DBS has reported a near-threefold increase in millennial affluent clients transitioning to its DBS Treasures service in the first half of 2026. This surge reflects a growing trend among younger Singaporeans in their 30s and early 40s who are prioritising wealth advice and investment strategies earlier in their financial journeys.
The bank revealed that seven out of 10 clients who advanced to DBS Treasures during this period began as retail customers with DBS. This longstanding relationship has allowed the bank to better understand and support the evolving needs of its clients. Andrew Bok, Head of DBS Treasures Singapore, noted, “Starting earlier and staying invested over the long run gives them more time and more options.”
The overall number of DBS retail customers progressing to Treasures rose by 180% year-on-year, with their investment balances growing nearly sixfold. This trend is not limited to millennials, indicating a broader shift in how Singaporeans are managing their financial futures.
In response to this demand, DBS plans to expand its advisory workforce and physical network significantly. By the end of 2028, the bank aims to hire over 600 additional relationship managers, frontline advisers, and platform engineers. Furthermore, DBS will open 18 new wealth centres and upgrade 36 existing ones across the region by the end of 2027, increasing its wealth-centre footprint in Singapore by 50%.
These centres are designed to facilitate in-depth client conversations, underscoring the importance of human advice despite the rise of digital wealth-management services. Enhanced by AI-enabled tools, DBS aims to streamline processes, such as reducing onboarding times for new clients by 50%, ensuring that personal relationships remain central to its service.
