown only slightly. This is because of the slowing of strong economic growth through 2017 and the weakening of stock markets in 2018. It’s interesting that the UK and France both have more rich people per person than Germany.
Overall, the top 10% of people in Germany own two-thirds of the country’s assets right now. The top income tax rate in Germany is currently 45%. We call it the “rich tax rate” (Reichensteuersatz) and it only applies to people who make more than €250’000 per year, or about 108’000 of Germany’s 42 million taxpayers.
In comparison, France’s top tax rate of 45% starts to apply at a much lower level, around €158’000 and it is where the tax planning is quite popular.
Many very rich people in Germany got their wealth from a mix of inheritance and their own hard work. This is a much higher rate than the average around the world, where most people get their money from their own sources. This shows how important family-owned companies and middle-sized businesses are to German wealth. The rich Germans also tend to be a little bit older than the average rich person in the world.
The wealth management landscape is very developed in Germany. There are many wealth management and real estate management firms that help their private and institutional clients, family offices, and also several international commercial or private banks working with local investment bankers and asset managers.
Several studies say that Dubai is home to almost 68’000 “high-net-worth individuals” (HNWI). In Dubai, there are almost half as many ultra-high-net-worth people as there are in the rest of the world and Dubai becomes one of the global financial places.
The Knight Frank report suggests that in the next 5 years in the Middle East region, the number of HNWI and UHNWI will even increase by 25%. Wealth advisory services in Dubai are in charge of their clients’ finances, as the name suggests. They care about risk management, investment management and they can even offer some products and services in particular on the booming real estate market.
When it comes to managing assets and wealth in Dubai, this is a very private matter. High-net-worth individuals and ultra-high-net-worth-individuals will get the best wealth management options for them here. No matter what your personal situation is, the most important thing is to make sure your long-term plans and aims are set up in the best way possible. You can be sure of your financial security.
With $2.1 million in wealth per person, Monaco is one of the richest countries in the world. The country has no income tax, which attracts the very wealthy. About 32% of the people who live in Monaco are millionaires.
Monaco has the highest GDP per person in the world at $173’688.20, making it the richest country in the world.The Wealth-X study also found out that one in every 56 people has assets worth at least $30 million. This means that they are not just millionaires, but also multi-millionaires.
Why is Monaco a good place to take care of your money and estate planning? Some people say it has a strong form of democracy. Many more things show that the small country has been good at wealth management and protecting family money. All of these factors make it a safe place to keep your legacy.
In 2023, the wealth of Hong Kong’s richest people will add up to more than $250 billion. Li Ka-shing has the most money, with a net worth of $38.7 billion. Robin Zeng comes in second, with a net worth of $38.1 billion.
Lee Shau Kee is another well-known businessperson in Hong Kong. He is in third place with $30 billion.
With $16.6 billion and $15.4 billion, respectively, Peter Woo and Xu Hang also make the top 30 list. Those people are among the wealthiest people in Hong Kong. They gained wealth in businesses ranging from real estate to technology.
Despite the Covid-19, Hong Kong’s private wealth management has stayed strong. Thanks to good asset management by established groups and the tech-driven boom by first-generation entrepreneurs.
According to the Securities and Futures Commission (SFC), the total assets under management (AUM) rose 21% to HK$34 trillion in 2020, while private banking and private wealth management saw a 25% year-on-year increase to $11.3 trillion.
Singapore has seen significant growth in GDP since its independence in 1965, and now its GDP per capita is among the highest in the world. In 2021, about 1,361 people in Singapore had a net worth of more than US$50 million (S$67 million).
This made Singapore the 11th most populous country with millionaires. In 2022, Singapore’s total wealth went from US$1.5 trillion to US$1.6 trillion.
The Credit Suisse Global Wealth Report suggests that from 2020 to 2025, the number of millionaires in Singapore could even go up by more than 60%. According to this report, Singapore could have 437’000 millionaires by 2025, compared to 270’000 in 2020. This 62% growth rate would be greater than Hong Kong’s estimated 60 percent growth rate for the same period, but it would be weaker than the predicted growth rates for mainland China, India, Australia, South Korea, and Taiwan.
In 2020, Singapore’s millionaire density, or the proportion of millionaires to the total population, was 5.5%, the second-highest in Asia after Hong Kong’s 8.3%.
The Wealth management industry and the financial services are highly developed in Singapore. It serves a large portion of wealthy individuals and manages their bankable and non-bankable assets.
The private wealth management industry and the global financial services world are undergoing a dramatic transformation. At the same time some other industries have demonstrated that trust, loyalty and increased business can be attained by personalising their customers’ interactions with relevant information and insights delivered conveniently across all channels.
Visit our Altoo Insights to learn about wealth management for wealthy individuals, family offices, trusts, and foundations. Stay up-to-date on wealth management, private equity, financial markets, risk management and investment banking. We also write about successful business models, mutual funds, tax planning, philanthropic trends, sports, and more.
