‘What we don’t buy for ourselves, we don’t sell’: New private banking chief on redefining the private wealth experience in the region

Jeffrey Yap, Hong Leong Bank’s managing director and regional head of Wealth Management, saw his career come full circle when he joined the Malaysian bank in January this year.

Born and raised in Petaling Jaya, a township on the outskirts of Kuala Lumpur, Yap started out as an equity dealer and fixed income trader in Malaysia before moving to Hong Kong where he spent 17 years in different roles and ascended to senior level positions.

He subsequently moved to Singapore where he was head of Investments and Wealth Solutions for South-east Asia at HSBC Global Private Banking and Wealth.

Splitting his time between Kuala Lumpur and Singapore, Yap is tasked with growing Hong Leong Bank’s wealth management and private banking operations as the 120-year-old lender looks beyond its traditional strength in banking for small and medium-sized enterprises.

Yap explains how Hong Leong Bank intends to differentiate itself in a fast-evolving private banking landscape.

Q: Hong Leong Bank says it intends to bring “new thinking, new perspectives and a new level of service” to private banking. How exactly does this work?

We recognise that to serve this dynamic and expanding affluent class of wealthy Asian customers effectively, we need to offer more than traditional banking services without compromising our long-standing heritage and commitment to “responsible banking”. This has always been the bedrock of our operating culture, cultivating a deep sense of trust with clients.

One of the things that we are doing is blending our century-old heritage of trust with a forward-looking approach – by forming strategic alliances with external partners. This allows us to move beyond traditional banking and offer our clients access to a best-in-class ecosystem of services, from global asset management to complex generational wealth planning.

Our goal isn’t just to manage wealth for today, but to be a trusted, long-term partner who helps clients plan for the future, ensuring their legacy and wealth are preserved for generations to come.

Q: How does HLB Private Bank plan to differentiate itself from many private banks that are already operating in Singapore?

Our private banking arm in Singapore, HLB Private Bank, is an “advisory first” bank. We do not sell investment products but provide thoughtful client-led advisory services. Wealth is never just about money. It’s about values, legacies and long-term partnership. This means understanding our client’s holistic financial picture, their aspirations and their multi-generational goals, rather than pushing pre-packaged investment solutions.

In the next couple of decades, we will witness an unprecedented intergenerational transfer of wealth, exceeding US$50 trillion (S$64 trillion) globally. Younger generations, particularly Millennials and Gen X, are more digitally savvy and have different expectations of how wealth should be managed.

That is why we are embedding digital capabilities, especially artificial intelligence, into our offerings. We hope that it will empower our relationship managers, freeing them from administrative tasks so they can focus on what matters most: delivering proactive, personalised and strategic advice that meets the needs of a new generation.

Q: How does the tie-up with Lombard Odier help HLB Private Bank?

This strategic alliance is a game-changer, seamlessly integrating Lombard Odier’s global wealth and asset management experience with our local and regional expertise.

When we set out to elevate our wealth management proposition for the rapidly growing high-net-worth and ultra-high-net-worth segment in Asean, we weren’t looking for just any private bank. We sought a partner truly aligned with our long-term vision and our clients’ evolving needs.

Lombard Odier, with its rich history, stood out. Its deep expertise in preserving and perpetuating wealth, honed over two centuries, and its continued private ownership by the eighth generation of founding families of Lombard Odier, appealed to Hong Leong Bank’s values.

In addition, Lombard Odier is globally recognised for its expertise in sustainability and its thought leadership in environmental, social and governance trends. This helps us provide better advice to clients who want to use part of their wealth to do good.

Q: What is your advice to the newly rich, such as professionals, senior executives and those taking over the family business, who are looking to manage their savings and investments more effectively?

One of the primary challenges is feeling overwhelmed by the sheer volume and complexity of choices. With new wealth comes a dizzying array of investment options, tax implications and succession considerations that can be daunting, especially if one’s expertise lies elsewhere.

There’s also the risk of emotional decision-making, where market volatility or the pursuit of quick returns can lead to impulsive choices that erode wealth.

This is why Hong Leong Bank emphasises a holistic, advisory-first model rather than merely selling products. We take the time to truly understand your unique financial goals, risk appetite and multi-generational aspirations. Our approach is not about the next quick gain, but about building a robust, long-term investment framework that stands the test of time.

This is especially relevant for those inheriting wealth or managing family businesses, as we help integrate personal wealth management with broader family governance and legacy planning.

Q: Recent high-profile disputes over business control and inheritance have made headlines. What’s your advice to founders regarding the handover to the next generation?

Our recommendation to business founders getting on in age, particularly those looking to hand over to the next generation, can be summarised in a single, vital principle: Plan early and establish robust family governance structures.

This isn’t merely about legal documents; it’s about creating a clear framework for how the family interacts with and manages its shared wealth and business. This includes defining roles and responsibilities in the management and running of the family business, establishing clear protocols for investment decisions within the family office, and outlining the allocation of resources for philanthropic agendas.

By putting these structures in place well in advance, founders can foster transparency, minimise potential conflicts and ensure a smooth, enduring transition of both wealth and values across generations.

Q: How do you see lifestyle and legacy intersecting for today’s wealthy clients?

For today’s wealthy individuals, lifestyle encompasses more than just discretionary spending. It includes the pursuit of passions, access to exclusive experiences, opportunities for personal growth and maintaining a standard of living that aligns with their values.

Simultaneously, legacy has evolved beyond simple estate planning. It’s about the transmission of not just financial assets, but also values, philanthropic aspirations, family governance and even the cultural imprint a family wishes to leave.

The modern wealthy client seeks to integrate these two dimensions, ensuring their wealth serves both their present enjoyment and their long-term vision for their family and society.

Q: What other experiences can private banking clients of HLB Private Bank expect?

We are focusing on a multi-faceted private banking experience that combines personalised financial advisory with exclusive lifestyle, networking, and knowledge-sharing opportunities, all designed to build deeper relationships and value.

These include wine tasting with renowned sommeliers, collaborations with various lifestyle brands and services to offer unique experiences, and talks by experts on health and well-being, which align with a holistic approach to wealth management.

We have also collaborated with notable chefs in Malaysia to curate premier dining events for our private banking clients and we will continue to do more of these.

Beyond personal enjoyment, we also facilitate networking among our ultra-high-net-worth and high-net-worth clients and provide them with insights that are difficult to obtain in a crowded general market. This could extend to thought leadership, market outlooks and investment strategies.

Shared values, bespoke services

Lombard Odier, a name synonymous with more than two centuries of private banking excellence, chose to partner Hong Leong Bank because it wanted like-minded partners who believed in long-term relationships and multi-generational stewardship.

Says Vincent Magnenat, the Swiss bank’s limited partner and global head of Strategic Alliances: “We see a strong alignment with Hong Leong Bank on all fronts.” He highlighted Hong Leong Bank’s 120-year legacy and emphasis on customer-centricity and innovative solutions as key factors.

Magnenat says boutique private banks such as Lombard Odier can offer a higher level of service than larger mega-banks. “Today’s high-net-worth individuals value a high degree of personalisation and bespoke multi-generational solutions.”

“As an eighth-generation independent business with strong family values, we are free from market pressures. It allows us to focus solely on our clients’ interests across generations, and this is what sets us apart,” he adds.

Visit Hong Leong Bank’s website or its private banking centre at Guoco Tower, #32-03 1 Wallich Street, Singapore 078881.