In an increasingly complex market environment, entrepreneurs are faced with challenges not just related to running their businesses, but also managing their accumulated wealth.
Customized Solutions for Different Entrepreneurial Needs
Partnering with the right private bank and wealth advisor is pivotal in setting up a path to success for their businesses and personal goals. With a customized and holistic wealth and legacy plan, be it guiding them through transitions such as liquidity events, or realizing their philanthropic aspirations, entrepreneurs are able to focus on their day-to-day business operations and success.
J.P. Morgan Private Bank clients are able to leverage the bank’s established global network, as well as access its comprehensive services in corporate and investment banking, commercial banking and asset management, giving J.P. Morgan Private Bank the capability to customize solutions for every stage of an entrepreneur’s business life cycle and private wealth journey.
Narrowing the Accessibility Gap
J.P. Morgan caters to the needs of established entrepreneurs who have accumulated substantial wealth, as well as startup founders beginning to make their mark on the business world. Unsurprisingly, the needs of these two groups differ greatly.
For example, startups are looking for connections and networks that can help take their businesses to the next level of growth, including funding needs. This goal is more challenging for enterprises led by women, who are faced with higher hurdles compared to their male counterparts.
A J.P. Morgan report found that women-powered businesses—defined as businesses founded and led by women—represent only 5.7% of around 15,000 high-growth businesses identified across Asia Pacific (APAC).
“The study confirms our observations that women are severely underrepresented in high-growth businesses in APAC. However, even when faced with the challenges of Covid-19, there has been an increase in the absolute number of women-powered businesses in APAC compared to five years ago, much more progress can be made to accelerate the pace of growth,” says Kam Shing Kwang, CEO of J.P. Morgan Private Bank in Asia and the Vice Chair of Investment Banking for Greater China.
“The year ahead will undoubtedly be challenging with a global economic slowdown looming. However, we are confident that as more women come together—through networks and government-aided initiatives—this statistic will continue to see an upward trend.”
The report aligns with our firmwide commitment to empower and fuel women’s ambitions by advancing financial equality at J.P. Morgan and in our local communities. This mission is driven by our global initiative called “Women on the Move,” formed in 2013 to support women in both their personal and professional lives.
“At J.P. Morgan, we are committed to playing our part in addressing gender equality—beginning with setting the tone from the top. In APAC, we have a number of senior women leaders who lead by example and help set precedent—and it shows, as The Private Bank leadership team in the region has equal representation,” says Kwang.
Jumpstarting Connections
The same study highlighted that entrepreneurs and leaders prioritize the importance of having a strong network that can help them build their expertise, as well as find champions and mentors to help them in their journeys.
“Starting a business is not easy. Many entrepreneurs have shared that the barriers they face as women, especially in certain sectors that are male-dominated, are significantly higher,” says Karen Tan, Head of Wealth Advisory for Singapore and Southeast Asia at J.P. Morgan Private Bank.
“At The Private Bank we leverage our global connections to bring together entrepreneurs to facilitate network building, linking them up with not just like-minded individuals in the entrepreneurial space, but also our client network and family offices who are keen to diversify their portfolios. We are committed to fuel the ambition and success of all women and support them in our communities—creating platforms to facilitate networking, knowledge and advice for women entrepreneurs, with the report’s focus on high-growth businesses in APAC.”
“At J.P. Morgan, we are committed to playing our part in addressing gender equality—beginning with setting the tone from the top. In APAC, we have a number of senior women leaders who lead by example and help set precedent—and it shows, as The Private Bank leadership team in the region has equal representation,” says Kwang.
Supporting Evolving Needs
J.P. Morgan advises entrepreneurs to help them grow and preserve their wealth, and provides support in important areas such as succession planning and philanthropy, offering sound and practical advice on creating a lasting legacy for them and the families, and the causes that they are passionate about.
“The needs of entrepreneurs tend to evolve over time with changes in their business and family circumstances. J.P. Morgan advises them over the course of this journey, helping them to think about their portfolios, their succession plans and giving back to the community,” says Tan. She notes that with longer life expectancies, women have an even greater need for support in their long-term wealth planning.
J.P. Morgan does this with its differentiated “goals-based” planning approach to help entrepreneurs manage their wealth over their lifetimes, as well as craft strategies for wealth transfer to the next generation. This involves determining what a client wants to achieve with their wealth, who could be best suited to take responsibility for its management, how assets should be held and how to prepare them for any future transfer.
J.P. Morgan’s global connectivity and universal banking capabilities also ensure that The Private Bank is able to serve its clients’ business and personal wealth needs across multiple geographies. For instance, the Bank has a dedicated team, 23 Wall, that provides the world’s most prominent families with access to the firm’s entire intellectual capital, balance sheet and deal flow around the world.
These capabilities are also backed by the firm’s fortress balance sheet, which helps to assuage any concerns over security and safety in an uncertain environment.
Investing for Future Growth
J.P. Morgan prioritizes investing in talent and technology to ensure the effective and efficient solutions and services are available to entrepreneurs around the world. Coupled with The Private Bank’s tried-and-tested “Integrated Team Model,” which provides clients direct access to a suite of specialists and experts, entrepreneurs can then focus on growing their businesses and taking it to the next level.
Looking ahead, it is critical for entrepreneurs to work with the right banking partner that can help bolster their wealth aspirations amid ongoing market uncertainties.
Whether you’re a successful entrepreneur or just starting out, The Private Bank is fully equipped to help you through different stages of growth, to achieve even greater success. J.P. Morgan Private Bank has been a trusted partner to entrepreneurs in Asia and beyond and is well positioned to navigate the entrepreneurial journey ahead.
Establishing Philanthropic Purpose
Giving back to the community has become a priority for many entrepreneurs and family businesses in Asia Pacific. Even in their investing activities, they are not only thinking for profit, but also for purpose.
To this end, a rising number of family businesses in the region are keen to set up philanthropic foundations to support causes that are meaningful to them. Others are also eager to help startups, not just in terms of funding, but also providing advice and mentorship to these budding enterprises.
“In the U.S., we already see so much being done by entrepreneurs to give back, and we are seeing greater interest and activity in the region, especially in places like Singapore and Hong Kong. We have witnessed wealthy families and successful entrepreneurs finding new avenues to pass on their wealth meaningfully and thoughtfully—with impact,” says Karen Tan, Head of Wealth Advisory for Singapore and Southeast Asia at J.P. Morgan Private Bank.
To help them in this growing space, The Philanthropy Centre at J.P. Morgan tailors its advisory service for clients at different stages of their donor journeys. When working with first-time philanthropists, the team focuses on helping them identify and articulate their passions, with the aim of understanding their primary giving interests and the social issues closest to their hearts.
Sometimes it involves building on a framework passed on to them by their predecessors, and coming up with a refined plan with specific and measurable goals that address issues they are most passionate about. In addition to mapping out their philanthropic journey, the team at J.P. Morgan Private Bank has the capability to advise which vehicles could be adopted to effectively achieve specific charitable goals, as well as provide the access to collaborate across the private and public sector—to collectively move the dial.
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