Helping Asian Wealth Management Communities interact

Asian Wealth Solutions Forum 2019

Marina Bay Sands,Singapore

We were delighted to host our 10th Asian Wealth Solutions Forum in Singapore. More than 300 CEOs, COOs, Independent Asset managers and other senior practitioners attended – from a mix of local and international Private Banks, Retail Banks, Insurance Companies, Independent Firms & Family Offices, Asset Management Companies, and IFAs.

Thank you to all of our event partners: Henley & Partners, Jersey Finance, Hawksford, Pershing, 360F, Finance Malta, RGN, Swiss Trust, Swissquote, Rapier Consulting, Asiaciti Trust, Butterfield, Bunker Group, Expersoft SystemsJ. Rotbart & Co., Singlife, Old Mutual International, AAM Advisory, Trident Trust, IPG, Butler Snow, Transamerica Life Bermuda, Sovereign Group and Cone Marshall.

Below for your interest and reference are links to various content we captured from the day. Please click on the orange headlines – and do send any comments or feedback to events@hubbis.com.

 

Content Highlights 

Video Highlights
Video Highlights Summary PDF
Exclusive Insights
Testimonials
I Love Wealth Solutions
Photos
Event summary
Panel discussions
Presentations & Workshops
Videos

 

Post-event Report

You might also like to view the full Post-Event Report – which is a consolidated summary, including photos of speakers & delegates, the attendee profiles & some delegate feedback, polling results, and more.

 

Event Summary 

Asian Wealth Solutions Forum 2019 Summary
We were delighted to host our 10th Asian Wealth Solutions Forum in Singapore. More than 300 CEOs, COOs, Independent Asset managers and other senior practitioners attended – from a mix of local and international Private Banks, Retail Banks, Insurance Companies, Independent Firms & Family Offices, Asset Management Companies, and IFAs.

 

Video Highlights

We asked leading industry experts - what are the opportunities and challenges for the year ahead? View the combined video highlights, or click on the links to view the individual videos.

Full Video Highlights
Video Highlights Summary PDF

I Love Wealth Solutions
Testimonials

Mark Smallwood, CEO, Rapier Consulting
Lee Wong, Head of Family Services, Asia, Lombard Odier
Lee Woon Shiu, Managing Director & Regional Head of Wealth Planning Family Office & Insurance Solutions, DBS Private Banking
Naomi Rive, Group Director and Head of Family Office, Highvern Trustees
Michael Olesnicky, Senior Consultant, Tax & Wealth Management, Baker & McKenzie
Max Ezerins, Legal Consultant, Sovereign
John Shoemaker, Registered Foreign Lawyer, Butler Snow
Anuj Kagalwala, Partner, Asset & Wealth Management Tax, Leader, PwC
Tan Woon Hum, Partner, Head of Trust, Asset & Wealth Management Practice, Shook Lin & Bok
Marcus Leese, Partner, Ogier
Sebastien Hayoz, Managing Director, Asiaciti Trust
Ivan Grech, Chief Operations Officer, FinanceMalta
Kevin Lee, Partner, Stephenson Harwood
Ian Black, Head of Financial Planning and Wealth Solutions, AAM Advisory
Ian Kloss, Head of Region, Southeast Asia & Chief Executive Officer, Singapore, Old Mutual International
Thomas von Rueti, Chief Commercial Officer, Singlife
David MacDonald, Head of Business Development, AAM Advisory

 

Exclusive Insights ​​​ ​​​​​​

We asked leading industry experts for their exclusive and incisive insights. Click on the links to view the individual videos:

Exclusive Insights PDF

Joe Moynihan, Chief Executive Officer, Jersey Finance
When clients (professional services providers & UHNW families) in Asia are deciding which IFC (International Finance Centre) to choose, what should be their main considerations?
How would you explain the opportunity that the growth in wealth in Asia represents to Jersey Finance?
You’re in Asia this week to celebrate 10 years since Jersey Finance opened an office in Hong Kong. What can we expect from the next 10 years?

Mark Smallwood, CEO, Rapier Consulting
Are banks able to attract clients to fee-based advisory mandates?
How much can a bank’s wealth planner do directly, and how much of the role involves co-ordination with external advisors? How can the wealth planner be compensated for this?

Lee Wong, Head of Family Services, Asia, Lombard Odier
What role should robust family and family business governance play, and why?
Are the NextGens prepared for wealth and family business transition?

