3)THINKBIG
Asfamilywealthpassesdownthrough
thegenerations,it becomesincreasingly
diverse.Whatmayhavestartedasa
HongKong-focusedpropertybusiness
ownedbyonefamilycanultimately
becomea muchbroaderenterprise.
Youngerfamilymembersarealsolikelyto
havebiggerhorizonsandseetheworldina
differentwaytotheirforebears.“Thenext
generationareglobalcitizensyetAsianat
heart,”saysAng.
Thiscouldmeanthatboththebusiness
itselfandthefamilymembersarespread
aroundtheworld,givingrisetomuch
morecomplexissueswhenit comesto
planningforsuccession—and,therefore,
allthemorereasontotakeonboardthe
firsttwoprinciples.
A successfulgenerationaltransferinthe
2020smayrequirerobustasset-holding
structuresthattakeintoconsideration
potentially different nationalities anddomicilestoeffectivelysegregatefamily,
businessandpersonalassetsforoptimum
riskmanagement.
SomewealthyfamiliesinAsiaalsowant
tomakesurepeopleoutsidethefamily
areprovidedfor,suchasvaluedlong-term
employeesofboththecompanyand
thefamily.Thiscanadd to the scope of
planningneeded.4)EMBRACECHANGE
Whatworkedfortheoldergenerationmay
nolongerbereflectedinthestyleofyounger
generationswhenit comestomanaginga
family’swealthandbusinessaffairs.
“Theseniorgenerationprefersa tight
circleoftrustedandlong-termadvisers,
a singlepointofcontact,solutionsto
bethoughtthroughandpresentedafter
havingbeenvettedbytrustedadvisers,”
saysAng.“Theypreferface-to-face
meetingsandarenotsokeenon digital
communication platforms.”THE TATLER 300 / Succession Planning
6 singaporetatler. the tatler 300 list 2019