For wealth advisers serving families, a house view is only the starting point. Much of the work lies in turning that view into recommendations that fit each client’s objectives, circumstances and behaviour. It also means raising the harder conversations about risk before markets turn, not after.
At the recent Hubbis Investment Forum Singapore 2026, a panel chaired by Arjan de Boer, Managing Director, Head of Private Banks Coverage for Asia-Pacific, Financial Institutions Group Asia-Pacific, at Crédit Agricole CIB, examined how products travel from the CIO view to the client’s portfolio. Aishwarya Kunal, Executive Director and Head of Investment Advisory at InCred Global Wealth, described how his team combines multiple house views with its own. He explained why client circumstances shape its recommendations and discussed the challenge of raising hedging during strong markets.
Key Takeaways
Multiple CIO views can inform a single house view, with Aishwarya describing how his team consolidates the views of different banks with its own.
Aishwarya said private markets require separate consideration, while the public-markets view is reviewed monthly.
House views serve as a reference point rather than a mandate, in Aishwarya’s view, with recommendations shaped by each client’s investment objectives.
Suitability and trust play a central role in product selection, including an assessment of whether a client is likely to hold a position or take profits early.
Hedging conversations can be difficult in rising markets, Aishwarya observed, with clients often considering protection only after a drawdown.
Drawing on Many Views
Aishwarya explained that, operating in a multi-family-office set-up, his team has access to CIO views from different banks, which it considers alongside its own investment views across asset classes.
Aishwarya said private markets are considered separately, reflecting the different work required in that part of the market. On the public-markets side, he said the team’s view is reviewed monthly, with the firm also drawing on views from banking and other external partners.
A Reference Point, Not a Rulebook
Aishwarya stressed that each client is different. While the team forms its own house view, informed by the views of the wider street, how that view is applied depends on the client’s investment objective.
He described CIO views as a reference point for the team. That does not mean recommendations must align with them every time. Instead, he said, the positions taken and the portfolios built over time are more a function of how the client would view them three to five years ahead. He acknowledged that this may not extend to a decade-long timeline. Even so, it provides the lens through which new products are assessed.
Suitability and Trust
When onboarding a particular product, Aishwarya said, the central question is how it would serve the client’s investment objective. Beyond that, the team considers how the client is likely to behave once invested. That includes whether they would be comfortable holding the position and how they might react if it moved into profit. A client might, for instance, be tempted to take profits off the table early.
“It’s more a mix of the suitability and the kind of trust the client places in us,” he said.
Aishwarya suggested that the multi-family office model can support this process. In his experience, clients in that setting tend to be more open in discussing their overall framework and the wider situation of the family. That gives the team a deeper understanding of their circumstances.
“We marry the views with the client’s circumstances in terms of our recommendations,” he said.
The Hedging Dilemma
The discussion turned to which portfolio needs remain unresolved, and Aishwarya focused on downside protection. He observed that clients who feel they have been consistently successful may not see a need to hedge. During a period of rising markets, he noted, clients may view the cost of hedging as a loss when the protection has not been needed.
As a result, he said, it can be difficult to make the case for committing an additional dollar to make a portfolio more robust, even when that may be the right course of action. He noted that these conversations continue to evolve over time.
Fitting the View to the Family
Aishwarya’s remarks offered an insight into how an investment advisory team in a multi-family office setting approaches the journey from house view to client portfolio. In his account, a house view informed by multiple sources provides a reference point. The final recommendation is shaped by each client’s objectives, likely behaviour and the trust built within the relationship.