Lee Woon Shiu, Managing Director & Regional Head of Wealth Planning Family Office & Insurance Solutions, DBS Private Banking
Why are there more and more SFOs (Single-Family Offices) and MFOs (Multi-Family Offices) and which jurisdiction is winning their favours, why and how?
Is Singapore becoming the ‘go-to’ centre in Asia for HNWIs and ultra-HNW families?

Edmund Leow, Senior Partner, Dentons
What is the impact of the new Economic Substance regimes on clients, on structures, on the IFCs?
Are trusts, private trust companies, offshore corporate structures or fund-related structures in favour?

Naomi Rive, Group Director and Head of Family Office, Highvern Trustees
Are Enforcers and Protectors aware of their roles and responsibilities and kept up to date with the core family situational developments?
What role should robust family and family business governance play, and why?

Michael Olesnicky, Senior Consultant, Tax & Wealth Management, Baker & McKenzie
What pressure will the Mandatory Disclosure Rules that the OECD has published impose?
How did the EU initiatives on minimum tax impact private wealth structures?

Max Ezerins, Legal Consultant, Sovereign
Is the wealth industry doing enough to educate Asian clients on structure and legacy planning?

John Shoemaker, Registered Foreign Lawyer, Butler Snow
What new structures are in favour, and how are clients simplifying their existing structures?

Anuj Kagalwala, Partner, Asset & Wealth Management Tax, Leader, PwC
Is Singapore becoming the ‘go-to’ centre in Asia for HNWIs and ultra-HNW families?
Is the Singapore Variable Capital Company (VACC) a game-changer?

Tan Woon Hum, Partner, Head of Trust, Asset & Wealth Management Practice, Shook Lin & Bok
Are bank RMs and others in this industry sufficiently knowledgeable and sensitive to service these clients?
How do you steer family wealth planning towards a multi-generational vision?

Marcus Leese, Partner, Ogier
Are clients seeking to make their structures simpler or more complex? Why?
What motivates a client today to have a ‘structure’ in an IFC ((International Finance Centre)? Succession planning? Diversification? Asset protection? Privacy?

Sebastien Hayoz, Managing Director, Asiaciti Trust
Is the idea of mid-shoring gathering momentum?
What is the impact of the new Economic Substance regimes on clients, on structures, on the IFCs?

Ivan Grech, Chief Operations Officer, FinanceMalta
What are the most important factors in selecting an IFC? Are your Asian clients sufficiently inquisitive about the quality and integrity of the IFCs they use?

Kevin Lee, Partner, Stephenson Harwood
What motivates a client today to have a ‘structure’ in an IFC ((International Finance Centre)? Succession planning? Diversification? Asset protection? Privacy?

Ian Black, Head of Financial Planning and Wealth Solutions, AAM Advisory
Are professional advisors (law firms, etc.) too transactional in their approach to solutions? Do they need to be more holistic in their approach to the pricing, delivery and ongoing management of solutions?
Are Asian clients prepared to pay for the services and advice of banks and wealth managers?

Ian Kloss, Head of Region, Southeast Asia & Chief Executive Officer, Singapore, Old Mutual International
What product innovation are we seeing in High Net Worth Insurance?

Thomas von Rueti, Chief Commercial Officer, Singlife
What’s the level of interest and demand from your clients in using insurance products and solutions - to either transfer wealth and / or optimise tax?
When you consider all the options - UL VUL PPLI etc. – what most relevant today? For you? Your clients?

David MacDonald, Head of Business Development, AAM Advisory
What are the criteria you must consider when discussing insurance High Net Worth Life Insurance with your clients?

 

Panel Discussions 

We held 6 interactive panel discussions throughout the day – which involved senior industry practitioners who we invited to participate and share their thoughts. We have also incorporated into the summaries below the briefing notes which speakers sent to us in advance of the event. Plus, we have included the results of audience polling as well as questions we received from delegates. Click on each headline to view the PDFs.

The Big Picture: Trends in Wealth Structuring and Legacy Planning in Asia
The first panel discussion of the Hubbis Asian Wealth Management set the scene for the day, looking at a wide range of topics from Hong Kong’s and the impact on the wealth management sector, to the impact of new regulations on structures and the choice of jurisdictions. The panel debated the rise of family offices in Asia and how advisers are positioning themselves to serve that segment. And the panellists discussed legacy planning and the effect on their use of structures and offshore financial centres.

