Big wealth-management firms that have expanded into Asia are running into a bit of a snag: More and more of Asia’s millionaires are taking it upon themselves to manage their wealth. A June report from Boston Consulting Group found managers at banks in Asia have full discretion over 4% of clients’ assets—down from 7% in 2006. According to annual reports, HSBC Holdings Plc. earned $2.10 for every $100 of assets it managed in the Asia-Pacific region in 2011—a 25% decline since 2007. Easaw Thomas, an anesthesiologist in Asia, keeps less than 10% of his money with wealth managers and doesn’t give bankers full discretion. “They are essentially like secretaries who help facilitate a trade that you may want to make,” Thomas said.
The United State is not near the top of this list.
If your sales are soft, here are ideas about how to fix that.
One of the weak performers was voluntary dental insurance.
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