Goldman Sachs champions legacy planning as US$6.1 trillion wealth transfer looms in Asia
The changing regulatory landscape, growth of family offices and high proportion of family-owned businesses in the region made it a 'particularly important period' for wealthy families to engage in generational transition, manage legacies and navigate tensions, said Carra Cote-Ackah, head of legacy planning and philanthropic engagement at the bank's private wealth-management division.
The US investment bank aimed to provide 'best resources' ranging from advisory and fiduciary to philanthropy to Asia's unique clientele, who were often first-generation wealth creators in innovative and disruptive industries, she said in an interview recently in Hong Kong.
With industry estimates showing that around 85 per cent of Asia-Pacific companies were family-owned, generational legacy planning was crucial to ensuring business sustainability, preserving family wealth and maintaining harmony across generations, according to Cote-Ackah, who was in town for Goldman Sachs' summer series for the next generation of its wealthy clients.
More than US$31 trillion of wealth could be passed to the heirs of affluent individuals globally in the next decade, according to a report by research firm Altrata in June. Photo: dpa
'Your family legacy is what you build together, not just what you leave behind,' Cote-Ackah said. Sometimes founders are very clear on their long-term vision for the business, but have not really reflected on their long-term vision for themselves without the business, she said.
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