Seizing the Global HNW Pension Opportunity

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5.2 million HNW investors are of retirement age and 3.9 million HNW individuals will gain access to their pension assets within the next 10 years, freeing up a significant amount of wealth locked up in pension products. Being able to provide pre-retirement advice as well as advice on transition strategies will be critical, given increased churn rates when investors retire. However, only 65% of providers in the HNW space offer pension and retirement planning advice, predominately via partnerships.

On the flipside, 64% of wealth managers report strong HNW demand for pension planning globally. Yet demand varies considerably on a country-by-country basis due to various factors, such as the sophistication of the local pension system, cultural factors, trust in the government, the role of employers, and the makeup of the local HNW market.

Drawing on our proprietary research, this report provides insight into the HNW pension and retirement market across 20 key markets. In particular, it examines the drivers behind pension investments now and over the next 12 months.


– Globally, 36% of HNW wealth is held via some form of pension funds or accounts. 43% of this share is allocated to traditional pension funds.

– Taxes are the main pension driver in the HNW space, with tax advantages for passing on wealth accounting for 16% of allocations and tax advantages for current income accounting for 13%.

– Private pension penetration rises with affluence. More than two thirds of mass affluent individuals hold private pension products, compared to 44% among those in lower asset bands.

Reasons to Buy

– Learn about current HNW demand for pension investments and the types of pensions sought.

– Give your marketing strategies the edge required and capture new clients using insights from our data on HNW investment drivers.

– Learn how and why HNW investment preferences will change over the next 12 months.

– Understand how demand patterns change across different levels of affluence in order to target segments more effectively.

– Understand how pension product penetration differs across countries to identify key target markets.

Charles Schwab

Table of Contents

Table of Contents


1.1. Market summary

1.2. Key findings

1.3. Critical success factors


2.1. The

5.2 million HNW investors who are of retirement age present a lucrative opportunity

2.1.1. Many HNW investors already have access to their pension assets

2.1.2. The opportunity is not spread equally across the globe

2.2. 31.6% of HNW individuals will be of retirement age within the next 10 years

2.2.1. 3.9 million HNW individuals will gain access to their pension assets within the next 10 years

2.2.2. Offering pension advice is critical in China due to the massive pre-retirement demographic


3.1. Offering pension advice is critical as more players enter the market

3.1.1. 65% of wealth managers in the HNW space offer pension and retirement planning, but many do so via partnerships

3.1.2. New entrants pose an additional threat to assets under management

3.2. Demand for pension planning services varies considerably across countries

3.2.1. A lack of trust in the government and the economy underpins HNW demand for international pensions in South Africa

3.2.2. German HNW investors regard pension planning as an integral part of the wealth planning process as they believe theRiester and Rüruppensions to be insufficient

3.2.3. The prevalence of SMSFs provides a significant opportunity in Australia

3.2.4. The sizable number of HNW expats living in the Philippines will appreciate international pension advice

3.2.5. Pension advice in the HNW space cannot ignore the sizable entrepreneur segment


4.1. Convenience and tax considerations are driving demand for pension products

4.2. Tax considerations are the number one driver for pension advice

4.2.1. Pension, tax, and inheritance planning go hand in hand

4.2.2. Passing on wealth in a tax-efficient way is also a driver in countries with no inheritance taxes

4.2.3. Tax advantages for current income are critical in high-tax France

4.3. The convenience of a readymade pension portfolio represents a strong draw for HNW investors

4.3.1. However, one strategy does not fit all

4.3.2. Chinese providers looking to attract pension assets need to focus on the convenience aspect

4.4. Other drivers include compulsory contributions, advisor recommendations, and low costs

4.4.1. The comparatively low importance of compulsory contributions as a pension driver suggests that HNW pension allocations significantly exceed the required minimum

4.4.2. HNW investors do not tend to rely on advisors for pension advice

4.4.3. Lower costsare only a minor driver, butthe emergence of new business models will apply cost pressures


5.1. Private pension product penetration rises with level of affluence

5.1.1. 67.6% of mass affluent individuals hold private pension products

5.1.2. Private pension penetration peaks among Generation X, but millennials represent the next big opportunity



List of Tables

Table 1: Total asset range table for Australian SMSFs, 2016-17

Table 2: Why do HNW clients invest via a pension product/scheme, as opposed to other investments?, 2019 (1 of 2)

Table 3: Why do HNW clients invest via a pension product/scheme, as opposed to other investments?, 2019 (2 of 2)


List of Figures

Figure 1: In the US, 2.8million HNW individuals are of retirement age – accounting for the bulk of the region’s opportunity

Figure 2: Almost a third of HNW individuals globally will reach retirement age within the next decade

Figure 3: HNW demand for pension planning is particularly pronounced in South Africa and New Zealand

Figure 4: German HNW investors are looking for sophisticated pension products

Figure 5: Tax considerations are a major driver of HNW pension allocations

Figure 6: Inheritance tax considerations are an important pension product driver in the UK

Figure 7: While underutilized,reducing income tax liabilities is the main driver for pension investments in France

Figure 8: Convenience as a driver for pensions is of particular importance in developing markets

Figure 9: Compulsory contributions are a key factor in most of the surveyed countries

Figure 10: Private pension penetration rises with affluence

Figure 11: Retirement savings are a major concern for Canadian investors

Figure 12: Zuper pursues a crowd-powered strategy to differentiate itself among millennial investors

Figure 13: Globally 57.4% of GenerationX hold private pension products

Figure 14: Millennials show strong interest in banking apps that allow access to non-traditional services

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