Panel Members
John Shoemaker, Registered Foreign Lawyer ,Butler Snow
Kevin Lee, Partner, Stephenson Harwood
Gerard Gardner, Global Head Wealth Solutions, EFG Wealth Solutions
Laurence Lancaster, Barrister-at-law, Group Head of Tax, Sovereign Group
Desmond Teo, Partner, Financial Services Tax, Growth Markets & International Tax Services, EY
Marcus Leese, Partner, Ogier
Jaydee Lin, Chief Operating Officer & Managing Partner, Raffles Family Office

Getting Down to Business: How Banks and Advisers Can Help their Clients
Asia presents wealth management advisers both an increasingly competitive and an ever more regulated environment. Clients want more value-added in return for tighter fees. Panellists at the second discussion of the Asian Wealth Management Solutions forum agreed that a race to the bottom was not going to do the industry any favours, and instead suggested a variety of approaches to survive and prosper in tomorrow’s world. These include boosting expertise and specialisation, enhancing their communication with clients, offering open architecture, and dispensing objective advice.

Panel Members
Rohit Bhuta, Chief Executive Officer, Crossinvest
Ian Black, Head of Financial Planning and Wealth Solutions, AAM Advisory
Simon Lints, Chief Executive Officer, Singapore, Schroders Wealth Management
Michael Velten, Partner, Asia Pacific Financial Services Tax Leader, Deloitte
Leping Zhang, Associate, Business Development, Fiduciary Services, Cone Marshall
Steven Weekes, Head of Private Wealth Solutions, Southeast Asia, HSBC Private Banking

The Art of Effective Legacy Planning and Estate Transition in Asia
Estate planning and wealth transition for any wealthy or super-rich family is never easy. In fact, it is as much of an art as a science. A panel of erudite, experienced wealth management professionals assembled at the Asian Wealth Solutions forum to contemplate the key issues surrounding this vital topic, as Asia faces the transition of literally trillions of dollars of wealth in the coming few decades. The mission is that family wealth endures for the younger generations. But that, as wealth management folklore tells, is no easy task.

Panel Members
Kimmis Pun, Senior Managing Director, Head Greater China, EFG Bank
Naomi Rive, Group Director and Head of Family Office, Highvern Trustees
Lee Wong, Head of Family Services, Asia, Lombard Odier
Ee Lin Chan, Director, Tax & Legal, Family Enterprise Consulting, Deloitte
Woon Hum Tan, Partner, Head of Trust, Asset & Wealth Management Practice, Shook Lin & Bok
Guita Abidari, Senior Executive Director, Crossbridge Capital

Insurance Solutions for Wealth Management and Legacy Planning in Asia
Is demand from Asia’s wealthy clients for life insurance solutions rising, and what applications does the industry see for legacy or tax planning? Is Universal Life still the go-to product, or are other solutions rising in prominence, such as Variable Universal Life, Private Placement Life Insurance, or others? How does the wealth management industry sell these solutions, and is the ‘art’ being refined? These and other issues were debated by a panel offering genuine hands-on expertise in a lively, detailed insurance discussion at the Asian Wealth Solutions Forum.

Panel Members
Rohit Ganguli, Head of Wealth Planning Asia, EFG Bank
Mark Nelligan, Chief Executive Officer, Pershing, a BNY Mellon company
Ian Kloss, Head of Region, Southeast Asia & CEO Singapore, Old Mutual International
Cho Peng Lim, Chief Executive Officer, Singapore, IPG Financial Services
Thomas von Rueti, Chief Commercial Officer, Singlife
Nicholas Kourteff, Chief Executive Officer, Singapore, Transamerica Life Bermuda
Woon Shiu Lee, Managing Director & Regional Head of Wealth Planning Family Office & Insurance Solutions. DBS Private Banking

Adapting to the World of Regulation: How Asia’s HNWIs Can Overcome the Hurdles Ahead
The world is seemingly undergoing a full-on assault from acronyms - whether they might be AML, KYC, FATCA, CRS, AEOI, BO, BEPs, or perhaps MDR – all launched in recent years by the acronym instigators, whether the US, the OECD, the EU, or whichever local regulatory body. The impact on the acronym targets – from the mass affluent to HNWIs and the super-wealthy – is dramatic. A panel of experts gathered at the Asian Wealth Solutions Forum to debate how the Asian wealth management community is reacting, and whether this is all producing a windfall of business for the industry or choking off the market’s air supply.

