October 26, 2026, 8:30 a.m. (JST)
[Japan] Sumitomo Mitsui Financial Group (SMBC Group) announced on October 22, 2026, the full-scale launch of its unified brand, “SMBC Wealth.”By combining the expertise of Sumitomo Mitsui Banking Corporation, SMBC Nikko Securities, and SMBC Trust Bank, the group will provide integrated support ranging from asset management to inheritance and business succession planning. The group plans to enhance its in-person consulting services by expanding its financial product brokerage services and opening dedicated branches.
Integrating the Group Across Three Areas: Products, Locations, and People
At a strategy briefing held the same day, Akio Uemura, Head of the Retail Business Division at Sumitomo Mitsui Financial Group, positioned SMBC Wealth not merely as a brand for advertising purposes, but as a shared philosophy enabling each group company to maintain an ongoing relationship with customers regarding their assets, businesses, families, and futures.
This stems from the increasing complexity of the issues high-net-worth individuals bring to their advisors. In addition to changes in the interest rate environment, clients are seeking advice not only on asset management but also on inheritance, business succession, and their families’ futures. Mr. Uemura emphasized that what matters is not just the product lineup, but whether the group can truly understand its clients and serve as a long-term support for them.
The specific measures focus on three areas: “Products and Services,” “Channels,” and “Human Resources.” First, in Sumitomo Mitsui Banking Corporation’s financial product brokerage business, in addition to existing fund wrap services and bonds, the bank began offering domestic mutual funds and public bonds in October.
According to the briefing, the selection of domestic mutual funds will expand from approximately 230 to about 860, and that of bonds from about 50 to approximately 200. Going forward, the bank plans to consider offering stocks as well, providing services at bank branches that are comparable to those of securities firms.
The bank is also working to standardize the quality of its investment proposals. It will utilize “CIO’S VIEW,” the group’s shared market outlook, and “PRM Prime,” which analyzes assets including those held with other firms. Furthermore, the bank is advancing the use of AI to provide advisors with proposal suggestions based on meeting records and market conditions, thereby increasing the time advisors can spend directly with customers.
At the bank’s AI call center, approximately 70 percent of inquiries—primarily regarding Olive—are reportedly handled entirely by AI.The bank also plans to expand the membership base for its membership-based services from approximately 15,000 people in fiscal year 2025 to approximately 100,000 during the term of the medium-term management plan. The existing “Elder Concierge” service will be renamed “SMBC Concierge,” and support for daily life will be extended to all Group customers.
On October 26, the group will open “SMBC Wealth Kichijoji,” a shared consultation center for the entire group. This facility will serve as a space where customers of the bank, securities firm, and trust company—as well as their families—can consult on asset management and succession planning in a privacy-conscious environment. The bank will also promote the development of personnel with experience in both banking and securities, as well as mutual secondments between the two divisions.Mr. Uemura revealed that approximately 300 employees have been transferred from the bank to SMBC Nikko Securities, and approximately 100 from the securities firm to the bank. By standardizing the training system across the group, the company aims to ensure a consistent level of service quality regardless of which company serves as the point of contact.
From “Collaboration” to
“Integration” Role Division with Olive Also Clarified
During the Q&A session, questions focused on how the service would differentiate itself from existing offerings such as “Olive Infinite.” According to Mr. Uemura, while Olive Consulting is designed for remote consultations with customers who primarily conduct transactions digitally, SMBC Wealth primarily targets higher-net-worth individuals who seek in-person consultations.Specific asset thresholds were not disclosed.
However, this does not mean separating digital and in-person services. Mr. Uemura positioned Olive as a group-wide platform and indicated plans to encourage even customers using in-person services to utilize it. Regarding the relationship between the bank and the securities firm, he emphasized that they would pursue “integration” rather than mere “collaboration.”By consolidating specialized asset management functions at SMBC Nikko Securities and offering its products and services through the bank’s customer touchpoints, the group aims to achieve both competitiveness and operational efficiency. However, the policy regarding information sharing between the bank and the securities firm is to obtain customer consent and comply with firewall regulations.
Regarding the target customer base, Mr. Uemura indicated that the group expects it to total approximately 1 million people. The company will initially expand its locations sequentially by utilizing the sites and space of existing branches, and plans to hold customer events in Kichijoji.Mr. Uemura explained that a similar space has been established in Umeda, where they have begun offering services such as lunch for customers. Unlike traditional bank counters, the new locations are designed to be places where customers can calmly discuss family and business matters.
The SMBC Group has set a target of increasing its asset management and foreign currency deposit balances from 23 trillion yen as of the end of March 2026 to 28 trillion yen by the end of fiscal year 2028. A key focus moving forward will be whether the new brand can expand customer touchpoints across the entire group.
In addition, another press release issued the same day revealed that the Group’s retail foreign currency deposit balance reached 3 trillion yen as of the end of September 2026. The Group is poised to attract customer assets in both asset management and foreign currency deposits, thereby enhancing its cross-group advisory capabilities.
