Seven key takeaways from the panel discussion at Hubbis’ Thailand Wealth Management Forum on the increasing importance of wealth solutions and planning for Asia’s HNWIs.
1. Governance should improve
Thai families should concentrate on improving their corporate and family governance, as this will help in their wealth and legacy planning.
2. Full disclosure required
Both the clients and the trusted advisers should disclose all the necessary information to each other in order that both of them can make the right decision based on a full understanding of the issues confronting them.
3. Insurance solutions certainly help
Insurance providers are more sensitive today to the market needs of the customer base. Insurance products such as universal life, variable universal life, private placement insurance and others are all helpful in legacy and liquidity planning.
4. Local advisers preferred
Local advisers onshore are generally preferred to offshore advisers for these sensitive, very personal and family-oriented discussions and solutions. Conducting these conversations in Thai language and with someone the client knows he can trust is preferable.
5. Keep it simple
Although these are complex and sensitive issues, advisers do best if they try to structure simple solutions that are both understandable and effective.
6. Relationship first, advice to follow
Establish the relationship first, and offer ideas and solutions later was the advice from one expert. This is not a see you today, give you a solution tomorrow type of challenge.
7. Annual reviews to mine down into key issues
A guest advised organising an annual review with the client as a forum in which to discuss wealth planning and legacy solutions. Carefully broaching the subject of insurance and its predictability is often a smart way forward.
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