Thailand’s wealth management industry is becoming more complex, more globally connected and more demanding of providers across the value chain. As clients look further afield, become more fee-conscious, and expect stronger guidance during periods of market volatility, the role of asset managers is also changing. Success is no longer defined solely by product manufacturing or distribution reach. It increasingly depends on whether companies can remain relevant in a market where advice, portfolio building and speed of response now matter as much as product accessibility. At the Thailand Wealth Management Forum 2026, a panel discussion chaired by Alex Ng, Managing Director, Head of Intermediation, Asia Client Group at Janus Henderson Investors, examined how Thailand’s wealth market is adapting to changing client behaviour, technological disruption and increasing competitive pressure. Among the panelists, Vin Fromphet, Executive Chairman of Kasicorn Asset Management, brought a clear asset management perspective on how client expectations are changing and how companies must respond. His comments highlighted the rise of offshore investing, passive products and low-fee expectations, but also pointed out that this environment enhances rather than diminishes the need for high-quality advice, strong portfolio construction and faster, more personalized communications.
key takeaways
- Customers are becoming more global and more fee conscious: Offshore investment, passive products and pressure on tariffs are reshaping demand.
- Advice Matters More in Volatile Markets: In a more uncertain environment, clients need help building a diversified core portfolio rather than choosing different product options.
- Asset managers must prove their relevance: Traditional managers need to show where they can really add value.
- Omni-channel delivery is becoming essential: Reaching a large customer base requires technology, data, and consistent messaging across all platforms.
- Speed of communication is now strategic: Clients expect sharp analysis and practical guidance when markets are volatile.
A more global, lower-fee market
Fromfet begins by outlining the three key trends reshaping the market from an asset manager’s perspective. “One is that you see more consumers of all ages going abroad,” he said. The shift reflects a broader reorientation in Thai wealth, with investors increasingly looking beyond domestic markets for diversification and return opportunities.
Along with this there is another trend also. “They tend to be more passive here,” he said, pointing to the growing acceptance of passive investing among Thai clients. The third is closely related: “They’re looking for lower and lower fees.”
Overall, these trends create a more challenging environment for traditional asset managers. If customers are moving abroad, becoming more comfortable with passive exposure, and questioning fees more closely, local companies may no longer assume that legacy positioning or broad product shelves will suffice.
Fromfitt put the issue simply: “With all three of these trends, very offshore, passive ETFs and low fees, it always comes back to how K Assets can survive.”
This question is more revealing than it first appears. It’s not just defensive. This reflects the broader reality of wealth and asset management in Asia. As markets mature, companies need to be clearer about the value they actually provide. For traditional managers, this means demonstrating that proactive capabilities, advice and portfolio construction can still make a meaningful difference.
“My job today is to make sure that my team is able to manage the funds so that we can add value,” he said. In other words, relevance has to be earned.
From product push to portfolio advice
If customers are becoming more selective, the answer is not to sell harder. Fromfitt instead argued that the market was moving away from product promotion toward in-depth portfolio advice.
“I quote from Adrian and Cholathi that we have come a long way from product development to performance,” he said. This observation reflects one of the most significant changes going on in the Thai market. Investors may still have access to many products, but that abundance makes the advice more important, not less.
“They can choose anything,” he said, “but then they need advice.”
For Phromphaet, the most important form of advice isn’t about individual product recommendations. It’s about helping clients build a core portfolio. “They need us to tell them how to build a core portfolio. What should the core portfolio be? It should be a globally diversified portfolio.”
Emphasis on portfolio building is important. This reflects a more mature understanding of the advisor’s role in a market shaped by volatility, geopolitics and constant headline noise. Rather than encourage piecemeal investing, companies need to help clients build portfolios that can withstand uncertainty.
At one point in the panel, Fromfitt referred to the unstable macro backdrop, saying that when “Trump is doing this and that every day, the product push may not work anymore”. The issue was less about market conditions than politics. In a world of frequent shocks and rapid narrative changes, product-based sales become less reliable. Clients need a stable framework.
