In recent years, as wealth started to accumulate exponentially across the world, the subject of wealth management advisory has taken on a totally new definition. In the new post-pandemic world order of changed work norms such as Working-From-Home (“WFH”) and the adoption of more or more relevant skill sets, corporates, including family-owned corporates, will be compelled to adopt a completely changed mindset and to urgently realign their priorities.
The impact of climate change, environment, sustainability and governance issues, as well as ramifications of cash flow and profitability, have caused leaders and executives leaders to challenge current management and implementation processes in wealth management.
Wealthy families, especially in emerging economies, including several countries within Asia, are also facing transformation challenges relating to sustainability and governance. Cultural nuances that have long impacted the manner in which family members are involved in the business continue to influence how these family businesses are run.
The separation of business risk and family wealth remains a challenge for many families in Asia. The family office structure continues to be poorly defined and consequently impacts its efficiency and sustainable profitability.
Lack of communication between generations, including on matters of business continuity in the event of unforeseen circumstances, and the co-mingling of the business and family wealth can cause disruption to the continuity of the legacy if these are not promptly addressed. Aligning the mindsets of the older, middle and younger generations of Asian wealthy families remains a challenge that must be addressed.
A decade ago, having a family governance structure merely distinguished a forward-looking business family and one that continued to favour convention. Today, it has become a business necessity. Not addressing digital and technology systems, compliance and governance issues and not instituting a clearly defined process for conflict resolution can pose a threat to reputational risk of the family and consequently to future generations.
NQ International understands and recognises these potential pitfalls within wealthy Asian families. Our expertise and experience allows us to independently assess, coordinate and evaluate clients’ objectives, both long and short term. Working in alliance globally with appropriate specialists including banks, private equity companies, investment advisors (both discretionary and non-discretionary), trust and foundation specialists for philanthropy, insurance companies, M and A specialists, lawyers, tax advisors and real estate specialists, among others, we ensure the provision of “best-in-class” advice and solutions for clients, specifically addressing each unique situation.
Regular issues which need to be addressed include:
As independent advisors, NQ International manages the expectations of all parties. We help ensure everyone remains focused and that there is professional and timely execution of services by the specialist advisors, in order to meet the client’s overall objectives.
We understand the issues faced by family offices and inter-generational considerations. We help educate family members on relevant matters. We build long-term relationships with our clients.