Panel Members
Fiona Chan, Partner - Corporate, Appleby
Edmund Leow, Senior Partner, Dentons
Zac Lucas, Founder, Head of Legal, Centenal
Sebastien Hayoz, Managing Director, Asiaciti Trust
Michael Olesnicky, Senior Consultant, Tax & Wealth Management, Baker & McKenzie

The Role of IFCs in the Brave New World of Global Regulation and Compliance
The extraordinary escalation in global and local regulation and the dramatic increase in liaison between onshore jurisdictions has led to a major re-think amongst the wealth management community as to which international financial centres are today professional and reputable, and therefore fit to work with. A panel of experts at the Asian Wealth Solutions Forum deliberated the roles of Singapore, Hong Kong, the Channel Islands and discussed the viability, or lack of, amongst the other, more exotic IFCs.

Panel Members
Anuj Kagalwala, Partner, Asset & Wealth Management Tax, Leader, PwC
Marcus Hinkley, Head of Private Client Services - Asia, Hawksford
Woon Shiu Lee, Managing Director & Regional Head of Wealth Planning Family Office & Insurance Solutions, DBS Private Banking
Desmond Teo, Partner, Financial Services Tax, Growth Markets & International Tax Services, EY
Yong Sheng Hon, Senior Associate, Withers KhattarWong
Angie Han, Senior Wealth Planner, Pictet

 

Presentations 

Below are summaries of the Presentations and Wealth TALKS delivered at the event. These were 10-minute slots hosted either by senior industry practitioners who we invited to speak (Wealth TALKS), or by some of our event partners (Presentations). Also listed with each summary are links to the presentation slides (where these are made available by speakers). Click on each headline to view the web versions of these – from which you can also access the 1-page PDFs.

International Finance Centres: The Past, the Present and Jersey’s Role in the Future
Joe Moynihan, CEO of Jersey Finance, gave a short but illuminating Keynote Address to delegates at the Hubbis Asian Wealth Solutions Forum to update them on the current state of play for international finance centres (IFCs) in the brave new world of global regulation and compliance. He also painted the scene for the rollout of beneficial ownership registers and highlighted a joint Hubbis-Jersey Finance White Paper, recently released on the very topical subject of the evolution of family offices in Asia.
View slide

The Global Rollout of CRS and AEOI and Some Practical Experiences to Date
Ivan Pelle, an expert in international taxation and Executive Director and one of the Founders at Recontam Global Network (RGN) is on a mission to make its clients and partners aware of the rollout of CRS and AEOI across Asia-Pacific and how this might affect tax planning and investment strategies. He addressed the audience at the Hubbis Asian Wealth Solutions Forum to update them on practicalities around CRS, which stands for the Common Reporting Standard, as pertaining to participating and permanent non-reciprocal jurisdictions. He talked about the practical implications of AEOI, which is the Automatic Exchange of Information. He explained the difference between territorial and worldwide income taxation. And he pointed to some practical examples from the 2018 OECD Peer review report on Singapore executed by the Global Forum about the implementation of CRS and AEOI worldwide.
View slide

Malta’s Warm Welcome to the World of HNWIs, Wealth Management and Digital Assets
Malta might only be a small economy in the Mediterranean, but it has been growing at rates comparable to those of China and Vietnam over the past several years. It is in the European Union and in the British Commonwealth, and has an increasingly diverse economic base, as well as a wonderful lifestyle. Federico Vasoli, lawyer, Managing Director of dMTV, with offices in Malta, Vietnam, Dubai and Singapore, and Member of FinanceMalta, gave a presentation to the Hubbis Asian Wealth Solutions Forum in Singapore to highlight Malta’s many appeals for Asia’s wealthy individuals and families, and he especially highlighted its initiatives in the world of blockchain and digital assets, which are both gradually being adopted by more and more investors and wealth managers worldwide.
View slide

Hawksford’s Marcus Hinkley Looks at the Role of Family Governance and Structures
Marcus Hinkley, Head of Private Client Services for Asia at the international private client, corporate and fund services group Hawksford, posed a simple but alarming question to delegates at the Hubbis Asian Wealth Solutions Forum. “Will your clients’ families destroy their wealth, or will their wealth destroy their family?”, a question which he stated Philip Marcovici had previously put forward. His talk then focused on the many areas that families need to address, as early as possible, to achieve an efficient and family-sensitive succession of wealth, including family governance, the family constitution, the impact of divorce, and the need to balance the expectations of younger generations.
View slide

