Following a report in late July about HNW Singaporeans' attitude to their health and wealth, and the implications for the way that they manage their money, we talk to Manulife Singapore – one of the parties producing the survey – on the study's significance, and Manulife's own business strategy.

In late July, Manulife Singapore and Forbes Insights said in a report that they noted a growing paradox among the wealthy: while 94 per cent of high net worth individuals in Singapore consider health their most important asset, fewer than half feel confident about staying healthy and active as they age. Furthermore, the report said that wealth is no longer measured solely by financial assets, it’s about the ability to live well, age confidently, and leave behind a meaningful legacy. 

WealthBriefingAsia interviewed Rena Lim (pictured), who is head of High Net Worth and Financial Advisory at Manulife Singapore, about the report, its significance and lessons for the wider wealth sector.

WealthBriefingAsia: Traditionally, it was assumed that wealthy people would age well. Why has that view changed? How would you define what "traditional" is in this case? 
Rena Lim: Traditionally, wealth was measured in financial assets such as investment portfolios, property, and capital growth, with health assumed to follow or be something money could secure later. Today, our realities are more complex. 

WBA: As far as you can see, what are wealth managers doing to wake up to the sort of challenges that this recent report highlighted? 
Rena Lim: The same Forbes Insights-Manulife report shows that 67 per cent of HNW individuals are using financial consultants to handle their investments and financial planning. What is evolving is that wealth managers are moving beyond the role of growing assets to preparing customers for the healthcare needs that come with longer lives, from preventive measures to quality care. 

At Manulife, we address this by integrating these priorities into our approach. Manulife has introduced Signature Indexed Universal Life Select (III) [SIULS (III)] offering upside market potential with access to the most indices in Singapore for greater diversification and robust protection, resulting in a growing demand due to its dual role in wealth preservation and legacy planning. Signature Indexed Income (SII), is also an attractive first-in-market innovation that combines income generation, wealth accumulation and IUL insurance protection with unique income payout features. It offers monthly payouts which can begin as early as the second policy year, providing a reliable income stream while securing their financial future.

We will also be introducing enhancements to our flagship health and wellness programme, ManulifeMOVE, which promotes preventive care and holistic wellbeing, supporting clients through every stage of life.

WBA: Do you think there are certain taboos about wealth/health that have held people back from making decisions? If so, can you give examples? 
Rena Lim: One common misconception is that “money will take care of it.” This belief often delays proactive wealth and health planning, leaving individuals exposed to unexpected medical costs, long-term care, or the inability to work. 

At Manulife, we encourage our customers to have open and early conversations about health and wealth risks so that they can protect both their financial security and quality of life before challenges arise.

WBA: In what ways should wealth managers' own revenue models be adjusted so that there is better alignment between the way firms charge for their advice, and the issues we are talking about here? What does your firm do? How much of a concern is a traditional reliance on commission fees, etc? 
Rena Lim: If we’re asking clients to integrate health and wealth in their own planning, our own business models must align. At Manulife, we focus on building long-term advisory relationships, with a strong emphasis on financial planning as a service rather than just product distribution.  

We’re expanding our advisory capabilities and launching new tools that integrate health and wealth for high net worth individuals. This includes enhanced personalised privileges and tailored support such as lifestyle and travel concierge services, ancillary planning services. and exclusive access to experiences and resources. 

These offerings are designed to complement and elevate our clients’ health and wealth journey, reinforcing our commitment to holistic, customer-centric solutions.

WBA: One topic that one hears about is the difference between lifespan and "healthspan": arguably, the second is more important. How far does this inform your thinking about how people should plan financially for old age and retirement? 
Rena Lim: Lifespan is the number of years you live; healthspan is the number of years you live in good health. Without good health, longer life can mean higher medical costs and reduced independence. 

The Forbes Insights-Manulife study found that the top goal for Singapore’s HNW individuals is securing access to the best possible healthcare for themselves and their families. This reinforces the need for financial plans that go beyond one’s own lifespan to cover healthcare, long-term care, and intergenerational wealth transfer. 

We work with customers to integrate their wealth strategies with their health priorities, ensuring that they have the means to enjoy their later years with dignity and independence while also being able to support their next generation.

WBA: What is your firm doing to bolster the quality of advice by on-the-job training and other processes, so that staff are up to speed on all this? 
Rena Lim: We established Manulife Global HNW in 2023 to bring together the strengths of our Bermuda, Hong Kong, and Singapore businesses. This global team delivers innovative wealth transfer solutions, life protection, and savings plans, all tailored to the evolving needs and regulatory environments our clients face.

We also developed Manulife Pro, the first-ever comprehensive premier recognition programme for top-performing financial consultants. It provides dedicated resources and tools to serve customers better, including an advanced CRM platform to manage and grow their customer base more efficiently, dedicated HNW support and exclusive networking activities to target HNW individuals and learning and development opportunities. 

To meet the expectations of digitally-savvy HNW individuals, we’ve accelerated our digital transformation with AI and ‌have made great progress on our journey to become a digital, customer leader – earning the top spot for AI maturity in our industry

Our use-cases

Underwriting Assistant: The Underwriting Assistant leverages GenAI to streamline the underwriting process of HNW products which are more complex in nature, by automating the analysis and summarisation of documents. This automation accelerates processing times for our HNW customers from a five-day window, down to three days. This faster process ensures that our customers receive their services more swiftly, and enhances their overall experience with us.

Client Portfolio Review Tool: Powered by AI, this new tool enables financial consultants to deliver timely, tailored portfolio updates aligned with clients’ financial goals. This innovative tool enhances clients’ experience by ensuring that their financial strategies are always up-to-date and perfectly suited to their needs, ensuring that they stay on track for financial goals.

AI Assistant: An enhancement to its AI-powered sales enablement platform, this AI Assistant equips financial consultants with fast, accurate responses on product information, policy servicing, claims guidelines, and legacy product details. 

Enhanced iFUNDS Platform: Manulife Singapore is the first insurer to offer a digital wealth platform in Singapore, integrating Unit Trust (UT) and Investment-Linked Plan (ILP) holdings into a single dashboard for more holistic and informed financial recommendations. It provides Manulife financial consultants with a consolidated view of their customers’ unit trust (UT) and investment-linked plan (ILP) holdings. This enhancement enables UT transactions directly within Manulife iFUNDS, streamlining wealth management services and enhancing efficiency.