Asia in Focus Episode 6: NextGen in Asia
A six-part video series on Lombard Odier's presence and plans in Asia
Over the course of the decade, Asia's great wealth transfer will take place, with trillions of dollars are passed to the next generation as they take over the management of their families' businesses and finances. NextGen investors today are sophisticated, highly educated and entrepreneurial. They expect private banks to address issues relevant to them, and rely on top quality advice from banks in order to focus on their own businesses and aspirations.
In particular, the NextGen in Asia today are sensitive to wealth transfer issues. Lombard Odier's long-standing history as a 7th generation family business gives us a first-hand understanding of our clients and their priorities. As part of our family services advisory, clients can enjoy wealth planning services along with sound advice and solutions on effective family governance practices to help family structure their businesses.
In this last and final instalment of this video series, Vincent Magnenat, Limited Partner and Asia CEO at Lombard Odier, gives his insights on the needs and expectations of NextGen in Asia and Lombard Odier's role in meeting those needs:
NextGen and their need for effective family governance
As a family and its business develop and mature, effective family governance comes into play to manage the interactions between ownership, family and business, and NextGen clients recognise the need for the implementation of best practices in order for the family business to be successful. At Lombard Odier, our family services advisory forms an integral part of our holistic proposition in Asia. We work with our in-house experts in collaboration with our clients' personal advisors to provide long-term, bespoke wealth planning solutions.
NextGen clients appreciate our help in facilitating dialogue, bridging the gap between the current generation and the next. They also lean on our expertise on topics such as entrepreneurship and sustainability, so that they are better prepared when they take over the reins of managing their family wealth.
Digital platforms for tech-savvy NextGen clients
NextGen clients today are highly sophisticated and digitally savvy, often gravitating towards innovative solutions and technology platforms to suit their needs. At Lombard Odier, technology is one of our key pillars and we recognise the importance of providing digital tools and solutions to facilitate service delivery. This is an approach that is complementary to our relationship with all clients, and not specifically for NextGen.
That said, we also value having a true client-bank relationship and focus on staying close to our client. Physical interaction in the context of wealth management with our clients remain important, as it brings emotional and human dimensions that can otherwise be missed.
Read more about our commitment to clients in Asia
Socially conscious NextGen and their interest in sustainability
In our past survey of High Net Worth Individuals (HNWIs) in Asia-Pacific, one finding that stood out was the strong correlation between age and interest in sustainability. This reinforces the notion that sustainability is deeply ingrained in NextGen HNWIs, prioritising values-based investing and looking at Environmental, Social and Governance (ESG) factors when evaluating investments.
Find out more about Lombard Odier in their sustainability efforts in Asia
Beyond material gains and sustainability, NextGen investors tend to be socially conscious, aware of social impact outcomes and ready to rethink their philanthropic contributions. At Lombard Odier, we have always taken our responsibility to make a positive contribution to society and the environment seriously.
Read about the 3 key principles to effective philanthropy
Important information
This document is issued by Bank Lombard Odier & Co Ltd or an entity of the Group (hereinafter “Lombard Odier”). It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a document. This document was not prepared by the Financial Research Department of Lombard Odier.
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