A holistic approach to HNW Legacy planning

Andrew Chan of Lioner Consultancy

Nov 15, 2021

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Andrew Chan, Partner at Lioner International Group speaks to Hubbis about the challenges that HNW clients face around wealth planning today.

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1. What are the challenges that HNW clients face around wealth planning today?

2. How are clients successfully engaging the next generation?

3. Who do clients partner with to help achieve these outcomes?

4. Are there other unique ways that Lioner Group helps clients in these areas?

Video transcript

1. What are the challenges that HNW clients face around wealth planning today?

I think the challenges for high-net-worth individuals they are currently facing are mostly from two areas. One would be from the asset locations. A lot of the investments are not just in the current countries, as they tend to invest internationally. They will need to know more about the local regulations and taxation. The second challenge is from the family side, whereby maybe the second generations are currently living and staying overseas, and they may not have plans yet to return to their home country. These would add to the consideration of the high-net-worth individuals in terms of the planning as well.

2. How are clients successfully engaging the next generation?

To successfully engage the second generation, we will need to look into the art of communicating with them. While a lot of clients have plans in place, we have also seen a lot of cases whereby disputes still happens. What we can learn from this is that the plans need to be communicated to the second generation, or whoever's taking over the business. And we can't leave the execution of the plan until the last minute to the lawyers or the accountants or the professionals. We should be able to have a plan, run the plan, and execute it along the way as we move on.

3. Who do clients partner with to help achieve these outcomes?

We know there are a lot of challenges involved. When we are talking to the clients, normally what we would do is to try and discover the areas that need to be addressed in order of priority. In Lioner, we have a brokerage team, and we have a wealth planning team. We will first try to address these requirements, and then when there are areas that we are unable to provide direct assistance, for example issuing tax advice, then we can always invite outside professionals to assist. The key here is once we know the client, we would be able to communicate to the professionals in our professional language, so that the needs will be addressed specifically rather than having case reiterated every single time with every single professional. Lioner plays a role whereby we can help the client as much as we can, as well as pulling in outside advisor when needed.

4. Are there other unique ways that Lioner Group helps clients in these areas?

One of the reasons that we set up Lioner Group is that we have been operating in Asia for a long time. We know the culture of the Asian families, what they are looking for and what their challenges are. With this knowledge, combined with advice from tax and a legal perspective, we able to create synergy and provide clients with a little bit of a personal touch when building, for example, family governance, and also educating them on how to communicate with the second generation. I think that is where we can provide our value to our clients.

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