Jersey's financial services promotion agency, Jersey Finance, has published new research on the key challenges facing wealth management practitioners working with China's wealthiest individuals.
The research, "How to service Chinese wealth as it goes global," highlights the practitioners' view that high-net worth and ultra-high net worth individuals in Mainland China are failing to address a number of challenges that could cause longer-term pressures on their succession plans.
Nearly half of practitioners who took part in the research said legacy planning is the key consideration for Mainland Chinese families, with 41 percent of practitioners saying family disputes are most likely to derail estate/succession planning. Nearly two-thirds of practitioners said misconceptions about issues and solutions are factors holding wealthy Chinese families back from wealth transition. A large proportion of practitioners (88 percent) said the biggest misconception Chinese families have with wealth structuring is a loss of control through the use of trusts and related structures.
The survey says financial advisers should be targeting the next generation, many of whom have been educated overseas, as they tend to be more understanding that wealth preservation goes beyond investing assets.
By Courtesy of Lowtax.net