Hana Financial’s Hana The Next: New financial services tailored for seniors

As South Korea’s baby boomers, the demographic cohort born between 1955 and 1963, are reaching retirement age, financial institutions are reaching out to older investors with attractive financial products.

Hana Financial Group, Korea’s third-largest financial holding company, said on Tuesday it has launched a “cover-all” financial service, Hana The Next, tailored for seniors – a fast-growing major customer group.

Under the senior-exclusive brand, Hana Financial plans to offer senior customers customized products and services in financial and non-financial segments, jointly provided by its affiliates such as Hana Asset Management, Hana Bank and Hana Insurance Co.

“We aim to provide overall life care services that cover a wide range of areas, from retirement planning and inheritance to health management,” said Hana Financial Group Chairman Ham Young-joo at a ceremony marking the launch of the first Hana The Next lounge at Hana Bank’s Euljiro office in Seoul.

The event was attended by Hana Bank CEO Lee Seung-lyul and TV personality Kang Ho-dong, who was selected as the brand’s ambassador.

As part of its offerings, Hana Financial plans to launch a TDF Trust utilizing Target Date Funds (TDFs), a customized investment product designed for seniors at different life stages.

PENSION-LIKE INCOME

The trust is structured to allow for periodic money withdrawals, enabling it to serve as a pension-like income source during retirement.

The financial conglomerate also plans to launch products like Hana Asset Management’s Monthly Dividend ETF and Hana Insurance’s Dementia Care Insurance.

Hana Financial said its Hana Family Office One Solution team will manage the assets of senior clients.

The team comprises over 60 experts from Hana Bank's Wealth Management Consulting Center and Living Trust Center and Hana Securities’ research and investment banking divisions.

Hana Financial Group plans to set up the Hana The Next lounges at other branch offices in Seoul in the coming months.

Hana’s launch of the new financial service comes as the number of high-net-worth individuals (HNWIs) in Asia’s fourth-largest economy is on the rise and they are increasingly seeking private bankers (PBs) and wealth managers.

Write to Jae-Won Park at wonderful@hankyung.com

In-Soo Nam edited this article.