now loading...
Wealth Asia Connect Middle East Treasury & Capital Markets Europe ESG Forum TechTalk
Next Gen wealth management now more customized for Asian clients
Next generation wealth management programmes are now becoming more customized for Asian clients as private banks seek to be more responsive to the requirements of adult sons and daughters who will be taking over their parents’ businesses.
Bayani S Cruz 29 Jul 2015
Next generation wealth management programmes are now becoming more customized for Asian clients as private banks seek to be more responsive to the requirements of adult sons and daughters who will be taking over their parents’ businesses.
 
Also known as “Next Gen”, the programme is similar to those conducted by the private banks for their European clients where they usually take on a “business school” approach providing courses that may be helpful for an entrepreneur who will some day takeover running his/her parents’ business.
 
But highly dynamic markets and changing social conditions in recent years are demanding a more varied skill set as well as a broader mindset on the part of the next generation of Asian entrepreneurs who are tasked with taking over and running business enterprises that have been founded and established by their parents.
 
“Nowadays when we talk about the family business, we also talk about legacy and somewhere along the line it will touch on philanthropy. These three topics go hand-in-hand in our region and our society today,” says Anton Wong, managing director and head of key client group, Asia Pacific at BNP Paribas Wealth Management.
 
Wong, together with Helene Li, managing director, head of strategic planning and brand & communications Asia Pacific, at BNP Paribas Wealth Management, are responsible for designing and structuring as well as selecting the topics and speakers of BNP Paribas Next Gen programme.
 
The programme which has been running annually for nine years is probably one the longest existing Next Gen programmes among Hong Kong private banks. Wong and Li has been seeking to differentiate their programme from similar Next Gen programmes offered by other private banks in Asia.
 
“We target a more mature age group from 25 to over 40 while others target those who are 18-30 years old. The reason is we think that for the more mature group it’s more pertinent for them to engage and share around the issues of succession, how ready are they to takeover, how well positioned are they to sustain the family business,” Li says.
 
Held over a three-day period with about 40 participants, Wong and Li seek to ensure the programme provides a venue for thought leadership and peer-to-peer sharing which would otherwise not be easily available for the future tycoons.
 
In terms of effectiveness, Anita Woo Ibrahim, one participant in the most recent Next Gen programme of BNP Paribas, says that for her the programme brought about an awareness of the sense of wealth preservation that transcends family generations.
 
Ibrahim who used to be in the family’s business but is currently working outside the family business as a newscaster for Malaysia-based media network TV3, says listening to the speakers brought about a sense of awareness that one can pursue and leverage on personal interests while being reconciled to their responsibilities to their family's business.

“The case studies, experiences and testimonials imparted by the speakers show how they've managed to bridge the gap between their personal interests and the family business through succession planning, which requires discussion between the current and next generation. It was especially eye-opening how they tackled issues such as trust in handing over a sticky baton, which many in the next generation can relate to," Ibrahim says.
 
Ibrahim says the Next Gen programme provides a platform for members of the next generation to see how they can merge their interest and personal strengths with that of their parents’ generation.

    

Conversation
Hichem Bouqniss
Hichem Bouqniss
International Islamic Liquidity Management Corporation
- JOINED THE EVENT -
5th Global Islamic Finance Issuers and Investors Leadership Dialogue
Opportunities beyond uncertainty
View Highlights
Conversation
Nneka Chike-Obi
Nneka Chike-Obi
head of APAC ESG ratings and research
Sustainable Fitch
- JOINED THE EVENT -
6th ESG Summit
Beyond the hype
View Highlights