Sumitomo Mitsui Financial Group is rolling out SMBC Wealth, an integrated wealth management offering that links banking, securities and trust services. It will strengthen its integrated services for affluent clients by opening a Kichijoji location, significantly expanding its product lineup and promoting digitization.
Sumitomo Mitsui Financial Group, centered on Sumitomo Mitsui Banking Corporation, SMBC Nikko Securities and SMBC Trust Bank, announced the full-scale rollout of SMBC Wealth, which links banking, securities and trust services. It will position the offering as a group-wide wealth management brand providing a broad range of advice, from asset management to the succession of assets and businesses, and establish a consulting structure to support clients' life planning.
On the product side, the group will expand its fund wrap and corporate bond offerings. From October, it will add domestic mutual funds, increasing the number of mutual fund products from approximately 230 to approximately 860 and bond products from approximately 50 to approximately 200. It will also continue to enhance its bond lineup, drawing on the group's capabilities.
Operationally, the group will promote the digitization of securities account opening and deposits and withdrawals, and will open the physical SMBC Wealth Kichijoji location on 26 October. It will establish a one-table consulting structure tailored to the needs of affluent clients and will also focus on staff development through joint training and personnel exchanges.
As a long-term target, the group aims to increase AM/foreign-currency deposits from the current ¥23 trillion to ¥28 trillion by the end of fiscal 2028, raise deposits by ¥3 trillion over 3 years, and increase gross profit by ¥70 billion to ¥450 billion. It plans to expand the membership base from the current 15,000 to 100,000, with affluent clients defined on an invitation-only basis.
Note: Although google.com was consulted as a source for this article, the original information was summarized from reporting by Impress Watch. Wording may differ between media outlets.