Ida Liu On Power, Purpose And The Future Of Wealth Management

Forbes

28-05-2025

Ida Liu, Dame of the Royal Order of Francis I
Ida Liu is the first Asian American woman honored as a Dame of the Royal Order of Francis I. This prestigious damehood is a 200-year-old dynastic order established by the Royal House of Bourbon to recognize individuals for their remarkable contributions to society and public service. Liu joins a distinguished lineage of honorees, including Princess Elena of Romania, Princess Benedikte of Denmark, and former Prime Minister Margaret Thatcher. Over the last two decades, Liu has fundamentally transformed the private banking landscape. In this interview, Liu shares her unique path from investment banking to fashion and private wealth management while championing equity, AAPI leadership, and women's empowerment.
"I am an ABC, American-born Chinese," Liu begins. Raised in Orinda, California, by immigrant parents from Beijing and Shanghai, she spent her summers in Asia and school years in the U.S., an upbringing she says gave her a "bicultural lens" that became a competitive advantage in the global business arena.
'In retrospect, as I look at it, that bicultural upbringing has contributed to a lot of the success that I've achieved over my career because of the fluency and the ability to work with people around the world, to understand different cultures, to live in different geographies, to understand that patterns and behaviors of different backgrounds can be very nuanced. And so that has really been a big plus for me throughout my career.' Liu shared.
The First Asian American Dame: Ida Liu at the Ceremony of the Royal Order of Francis I.
After graduating from Wellesley College, she launched her career in investment banking with BT Wolfensohn and later Merrill Lynch. Subsequently, Liu shifted gears to the fashion industry and joined designer Vivienne Tam, one of the first Chinese American designers to achieve global recognition. Under Liu's leadership, the brand expanded into Europe and China, with store openings in top cities such as Shanghai and Beijing. She also orchestrated strategic collaborations with esteemed partners, including Mandarin Oriental and Cathay Pacific, and launched a new dress line, which doubled her top-line revenues.
While with Vivienne Tam, Liu identified a significant void in the marketplace for wealth management solutions tailored to the fashion, media, and entertainment industries, so she pitched the idea to Citi. Over the next 18 years, Liu built a private banking division from inception. 'And the rest is history.'
Reflecting on her journey to the top, Liu notes, "Oftentimes I would show up in big meetings, and I would be either the only woman at the table, the only Asian at the table, or the only Asian woman at the table." Despite these challenges, she shares that she never experienced impostor syndrome because of her deep sense of purpose. "If there's a reason why you're sitting at that boardroom, then you have to make sure that you make it count."
Her advocacy has led her to spearhead Citi's Asian Heritage Network. "If not me, then who?" she asks. She describes the bamboo ceiling as still being "very, very thick" and encourages professionals to communicate clearly and assertively: 'You've got to make it known... You're just outlining your data, the accomplishments. There's nothing boastful about it. It's a fact.'
For years, Liu has consistently featured on prestigious lists including Barron's Top 100 and American Banker's Top 25 Women in Finance. Her humility shines through as she says, "Leadership is not about awards and accolades. It's about making sure that you're bringing other people up." For her, recognition is a platform to advocate for future generations of leaders.
She witnessed firsthand the underrepresentation of Asians in senior leadership roles and sought to identify the root causes, including modesty, a lack of self-promotion, and cultural norms surrounding humility. "Asians get to the mid-levels very quickly but never get to the senior levels or executive management levels," she says. Through her work with Citi's Asian Heritage Network, Liu prioritized training in communication, public speaking, and self-advocacy. "It's not about the talent. It's actually just about getting them to that next level."
On the topic of investment advice for women in finance. Liu reflects, "Historically, many women have faced systemic and societal barriers that contributed to delayed or more conservative investing behaviors. From wage disparities and career interruptions to a lack of representation in the financial industry, these challenges have understandably shaped how women engage with wealth." These challenges can result in smaller nest eggs for women at retirement.
However, it's inspiring to see younger generations of women actively reshaping this narrative by engaging in a broader range of investment opportunities beyond traditional IRAs. 'What we're seeing now is a powerful shift. Women—especially younger generations—are taking control of their financial futures with more confidence, curiosity, and conviction. They are investing earlier, asking sharper questions, and diversifying beyond traditional vehicles like IRAs into real estate, private markets, impact funds, and entrepreneurship. This is not just encouraging — it's transformational.'
Liu's advice to women looking to invest is threefold:
1. Start early, even if it's small. Compounding is one of the most powerful tools in finance, and time is your greatest ally.
2. Think holistically. Your portfolio is more than just retirement accounts. Consider how your investments align with your values, goals, and timeline. Don't be afraid to explore alternatives or seek exposure to innovation and global trends.
3. Build your team. Surround yourself with trusted advisors who listen, educate, and empower — not just transact. Financial confidence grows through dialogue and partnership.
In her own words, Liu explains that her investment philosophy is about being strategic and playing the long game, striking a balance between risk and opportunity. She is a firm believer in spreading investments not only across different asset classes and geographies, but also over time and with an eye toward impact. To her, wealth is more than a measure of success—it's a tool for creating a lasting legacy for individuals, families, and the broader community.
"Financial empowerment is not just about building capital. It's about building confidence, control, and choices — and I'm inspired every day by the women who are doing exactly that." Liu says.
Liu recently stepped down from her role at Citi to start a new venture. While still under wraps, she hints: "I'm excited about the solutions that I'm going to provide in my next chapter."
As to advice Liu would give to her 11-year-old self. "Dream very big. Take calculated risks. Bet on yourself even more." Liu's parting message: 'Constantly test yourself. Constantly try to grow. Constantly try to push yourself a little outside of your comfort zone.'
As we celebrate AAPI Month, Liu's story reminds us that breaking through ceilings, whether made of glass or bamboo, requires a voice, vision, and the power to lead unapologetically.