The traditional securities brokerage business is facing significant challenges from intensified fee competition, price undercutting by platforms, and digital brokers offering trading commissions as low as zero percent.
Combined with the severe volatility of the Thai stock market, investor behavior and demands have evolved beyond simply asking "Which stock to buy, which one, or when?"
Amid these conditions, Maybank Securities (Thailand) Public Company Limited sees a major opportunity: to truly meet investor needs, the company must transition from a “Traditional Brokerage” business to “Wealth Management.”
Executives explained that this transformation is not merely a "growth option" but a "business necessity for long-term sustainability."
Wasin Sukwattaviboon, Managing Director of Personal Clients and Personal Financial Advisors at Maybank Securities (Thailand) Public Company Limited, said competition in the Thai brokerage industry has become excessively intense (Over-competition), with nearly 40 brokers where over 60% hold less than 2% market share.
Maybank therefore refuses to engage in price wars or focus on transaction volume competition, instead positioning itself as a comprehensive investment advisory and wealth management provider.
The firm promotes an Investment-Led approach that begins with truly understanding clients' objectives before building portfolios, selecting products, and avoiding forced product sales that often cause long-term problems.
Furthermore, diversification is vital. Limiting investments solely to Thai stocks restricts opportunities. Maybank is expanding asset allocation to include equities, bonds, mutual funds, as well as structured and offshore products.
They emphasize their genuine Open Architecture strength, free from conflicts of interest, as there is no obligation to prioritize affiliated company products, allowing unbiased selection of the best solutions for clients.
To drive this transformation, Maybank has set three main strategies:
1. Elevate the investment advisory team. (People – Empower Our Advisors) They are enhancing the capabilities of their existing team of over 400 client-facing professionals, including ICs and RMs, to take on portfolio advisory roles, with a goal to attract more than 100 wealth management experts.
2. Expand products and partnerships. (Products & Partnerships – Expanding Wealth Solutions) Leveraging the strength of the Maybank Group network across 10 ASEAN countries, combined with the Investment Office or CIO Office that deeply analyzes investment options worldwide and rapidly growing ASEAN markets.
3. Enhance client experience and services. (Client Experience – Enhancing Wealth Services) Focusing on personalized advisory alongside developing the Maybank Invest digital platform featuring portfolio health checks.
They also plan to launch Private Wealth services by 2027 to serve Ultra High Net Worth (UHNW) clients requiring comprehensive wealth planning including tax and inheritance management.
Arpat Sangrat, CEO of Maybank Securities (Thailand) Public Company Limited, said that in terms of business and financial goals, Maybank aims to adjust the revenue split for personal clients between “Thai stock business” and “Wealth Business,” currently about 84:16, towards a balanced 50:50 by 2029.
This adjustment does not diminish the importance of Thai stocks, a core expertise, but accelerates wealth management to generate stable recurring revenue from management fees, reducing reliance on stock market conditions alone.
Regarding assets under management (AUM), Maybank currently manages around 400 billion baht in total, with approximately 28 billion baht in Wealth Products. The goal is to exceed 500 billion baht total AUM and increase Wealth Products to 80 billion baht by 2029.
Additionally, they aim to support intergenerational wealth transfer for existing clients with strong relationships spanning over 30 years. Executives emphasized the ultimate goal is not just financial figures, but to be a "Trusted Wealth Partner" alongside clients throughout all life stages.
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