Indonesia’s positive economic growth in recent years has led to an increasing number of affluent and high-net-worth individuals. In realising this trend, Bank Victoria’s wealth management division best addresses the unique financial goals of this niche market. The bank provides a comprehensive and personalised service in investment management and financial planning, offering the optimal investment portfolio for individual clients as well as families. Bank Victoria’s experienced wealth managers address the interconnected concerns of wealthy individuals and families so as to deliver a customised spectrum of financial planning services and investment options.
As part of the bank’s wealth management strategy, Bank Victoria offers a range of life insurance policies (bancassurance programmes) through its collaboration with esteemed insurance providers PT BNI Life Insurance and PT Asuransi Jiwa Generali Indonesia among others. These products are specifically tailored to the intricate needs of the high-net-worth clients. Among the products provided by the bank is the VIP Family Plan; which provides life insurance for family members as well as hospital services, and the VIP Super Plan; the first insurance product launched by Bank Victoria in cooperation with PT BNI Life Insurance offers clients with life insurance coverage for death and disability due to an accident.
By offering life insurance as part of its wealth management portfolio, Bank Victoria experienced an increase in fee-based income from bancassurance products totalling to 4.45 billion IDR in 2015 from 2.16 billion IDR in 2014. The bank’s wealth management advisors are well-adept to managing client portfolios and their expertise in risk management will benefit clients in making the correct investment strategies.
As the banking industry in Indonesia matures, there will be greater concentration of wealth management services that cater to mid-career individuals as well as the high-net-worth customer base. Planning for education and retirement will also become important topics for the country’s middle-class. Furthermore, the implementation of the Indonesian government’s tax amnesty programme will lead to a potential of the returning of funds to Indonesia resulting in increasing competitiveness for wealth management services. In anticipation of this new challenge, Bank Victoria continues to attract talented wealth managers with the necessary expertise for financial and investment planning in order to deliver the increasing sophistication of the Indonesian consumer’s financial needs.