Prudential Singapore has opened a new suite for its private client advisers ( PCAs ) to serve their expanding pool of high-net-worth ( HNW ) customers who seek comprehensive wealth and financial planning services.

The Prudential Wealth Suite is located within the insurer’s main customer service centre at Prudential Tower in Raffles Place.

Prudential’s HNW business has grown in recent years, mirroring Singapore’s rise as a leading international financial centre. The insurer saw a 16% increase in the number of its HNW customers from 2023 to 2024, while sales rose by over 40% during the same period.

With the millionaire population in Asia projected to more than double to 22 million in 2030, from 10 million in 2022, according to HSBC research, Prudential anticipates leveraging this growth momentum to build on its HNW business.

“The Prudential Wealth Suite is part of Prudential’s strategy to support the continued growth of wealthy individuals in Singapore and the region, and it is designed to deliver seamless and convenient holistic advisory to our high-net-worth customers,” says Goh Theng Kiat, chief customer officer at Prudential Singapore.

“In tandem with the region’s growing pool of wealthy individuals who view Singapore as a global wealth hub, we anticipate that overseas customers will make up a significant portion of Prudential Wealth Suite users. These customers often have complex and globally connected portfolios, and appreciate Singapore’s strategic location for accessing Asian markets and a climate of stability in the country, making it their preferred location for wealth diversification solutions.”

Priority service

The Wealth Suite offers a private, by-appointment-only environment where HNW customers can discuss their insurance and wealth management requirements with their PCAs in comfort.

It also features an in-house adviser who works together with PCAs to support HNW customers with more complex financial needs. Eligible HNW customers can additionally request to consult with an external panel of experts for tax and business advisory, legal and estate planning, fiduciary and trust services, family office advisory services as well as legacy giving.

Prudential offers a range of solutions from wealth accumulation to legacy planning for HNW customers, including its latest offering – PRUVantage Legacy Index – an indexed universal life insurance product designed to address HNW individuals’ protection and legacy planning needs. Prudential’s HNW customers also receive swift underwriting, priority service, and VIP medical services.

In 2018, Prudential set up a team of 60 PCAs who are specially trained to support the unique needs of HNW individuals. This group has since grown over sixfold to more than 380 PCAs today.