Digital Wealth Management is a software suite for the wealth management industry or for the private wealth owners. Its purpose is to get people more involved and open. The collaboration becomes easier, improving the risk management, the estate planning and optimising the investment management. The range of products and services is expanding, including the advisory service in some cases.
A digital wealth management platform is a secure online wealth platform offering tools for private wealth owners, or wealth management firms. For example, data-driven analytics they need to understand their clients’ needs and suggest solutions, tax planning.
When you choose our platform, you get five distinctive advantages over other solutions.
Our clients are looking for a wealth technology solution that consolidates all managed portfolios and delivers innovative client services. They are also looking for advanced and intuitive client-facing technology for improved reporting and communication.
What Altoo will deliver is Simplicity for Complex Wealth in the form of:
The ultra-high-net-worth individuals need someone or something (Altoo) to create the overview. They are generally “time-poor” and cannot keep an overview in order to track and control their global financial wealth accurately.
There is also a lot of data and people to keep track of. The ultra-high-net-worth individuals (UHNWI) often work with multiple private banks, asset managers, and advisory services. They need investment management in real estate, private equity or lifestyle assets across the world. Their investments are diversified, categorised, and interlinked.
Managing a larger amount of wealth regularly creates complexity for private individuals and those supporting them. It has to be easy for them to understand. UHNW are not necessarily financial experts and are looking for a simple as well as intuitive wealth-management reporting solution.
Our real estate asset management software can show you the property value vs. its outgoing payments. Seeing the cost-benefit ratio makes it easy to figure out whether it is wise to keep the property. Another way data can help with decision-making is by tracking the value of the property over time.
This allows you and your financial management team to understand how likely the price is to appreciate or drop. Seeing patterns helps you decide when it is time to sell, to invest or to develop new products and services.
We host our real estate platform in the cloud. We allow you or your financial services to log in securely and see your property price data anywhere in the world. You can register multiple logins and share asset-tracking and record-keeping data with property managers and real estate advisors.
You can restrict the access of the estate planning team and give them only the view they need. For example, you can authorise them to see only certain properties and mortgage details without access to your other investments. This makes meetings with property managers and advisors easier. Indeed, everyone can log into the cloud-based software and have the data at their fingertips : risk management, tax planning …
You can track every aspect of your portfolio and view all of your investments on one single dashboard. Your real estate is listed beside passion investments like cars and fine wine, as well as bankable assets. The Altoo Wealth Management Platform makes it easy to see if it is time to diversify your real estate portfolio.
Viewing your assets together in one intuitive dashboard lets you and your wealth managers determine the performance of your assets.
Because technology can pull in historical data and market patterns, it is also easier to make a plan for the future. It is possible to move quickly during turbulent market situations – for example, during a stock market crash. Having 24/7 access to investment management data lets your team move quickly to protect your private wealth.
To answer the question, “What is wealth management?” one must first learn who employs the industry’s services. The population of people with $1 million or more in liquid assets is growing rapidly over the world.
Wealth Management extends beyond investments to include essential financial aspects such as estate planning, tax optimization and intergenerational wealth transfer. It takes a holistic approach to optimising and securing an overall financial well-being over the long term. Working with professionals in a variety of fields, such as lawyers and accountants, wealth management teams offer expertise beyond traditional investing.
Also, Wealth management is a service that helps people in all areas of their financial lives. A Wealth Expert offers assistance with financial services. He can help in tax planning, investing, asset and portfolio management, investment advisory services, financial planning, estate planning or philanthropic planning.
It is a tailor made action plan for your wealth. Very important tool for wealthy people with complex financial needs who want to make sure their money grows and stays safe. Such a plan can help you reach your goals and aims.
Wealth management provides you with a roadmap on how to consolidate, manage and expand your wealth. It gives you the financial tools and financial information you need to make sure your financial future is safe.
Wealth management extends beyond investments to include essential financial aspects such as estate planning, tax optimization and intergenerational wealth transfer. In contrast, the primary focus of asset management lies in making informed investment decisions and effectively managing portfolios.
For more, read our article on the difference between Wealth Management and Asset Management.
It might be difficult to select the best firms among the numerous available. Finding a trustworthy wealth management firm, though, is crucial. After all, you’re putting your faith in this entity to advise you on financial matters and managing your wealth.
The Altoo Wealth Platform answers your challenges and gives you an easy-to-use interface for handling all your wealth digitally. One that you can trust and understand your data, so that you can make clear choices with confidence based on it.
If you are a wealthy man or woman, you might need some services like estate planning, philanthropy, tax planning, and life insurance. Here the Wealth Management for ultra-high-net-worth individuals comes in place.
Moreover, a dedicated wealth manager will help you develop a risk management strategy to manage, consolidate and expand your wealth.
The Altoo Platform aggregates wealth data from multiple sources to deliver comprehensive wealth analysis, performance and reporting. It is a modern and sophisticated, highly secure, SaaS platform, 100% Swiss developed and hosted.
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