“So, I think it’s our job to advise clients that, look, this is no longer a piecemeal investment,” he said. “It’s more important how we can advise them to have an overall portfolio so that they are fully diversified.”
This comment goes to the heart of the emerging value proposition for asset managers. Manufacturing products remains important, but the bigger challenge is helping customers understand how those products fit into a coherent structure.
Private property and macro allocation thinking
Fromfitt also made it clear that a diversified portfolio can no longer be thought of only in terms of listed assets. “Not just listed properties, but also private properties should be in their portfolio,” he said.
This is another sign of how widespread Thai wealth management is becoming. Personal assets, once thought to be more exclusive or restricted to the top of the market, are increasingly becoming part of the mainstream wealth conversation. Their inclusion in client portfolios reflects both increasing sophistication and the search for differentiated return streams beyond traditional public markets.
For asset managers, this means that product capabilities must evolve in parallel with customer expectations. Advice is no longer limited to equities, bonds or mutual funds in the narrow sense. This is involving broader allocation discussions that cut across public and private market exposures.
Fromfet’s comments suggest that the role of the asset manager is therefore expanding. It is not just about fund management in the technical sense. It’s about helping shape the structure of a client portfolio.
Scale requires omni-channel advice
Another major theme of Fromfit’s contribution was how to effectively advise on a large scale. As Executive Chairman of one of Thailand’s largest asset managers, he focused on the practical challenge of reaching a much larger client base while maintaining relevance and stability.
His summary was brief: “You need an omnichannel channel with a human touch.”
That balance is important. Technology is necessary for scale, but it cannot fully replace trust, context or personal relevance. The challenge is to combine digital delivery with advisory credibility.
Fromfitt illustrated the scale of the task with a striking example. “K Bank has 20 million customers on the K+ mobile app, we have 1.5 million customers on K Asset alone, how can we serve them?” He said.
This is where data and time become central. “It’s not easy to make sure we’re working with data so we can provide advice to the right customers, at the right time,” he said. Its purpose is not just mass communication, but more personalized and better-timed communication. “It has to be more personal and it has to be consistent.”
Consistency across channels matters especially in a large organization. “When I talk to my customer, what I hear from my customer should be the same as what I get from my mobile app notification,” he said. This observation reflects a broader industry challenge. Customers are increasingly moving seamlessly across human and digital touchpoints, and they expect organizations to do the same.
This makes omni-channel capability much more than a technology issue. This is an operating model issue. Firms need aligned messaging, integrated systems, and strong coordination between investment teams, communications functions, and distribution channels.
Speed as a competitive advantage
Fromfitt also pointed to speed as a growing differentiator. In today’s environment, customers don’t just want market updates. They want quick explanations and actionable advice.
He explained how his team responded quickly to developments overnight. “Whatever Trump did last night, we had to lay out by 8 o’clock in the morning, not just what he did, but what our advice to the client is.”
This is an important distinction. Fast communication alone is not enough. The real value lies in translating events into portfolio implications and client guidance. What matters is not just reporting the news, but analyzing its impact and advising clients what, if anything, should change.
Fromfitt said outside observers have noted the speed of Kasikorn Asset Management’s response. “A lot of media channels say that, oh, K Asset got it before them, before the media.” He also said that artificial intelligence is part of how the company is trying to do this more efficiently. “Of course, we use AI to help do that.”
This reinforces the idea that motion is no longer an additional means of communication. It’s part of the strategic proposition, especially in volatile markets where customers are anxious and information moves fast.
What asset managers need from global partners
A particularly useful part of the discussion came when the Chair asked how global asset managers could better support companies like K Assets. Fromfit’s answer was simple and practical.
“I think you could help us please help us analyze the situation, analyze the impact on the portfolio so we can communicate more with clients about what’s going on,” he said.
The comments underscore the increasingly collaborative nature of the industry. Local asset managers do not just need products from global partners. They need insight, interpretation and support in translating global events into portfolio-level guidance for clients on the ground.
It also reflects a broader truth about modern money management: Information is abundant, but useful insights are scarce. Companies that can synthesize global developments into relevant local advice are likely to benefit.