Meet Jake, the dynamic entrepreneur behind a successful yacht rental business, who offers clients a unique blend of luxury leisure and financial acumen. With a keen eye for the high-end lifestyle and a deep understanding of wealth management, Jake helps clients navigate not just the waters but their financial futures as well.
By providing bespoke yacht experiences and tailored financial services, he delivers exceptional value to those seeking both opulence and financial growth. Whether it’s cruising in style or securing wealth, Jake ensures that his clients live life to the fullest. He also pioneered baby insurance that has since been widely recognised in the industry.
What motivated you to start a yacht rental business?
Basically three years ago, a friend of mine was trying to sell his yacht and approached me. This was in 2021, during COVID, when everyone was in lockdown and couldn’t travel. At first, we bought the yacht from my friend for private use—for my clients, team members, and friends. After using it for over two years, I realised all my friends and clients had enough fun.
So, last year, we decided to charter it out to the public. This way, we could still use it when we wanted, while also opening it up to people we didn’t know. One thing good about us is that this is not our main business.
The yacht charter is not profit-driven; that’s not our primary goal. Our main goal is to provide a value-added service to my wealth management customers and my team members. We aim to cover costs, make a little profit, and use it to enhance our other services. Therefore, our rates are much better and lower compared to commercial yacht charters people find on social media or other platforms.
What are the daily operations in running a yacht rental business?
Yacht chartering is actually quite simple. We have a team of people: a full-time captain who takes care of the yacht and mechanics for servicing and maintenance. I don’t spend a lot of time managing it, as the day-to-day operations are handled by the captain and the team. My partners and I mainly focus on the commercial side—handling bookings, whether they come from friends or new customers.
What unique challenges do you face in the yacht rental industry, and how do you overcome them?
If I’m not wrong, there are at least 70 to 80 yacht charter companies in Singapore, but there aren’t as many customers looking to rent yachts. The challenge is that a lot of people aren’t aware they can rent a yacht for a four-hour trip, as a short family getaway, or for a birthday party.
It’s not something that’s on their mind. We have to educate our friends and clients. For example, why not book a yacht for a dinner party instead of hosting it at a restaurant? A 10-person dinner at a restaurant might cost $800 to $1,000. For the same price, you can host it on a private yacht with privacy, luxurious settings, and even a visit to Sentosa Island. Educating people about this alternative is one of our main challenges.
How does your wealth management business complement the yacht rental service?
As I mentioned earlier, when we first bought the yacht, the main motivation was private use and as a value-added service for our wealth management customers. It was not to generate profit. This way, my customers can rent a yacht at a cheaper rate or even free of charge sometimes.
In return, the yacht charter also brings opportunities to my insurance and financial business. The two services complement each other quite well.
One lady, who was 80 years old, told me she was very thankful because it was her first time on a private yacht. She said that if it weren’t for my sponsorship, she might never have been able to experience it.
Can you share a memorable experience or story from your time running the yacht rental business?
There are two stories that stand out. The first one is from about a year ago when we did a charity sailing. A charity organisation approached me to see if we could offer a free yacht charter trip for elderly patients from a medical group who had never experienced a private yacht trip before. A group of about 15 elderly people came on board.
One lady, who was 80 years old, told me she was very thankful because it was her first time on a private yacht. She said that if it weren’t for my sponsorship, she might never have been able to experience it. That experience made us feel great because we were able to bring joy and a unique experience to others.
The second story involves a group of restaurant owners—about five or six of them—who chartered the yacht. Each of them brought their own food specialties. One of them brought huge and delicious crabs. Another brought hotpot ingredients, including mala soup bases. Others brought Vietnamese and Western dishes.
That night was so memorable because I got to enjoy such a variety of amazing food, all personally prepared by the restaurant owners. It was a unique experience that I’ll never forget.
In your wealth management group, what are some common financial goals or needs your clients typically have, and how do you tailor your services to meet them?
Most customers have a few common concerns. For those without much money, they look for opportunities to create wealth. For those with some money, they want to protect their wealth. And for many, the goal is to grow their wealth further.
As financial advisors, our job is to help clients create, protect, and grow their wealth using the financial instruments we offer. We offer tailored solutions to meet their specific goals.
How do you see the future of the yacht rental industry and wealth management evolving, and how are you preparing for these changes?
In the yacht rental industry, there’s room for growth through increased awareness. More people need to understand they can use yacht charters for team bonding, celebrations, or as an alternative to dining in a restaurant.
For wealth management, I see an increasing number of millionaires and affluent individuals in Singapore and the region. As interest rates fall, leaving money in the bank will no longer be attractive. Insurance companies are equipped with excellent investment products, comparable to those offered by banks.
Over the next 5 to 10 years, I foresee more clients turning to these products to grow their wealth effectively.
Where do you see yourself, and what’s your vision for Singapore in the next five years?
For the next five years, I see myself working hard and continuing to grow my business.
As for Singapore, there’s some uncertainty with global politics, such as the recent US Presidential Election. However, I believe in focusing on our strengths and seizing opportunities within our control. With a strong mindset and positive attitude, there’s always room for growth.
Connect with Jake: JakeYuYachts, Facebook and Instagram.
