Last month, the Hubbis Wealth Solutions Forum in Hong Kong brought together leading industry experts to discuss the strategies practitioners are employing to support global family office hubs. Here, Suntera Global’s Director and Head of Private Wealth in the region, Rose Chan, also a panellist at the event, gives her key thoughts from the busy one-day event.
Offering a deep dive into the crucial role wealth planning and structuring form in high-net worth and ultra-high-net-worth planning, the Forum provided much food for thought on the effective navigation of a sector that is increasingly complex.
Sitting on the panel, ‘Navigating Global Family Office Hubs: Family Office Setups, Strategies, and Succession Planning Across Hong Kong, Singapore and the UAE’, provided the opportunity to explore what the specific jurisdictions offer the family office markets – including tax and regulatory environment - as well as evaluating the usage of fund, trust, foundation, SPVs, shareholder agreements, and other vehicles.
While each jurisdiction undoubtedly has its merits, from a Suntera Global perspective and raised during the session, we would advise a degree of caution to leaning into trending offerings and instead recommend taking a step back to evaluate both short and long-term ambitions.
Only after understanding what families lack and identifying their aspirations can we effectively explore which regimes and vehicles could best facilitate the achievement of their goals.
It is worth adding, however, that whichever regimes and vehicles are advised, they do not need to be mutually exclusive with the best solutions providing a complementary mix.
When it comes to trustees and corporate service providers, historically families have prioritised size, reputation and cost in their deliberations. But a key takeaway from the panel was the consideration of the trustee or corporate service provider mindset whereby those worth their salt transcend from service providers to partners capable of proactively managing structures as well as offering insightful, timely advice that keeps families on the front foot.
For instance, when it comes to philanthropy, understanding the role this plays in the wealth strategy of UHNW and where their ESG ambitions lie is vital in supporting the effective realisation of such aspirations.
It is this approach – one based on truly listening and understanding the needs and motivations of HNW and UHNW individuals and families – that set service providers apart.
It was a day of fascinating discussions and opinions but irrespective of how the sector is challenged and evolves, it is certain that no two families are the same and a tailored, intelligent approach is the key to a successful partnership.
To discuss any of the topics in greater detail, please get in touch with our private wealth specialist using the details below.
For more information about our bespoke and tailored services, visit our private office overview page.
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Rose Chan
HEAD OF PRIVATE WEALTH - HONG KONG
