As Asia braces for one of the largest wealth transfers in history, wealthy families are facing significant challenges in ensuring smooth transitions. This means the demand for sophisticated, multigenerational wealth planning has never been more critical, especially as the priorities of next-generation leaders often differ markedly from their predecessors.
These younger ultra-high net worth individuals (UHNWIs) are more global in their outlook and are often keen to pursue their private passions, in addition to managing their family wealth. When constructing their investment portfolios, they are also less inclined to invest heavily in traditional assets like equities and bonds as they seek greater diversification amid persistent uncertainty. This has led to growing demand for professionalised wealth solutions that span the globe, as well as a shift toward more alternative investments.
“We are witnessing a significant shift in the wealth management landscape, with family transitions and business transitions happening concurrently. UHNW clients are looking for international banks like us to provide solutions for diversification and exclusive access to private markets,” says Tommy Leung, Head of Global Private Banking, South Asia, HSBC.
HSBC Global Private Banking, with its global connectivity, comprehensive suite of banking services, and robust strategies and experience in intergenerational wealth protection, has long been a trusted partner for wealthy families in Asia navigating complex transitions.
Ensuring Smooth Transitions
The transfer of wealth to the next generation presents both opportunities and challenges for UHNW families. For instance, with family offices becoming an increasingly common theme among UHNW families, encouraged in part by supportive government policies in regional wealth hubs including Singapore, clients seeking to manage their wealth through a professional structure will appreciate HSBC’s family office advisory expertise.
“Our trustee business has been a partner in helping clients around the world preserve their wealth and legacy for nearly 80 years. This deep experience allows us to offer valuable insights into the suitability of different trust structures and jurisdictions, ensuring that clients’ legacies are protected and efficiently transferred across generations,” says Leung.
HSBC also offers a series of initiatives aimed at preparing the inheritors of wealth to take on their family responsibilities. For instance, the bank’s flagship global next-generation programme, most recently held in Dubai, features inspiring forums and exchange sessions designed to help the new generation of wealth owners learn from experienced entrepreneurs, financial experts and their peers, equipping them with the knowledge and network necessary to manage and grow their family wealth.
“Our next-gen programme provides a platform for younger UHNWIs to forge their own connections and gain practical insights into business and investment opportunities. This proactive approach ensures that they are well-prepared to take over the reins of their family’s wealth and business,” says Kerri Lim, Head of Ultra High Net Worth Segment, Asia, HSBC.
Building Bridges
Across Borders
HSBC’s extensive global network is a cornerstone of its private banking services, reflecting its clients’ increasingly international lifestyles and complex demands. With a presence in 60 countries and territories coupled with 13 strategic booking centres, HSBC is one of the few international banks that can provide comprehensive bespoke solutions in multiple geographies.
“Our clients often have families and businesses spread across the globe. Whether it’s setting up bank accounts, managing investments or facilitating commercial opportunities, our global presence allows us to provide holistic solutions that address all aspects of their lives,” says Lim.
Adds Leung: “Simply put, we want to ensure that our presence and offering empower our clients to nimbly adapt to ever-changing circumstances.”
This international connectivity is not just about having a global footprint, but also integrating services seamlessly to support clients’ cross-border needs. This involves mobilising resources across different regions and business areas, such as commercial banking and investment banking, to provide UHNWIs with unmatched flexibility and convenience.
Desire Beyond
Private Banking
HSBC Global Private Banking’s ability to leverage the full capabilities and expertise of the wider HSBC group is yet another advantage that distinguishes it from its competitors. This model ensures that UHNW clients can access the best of HSBC’s offerings—from retail banking, commercial banking, global banking and markets to asset management and insurance—to meet their diverse personal and institutional needs.
“Our competitive advantage lies in our ability to provide comprehensive solutions that go beyond traditional private banking seamlessly. By unlocking the full potential of HSBC’s universal banking model, we can support UHNWIs in every aspect of their wealth journey, from business growth and diversification to personal wealth management,” says Leung.
A prime example of this seamless integration is HSBC’s dedicated support for private banking clients who are also business owners, a common occurrence in Asia. These entrepreneurs demand more than just wealth management solutions; they require tailored commercial banking, capital markets services, and comprehensive credit facilities to meet their diverse financial needs.
To support them across their different needs, HSBC Global Private Banking marries global expertise with local knowledge, with Global Relationship Managers serving as a single point of contact, streamlining access to these varied services and ensuring a cohesive client experience.
In one instance, a private banking client approached HSBC for mortgage needs in the United Kingdom. This discussion soon expanded to meet the client’s other expressed needs, including opening an account in Singapore to manage their investment portfolio and subsequently, commercial opportunities within Southeast Asia were explored.
As Asia’s wealthy families navigate both family and business transitions, HSBC Global Private Banking stands out as an experienced guide with its robust international network, comprehensive banking services, and deep expertise in multigenerational
wealth advisory.
Says Leung: “HSBC’s mission is to support our private banking clients through every stage of their wealth journey. We are uniquely positioned to meet the evolving needs of the region’s wealthy families and ensure their legacies are protected and enhanced for generations to come.”
privatebanking.hsbc.com
Disclaimer
The information contained in this article has not been reviewed in the light of your individual circumstances and is for information purposes only. It does not purport to provide legal, taxation or other advice and should not be taken as such. No client or other reader should act or refrain from acting on the basis of the content of this article without seeking specific professional advice. Issued by The Hongkong and Shanghai Banking Corporation Limited.