Through Connect Prime, Crossbridge will offer clients access to a wealth manager who can assist with portfolio construction.
The fully digitally-enabled wealth management service has a minimum account size of S$0.5m (£0.28m, $0.37m, €0.31m), which Crossbridge says is “significantly below the S$3-S$5m required by most private banks”.
Clients will pay a service fee of 75 basis points, around half that of many private banks and premier retail bank offerings, according to Crossbridge.
Connect by Crossbridge will introduce an artificial intelligence-based learning model, described as “the first in south-east Asia”. The People Like Me function uses machine learning algorithms and advancements in big data to help recommend goals and investing timelines.
The Walk of Life function tracks life goals visually on a timeline, giving investors an instant overview of the status and health of their financial plan.
The company said the introduction of Connect Prime enables it “to make Connect by Crossbridge even more accessible to accredited investors by reducing the minimum investment required to open an account to $1,500 (£1,107, €1,256)”.
The integrated suite of services, which is complemented by Crossbridge’s existing wealth management and advisory services, “will bring private banking level products to accredited, priority banking and private client segment customers”, the firm added.
Private banking products
Charlie O’Flaherty, partner and head of digital strategy and distribution at Crossbridge Capital, said: “In the wealth management industry, the best investment choices and more favourable fee structures tend to be the preserve of the wealthiest private banking clients.
“Our vision for the Connect platform leverages technology, along with our long experience servicing the high net worth segment to bring private banking level products and services to the much wider mass affluent market.”