The firm has launched a digital advisory service blending the lender’s existing digital banking platform with other offerings available to professional investors and accredited investors who hold accounts in Hong Kong and Singapore.

Credit Suise has launched a digital advisory service blending the lender’s existing digital banking platform with other offerings available to professional investors and accredited investors who hold accounts in Hong Kong and Singapore.

The bank said it is “leading the way” by offering an advisory solution that enables clients to invest in lower cost retrocession-free share classes of funds, exchange traded funds and hedge funds where available, combined with a transparent free structure. The new offering should not be tagged as an example of “robo-advice”, however, it said, because of the continuing element of RM engagement with clients.

Clients can, depending on whether they want model-based strategies or a bespoke portfolio, choose between “Credit Suisse Invest Partner” starting with minimum portfolio investment size of $1 million and “Credit Suisse Invest Expert” at $10 million. The two pricing models consist of a flat fee or a hybrid fee comprising a mix of flat fee and reduced brokerage fee, based on the investment value of the solution.

The private bank was one of the first to launch a mobile service for wealthy clients, using Singapore as the venue for its rollout more than two years ago. Recent years have seen a number of firms embrace mobile channels, such as Citi Private Bank’s In View offering.

Commenting on this latest move, Credit Suisse said the venture does not remove the “human” element of relationship management, but rather enhances RMs’ ability to help clients.

“The relationship managers remain a very core part of the entire process from guiding the clients in their assessment of the available Credit Suisse Invest strategies, conducting regular portfolio reviews and interacting with the client to assess their needs and ongoing suitability,” Tan Wei Mei, Credit Suisse’s head of portfolio solutions for Asia-Pacific, said.

“Given the bank’s multi-year growth trajectory in Asia in terms of discretionary and advisory mandates, Credit Suisse Invest will further support the continued evolution of our investors’ portfolio preferences and digital needs. Credit Suisse Invest is not what is commonly referred to as “robo-advisory”, instead it is a highly individualized and tailored advisory solution that takes into account the client’s needs, objectives and preferences, with the client making the final decisions on their chosen solutions,” Tan continued.  

Francesco de Ferrari, the bank’s head of private banking for Asia-Pacific, said: “Credit Suisse Invest is the new way we work with our clients. Across the private banking industry in Asia, it is estimated that 90 per cent of assets are still managed on a non-discretionary basis.”

“The transparency of fees and availability of retrocession-free offerings are also a vital step in aligning the interests between our clients and the bank. For the bank’s relationship managers, Credit Suisse Invest provides them better support in serving their clients, allowing them to have timely portfolio information, and manage their client interactions more professionally and efficiently,” he continued.

Investors can view latest updates on their portfolios along with actionable ideas that are relevant to their chosen strategy through the private bank’s Asia app. They can also digitally access regular market updates and the monthly portfolio quality reports.