Global Vision, Chinese Practice | Wealth Management and Family Office Service Seminar Held with Great Success

 
The Wealth Management and Family Office Service Seminar was held by the IfFP Institute for Financial Planning on the theme of "Global Vision, Chinese Practice" on May 15, 2019 in Pudong New District of Shanghai.
The purpose of this seminar is to explore how we can improve the service awareness and capabilities of financial practitioners in an uncertain global environment.

Dr. Felix of IfFP Swiss Academy mention that high net worth customers currently have two fundamental conceptual changes on the theme of family business management - risk and challenge, concepts and objectives, and solutions.
1) Transformation of investment objectives. Shift of focus from maximizing returns and rate of return onto asset security.
2) The high net value individuals pay more attention to quality financial advice and services than just financial products.
 
As a result, financial services institutions, such as banks and financial companies, have started hiring industry experts, such as lawyers and tax experts, to meet different needs and changes.

However, it is still insufficient. We need some concepts and methodologies to better serve and advise clients in providing quality advisory services.
The president gave a three-step service process:
1) Inform high net worth customers of the challenges and risks they face.
2) Define a goal and plan realizing the goal with customers (action plan).
3) Implement the plan.
 
Lawyer Qu Feng, a senior partner of DENTONGS Law Firm, shared the different risks facing by Chinese enterprises acquiring overseas equities, including strategic, political and legal, cultural, financial, integration and operational risks.
 
Ms. Wang Hui, Vice President of Linked-F O2O Financial Group, shared the impact of the new income tax laws on entrepreneurs, including the following:
1) Strategy: business environment, operation mode, corporate governance and risk control, wealth inheritance;
2) Operation: purchase, production, sales, intra-group transactions, labor arrangement, and intellectual property rights;
3) Compliance: tax compliance and reporting, financial reporting, financial and financial management, technical means
 
Ms. Wang concluded that Chinese companies need more professional and comprehensive management, instead of seeking advice from tax experts after problems occur, so that better tax arrangements can be made in advance.
 
Mr. Yingsong, Chairman of You My Wealth, made an objective analysis of how to run the family office successfully, and the opportunities in China. He mentioned that people should consider family office from the family, inheritance, and investment perspective in addition to the professional view. In foreign countries, family office service professionals play much greater roles than they do in China. The market demand for professional family offices is huge and needs to be met urgently.

Mr. Zhu Zhi, Chairman of Prestige Top Family Office, a student of any early programme at the IfFP Institute for Financial Planning, said the experience of senior Swiss experts at IfFP was a great treasure and the excellent lectures provided valuable industry visions.

Finally, Mr. Lanni, a Swiss wealth management expert, shared the theme: International pluralism cases - from the perspective of China and Switzerland
Global diversification allows us to enjoy bilateral dividends in emerging and developed markets, and helps us manage risks and grasp more opportunities. Internationalization does not rule out all losses. It is difficult to completely avoid crises and risks when global equities devalue.

The seminar provided different perspectives and views, helps the guests understand practice of wealth management. The guests also indicated that they wish to have more opportunities to participate in such seminars.

Finally, Dr. Felix, Chief Academic Officer of IfFP China, summarized that:
The speakers have shared knowledge and experiences across many fields. As the industry demands customized and diverse wealth planning, which is a great challenge to professional knowledge, it is difficult for us to be experts in every field, such as law, taxation, housekeeping, and so on. Therefore, we must keep learning and increasing our expertise. The biggest challenge for financial planners is how to provide one-stop consulting services. The mission of IfFP is to help and support the acquisition of the necessary skills for personal and professional development. Finally, the seminar ended with a great success!