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The role of wealth management in fast-aging Korea

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  • The role of wealth management in fast-aging Korea
  • Song, Hong Sun
  • Korea Capital Market Institute


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Title The role of wealth management in fast-aging Korea
Similar Titles
Material Type Reports
Author(English)

Song, Hong Sun

Publisher

[Seoul]:Korea Capital Market Institute

Date 2011-07
Series Title; No Capital Market Opinion
Pages 5
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Social Development < Social Welfare
Holding KCMI

Abstract

Wealth management has always been perceived as a service for the rich. However, this is no longer true under today’s circumstances. The power of capital and economic conditions changed the industry’s characteristics. The convergence of finance and IT changed the wealth management service from a labor-intensive to an IT-intensive industry. As it continues to transform into a solution business that underlies a model portfolio, financial companies have no economic reason to provide the service only to the rich.
Wealth management’s increased popularity poses significant policy implications for the national three-tier, old-age income security system in Korea, which is experiencing the fastest population-aging in the world. It raises the possibility of combining the concept of wealth management and the three-tier system. Most policies related to the three-tier system focus on public sector pensions and retirement plans.
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