The recent event, hosted by EPPL (Estate Planning Practitioners Ltd) at the Ocean Park Marriott Hotel in Hong Kong, was a notable success. Despite the disruption caused by Hurricane Yagi, which heavily impacted China and Northern Vietnam, Hong Kong managed to evade the worst of the storm.
The Estate Planning and Wealth Succession Asia Forum 2024, featuring a distinguished panel of speakers from across Asia, the UK, and the US, was focused on navigating complex family wealth and legacy planning for high-net-worth individuals and wealthy families in Asia.
As global investment opportunities evolve, so too does the complexity of managing family wealth. Traditionally, this wealth was handled by private bankers and well-connected salespeople within major life companies in Asia. However, as wealth management becomes more complex, the need for independent specialists has become increasingly evident.
Panel discussions highlighted the importance of broadening perspectives and expanding the range of solutions offered to clients. Collaboration with experts from various fields is essential to providing comprehensive and effective solutions.
With the tightening regulation in major Asian hubs, instances of regulatory conflicts, often due to conflicts of interest, have become more common. To thrive in this evolving market, practitioners must enhance the quality of their advice and embrace transparency regarding their solutions and costs to mitigate legal risks.
As the landscape of family wealth management grows more complex and international, practitioners must demonstrate independence and the ability to collaborate with a diverse network of experts to deliver optimal solutions for their clients.
Key takeaways:
· Independent
· Solution-based answers
· Be creative
· Cross-border expertise
· Work with other professionals
· Ask questions to really understand the issues clients are facing, and listen so you can find the ultimate solution for the client. This solution will likely involve multiple products and will likely include using products and advisors with skills in different countries.
