The initial developments of the new partnership have been highly positive, Citi said in an interview with WBA.

Following the trend of wealth management intersecting with health and wellness, it seems that the same is happening with banks and educating clients’ children.

As reported in late April, Citi is partnering with education consultancies, Crimson Education and Onwards Education Consultancy, to provide Citigold Private Client customers with access to international education planning services for entry to international schools and universities.

Through these alliances, clients will have access to expert consultants who can guide families through the complexities of international education planning, including identifying the right schools and programmes and managing the competitive and complex admissions processes at institutions.

It is something of a new frontier, with banks and other institutions catering to affluent, high net worth and ultra-HNW people, deepening relationships and providing value-added services. 

Inspiration for the service came from clients and the bank, Gourab Kundu, head of digital growth and wealth continuum for Asia South at Citi Wealth, told WealthBriefingAsia in a recent interview. 

“Wealth management is no longer just about managing assets; it is about supporting the life decisions that matter most to our clients,” he said. “We’re seeing high net worth families look to their wealth managers for guidance beyond finances, particularly when it comes to securing their children’s future.”

Praise Tan, country manager at Crimson and based in Singapore, said in the same interview that Crimson works with families to help maximise students’ chances of gaining admissions to top universities. 

While there have been changes to higher education in recent years, and some challenges, there are still strong benefits from Higher Ed, including the opportunity of being associated with future leaders in various fields, networking, alumni associations, as well as the core academic learning benefits, she said.

Crimson Education, founded in New Zealand and established in Singapore in 2016, is a university admissions consultancy supporting students to gain admission to top universities across the US, the UK and the European Union. The organisation's “Crimson” name refers to the colour associated with Harvard University (see its emblem in the main picture), one of the elite institutions that affluent families want their children to attend.

The disruptive impact of AI means that the demand for academic learning will rise. “Families see this [higher education] as a form of economic insurance,” Tan said. “We want to educate families who are sending children overseas to prepare early on.”

Maximising chances of entry
In a guide to how it operates, Crimson sets out the following points: 

“Because we work with so many students from around the world, we have access to a large amount of data on what students are doing and – more importantly – what is actually working when it comes to gaining admission to top institutions. We analyse these trends to understand what truly makes a difference in applications. These are the insights our advisors share with families, and they are part of the reason [why] our students are seven times more likely to be admitted to Ivy League and other elite universities globally. 

“This year, two-thirds of Singapore’s Harvard undergraduate admits were supported by Crimson,” it said. The organisation says it gives strategic advice from experts who have worked in universities themselves, helping students build a structured and effective plan from an early stage. 

Kundu highlighted the bank's commitment to fostering meaningful connections among its international clientele, bringing together parents to exchange their experience as they navigate the complexities of planning for their children's education. 

“We create a space where parents can come together as a community to share their insights on planning for their next generation’s growth and development. The conversations that emerge from these interactions have proven to be profoundly valuable.” he said.

“We are very positive about initial developments,” he said. The service is an example of how Citi Wealth can provide a “holistic offering,” he added.

Selected Citigold Private Clients will enjoy a complimentary one-hour consultation, and special discounts on the full Crimson university admissions consulting programme. Onwards Education Consultancy offers a personalised profile assessment and academic guidance for international students planning to study in Singapore, including expert admissions support and tuition services.

Citigold Private Clients will receive a complimentary one-hour consultation, and special discounts on all academic programmes with Onwards Education Consultancy, the bank said. 

The struggle to get youngsters into sought-after college spots remains a major issue, as this article shows.