Asian Wealth Solutions Forum 2019 - Highlights - John Shoemaker

John Shoemaker of Butler Snow

Nov 13, 2019

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1. What are the opportunities and challenges for this industry?

Video transcript

1. What are the opportunities and challenges for this industry?

As a subject matter expert, we try to start outside of our subject, and remember that this is a family. Unlike a corporate business, where you're really focused on logic and business operations, and rules, you need to keep in mind we're dealing with people, and there are family motivations. Tax, legal, regulatory effect is not always paramount. So that's first. Then you ease them from that into, well, what are the impacts? The biggest thing we find is that the fear of impacts is oftentimes larger than the actuality. We have so many accidental Americans, for example, that are so scared about getting things cleaned up with the US because they're fearful of what the effect will be; when they have the conversation with us, they're relieved. It's not as bad as they worried it would be. That makes you feel the best as an advisor. It's not always. Sometimes you have to have a very hard conversation with a client where they have underestimated the effect and that's a more difficult conversation, but it builds trust. The hard conversations are what build that long-term trust, and that's what keeps us in front of that family generation after generation.

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