Case Study 2

Client B was introduced by a professional contact who is a trust lawyer, to consider our group company Legacy Wealth Advisors as a professional protector for a family trust. This family has a substantial operating business and liquid assets held with various banks in different jurisdictions.

The client is a second-generation wealth owner and, being the eldest child of an Asian family, has been tasked with the responsibility of organizing the wealth management & succession plan for the family. The client and her siblings already have children of their own so ensuring a smooth transition to the third generation and beyond is important.

Subsequently, the client attended the WealthiHer Global Summit in Asia where Elizabeth Hart, CEO of The Life Academy delivered two inspiring sessions: the first was participating in a panel discussion about how financial institutions can empower female clients and the second was an inspiring masterclass on Creating Your Impact. Following this, and appreciating our unique holistic approach, she engaged The Life Academy to provide one-to-one coaching for Financial Empowerment.

The client had been considering how to go about succession planning and, having spoken to their bankers, they valued Legacy’s independent advice sitting on the client’s side of the table with no agenda other than to find the best solution for them. We are pleased that the family has engaged Legacy Wealth Advisors to lead a project to tailor a bespoke succession plan for the family.

We have held meetings with the family as a group and with each family member individually to introduce succession planning and fully understand their needs and preferences.

We are now creating a bespoke succession plan to meet their objectives. It is a complex project given the dynamics of the family and the type of assets held in various jurisdictions. We are considering the use of various types of succession vehicles including trusts, companies and life insurance solutions, a family charter and shareholder agreement to ensure a smooth transition of wealth which will continue beyond the third generation.

We are helping to identify other professionals such as lawyers, tax advisors and trustees who can play a role in the succession planning and will be good long term partners for the family. We are undertaking a comprehensive trustee selection process to help the client to appoint a suitable trust company.

We are also discussing with the client their family office arrangements to improve efficiency and to reduce costs and discussing their investment strategy to ensure wealth preservation and prudent growth for future generations.

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