DBS Indonesia’s wealth management business expanded sharply in the first half of 2026, with assets under management at its Treasures Private Client unit rising 13 per cent year on year and average client assets up 15 per cent, the bank said at its DBS Insights Forum in Jakarta on 15 July. Total income from the unit jumped 34 per cent, driven by a 65 per cent surge in investment fee income, as high-net-worth individuals sought more personalised advice amid persistent global uncertainty.

The growth reflects a wider shift in investor behaviour across Southeast Asia’s largest economy. Jakarta-based financial planners report that retail investors are becoming more selective, moving beyond a simple hunt for yield to consider risk profiles, transparency, and whether their capital supports productive sectors. Certified financial planner Lolita Setyawati told local media that investors are increasingly asking where their money is channelled, with instruments linked to real-economy financing—such as lending to women-led micro-enterprises in rural villages—gaining attention as a diversification tool.

The caution is not confined to Indonesia. US retirement researchers at Morningstar have flagged that newly retired individuals are especially vulnerable to sequence-of-returns risk, where an early market downturn can permanently impair a portfolio’s ability to last. Their 2025 study found that even small spending adjustments—such as skipping an inflation increase after a bear market—can significantly improve retirement income security. Advisers in Mumbai similarly urge salaried investors to use the start of the financial year to rebalance portfolios that have drifted from their target asset mix, trimming overvalued equity positions and topping up underweight allocations.

The next test of portfolio resilience arrives with September’s central bank meetings, where rate-setters in Washington and Frankfurt are expected to update their guidance. For now, wealth managers from Jakarta to London are telling clients to keep portfolios diversified, maintain healthy cash buffers, and avoid chasing quick gains in an environment where volatility is likely to persist.