Hong Kong millionaires lag in dual-living retirement planning

Affluent clients are seeking broader advice across retirement, succession, health, and investments.

Around 30% of millionaire respondents in Hong Kong remain underprepared for dual living and retirement as affluent clients face more complex cross-border financial needs.

Josephine Lee, Head of Consumer at OCBC Hong Kong, said demand for wealth preservation and intergenerational transfers continues to grow amid market uncertainty and longer life expectancies.

Clients are also placing greater emphasis on health and wellness, expanding the scope of wealth management beyond traditional financial advice.

OCBC Hong Kong has introduced services covering insurance, investments, health assessments, nutrition consultations, cross-border medical referrals, and regional healthcare support.

Digital banking has changed how clients interact with banks, but Lee said human advice remains important when decisions become more personal and complex.

“The depth of understanding is something technology can enhance, but definitely cannot replace,” she said.

The bank has also opened a new Central branch where clients can meet advisers and specialists for more complex financial discussions.

On portfolio positioning, Lee said affluent clients should maintain resilient and diversified portfolios whilst preserving adequate liquidity.

She said high-quality fixed income can support capital preservation and income generation, whilst selective exposure to quality equities and long-term structural themes can provide growth opportunities.

The aim is to balance preservation, liquidity, and growth rather than take excessive risk or become overly defensive.

For wealth managers, the shift means adapting advisory models to cover a broader mix of financial and lifestyle needs as expectations become more complex.