Online wealth management business, iFast Financial, will attempt to capture Singapore’s high net worth market with the launch of new platform iFast Global Prestige, reports AsiaOne.

While iFast is predominantly used by advisors for Singapore's mass affluence market, the business wants to attract more high net worth clients. The Global Prestige will therefore cater only for wealth managers and private banks serving clients with assets of one million dollars or more.
 
"High net worth individuals in Singapore had mainly one option when it came to managing their wealth, namely private banks. iGP will offer a new proposition to both wealth advisers and HNWIs in Singapore and the region. They can tap on a wealth management platform that will focus on providing a comprehensive suite of products and services with transparent and competitive fees," Mr Lim Chung Chun, chairman and chief executive of iFast Corporation, told the news service.

iGP will adopt a long term, risk-averse strategy more akin to Swiss private banks than Singapore’s commission-based systems. Hence advisors pay will be based on the yearly performance of their cleint’s portfolios, managed via an online wrap account.