Philanthropy is Increasingly Important – How to Combine Wealth with Social Responsibility
Khing Go is Managing Partner of the Marc Faber Group and knows from long experience that wealthy investors can make a great difference to the lives and well-being of less fortunate people in the Asia region. He also knows that private bank and wealth management relationship managers can enhance their client relationships by opening the doors to philanthropic causes. The Marc Faber Group has championed the charity Smile Asia, for which Khing Go serves as both co-founder and Chairman. He met with Hubbis founder and CEO Michael Stanhope for a head-to-head discussion on this remarkably positive endeavour at the Asian Wealth Solutions Forum.

The Future Generation/s of Money: Design Thinking for Tomorrow’s Wealth Clients
There are business with intriguing names, and The Curious People Solutions is certainly one of those. Delegates at the Hubbis Asian Wealth Solutions Forum listened intently, some might say curiously, to what proved to be an enlightening Workshop presented by the firm’s two founding partners, Ken Kwan and Alfred Tan. The subject matter was the need to leverage the people-centred and needs-driven principles and methodology of ‘Design Thinking’ in order to recalibrate and strategically rethink private banking and wealth management.
View slide

Swiss Trust’s Josef Meyer on CRS as a Game Changer and Viable Swiss-based Solutions
Josef Meyer, Partner at Swiss Trust, addressed delegates at the Hubbis Asian Wealth Solutions Forum to explain that in the face of demands imposed by the Common Reporting Stand and Automatic Exchange of Information the stand-alone trust is the instrument of choice for wealthy investors. He looked at the wealth management industry in this new era of regulatory constriction and highlighted the appeals of Switzerland’s lump-sum taxation on worldwide income as a very attractive alternative for the very wealthy.
View slide

AAM Advisory’s Macdonald on the Delicate Art of Selling Insurance Solutions
David MacDonald, the recently appointed Head of Business Development for financial planning experts AAM Advisory, presented a lively and engaging Workshop at the Asian Wealth Solutions Forum highlighting how insurance solutions are all about the client and must be designed and sold with a deep understanding of the needs, expectations and missions of the client.
View slide

HNW Insurance in Asia: Singlife Reviews Product and Distribution Innovations and Market Outlook
Thomas von Rueti, Chief Commercial Officer of Singlife, gave an informative and lively presentation to the delegates at the Hubbis Asian Wealth Solutions on innovations in the Life insurance space for Asia’s HNWIs and the wider outlook for the market, products and providers.
View slide 

Pershing’s Mark Nelligan on How Advisers Stay Relevant in the New Age of Advice
In the worlds of jazz legend Quincy Jones, ‘everything must change’. Mark Nelligan, Chief Executive Officer, Singapore for Pershing Securities Singapore, a BNY Mellon Company, understands this fully, both instinctively and from long experience in the wealth management sector. He told delegates at the Hubbis Asian Wealth Solutions Forum that, according to recent studies, about 60% of the younger generations of HNWIs are not happy with their family wealth manager. “What are their options and how will that affect the private banking business?” he pondered. “How can wealth advisory firms develop and hone their strategies to appeal to the future generations that will create or inherit Asia’s vast wealth?”
View slide

Henley & Partners Extols the Virtues of Alternative Resident and Citizenship Programmes
Dominic Volek, Managing Partner and Head of Southeast Asia at investment migration consultancy Henley & Partners, introduced delegates at the Hubbis Asian Wealth Solutions Forum to the appeal of global investment migration, as a taster for a more detailed Workshop later in the day presented by two of his senior colleagues. Volek explained why and how increasing numbers of Asia’s wealthy are taking up alternative citizenship and residence options around the globe, and briefly mentioned some of the major programmes that his firm believes are appropriate for Asia’s wealthy.

The Rise of Global Citizens from Asia: Trends and Developments in Investment Migration
Two senior executives from global investment migration consultancy Henley & Partners presented a lively, detailed and insightful Workshop at the Hubbis Asian Wealth Solutions Forum to highlight the opportunities available around the world for Asia’s wealthy to invest and thereby become residents or even citizens of other countries. Nirbhay Handa, Director – GSAT, and Scott Moore, Director – Private Clients, explained the reasons for investment migration, briefly explained some of the steps required, and advised how their firm can work with individuals and their families, offering key details on some of the most appealing alternative citizenship or residence options around the globe.