With an estimated US$15 trillion of wealth being passed down to the next generation by 2030, there is a growing awareness amongst high net worth individuals (HNWIs) in Asia of the need for succession planning and wealth transfer, as many of them pass the age of 60 and are having to address the issue of succession for the first time.
More than 80% of surveyed relationship managers (RMs) indicated that the number of clients requesting to begin their succession planning has increased during the last five years.
Yet, despite that increase, there remains a relative lack of action towards implementation, with less than half of clients either having a succession plan in place or actively planning their succession.
Navigating Wealth Transfer: Challenges and Opportunities of Succession Planning in Asia 2019 examines how trust structures can help HNWIs and their RMs navigate through the complex process of succession planning.
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This report was conducted independently by Asian Private Banker, under the sponsorship of Butterfield Trust.