HSBC Private Bank held its Legacy Programme 2012 in Macau last week, with around 50 participants from 13 countries in Asia and different parts of the world.
The Legacy Programme aims to offer the next generation of HSBC Private Bank’s clients a platform to learn from a group of thought leaders how to think strategically about intergenerational wealth transfer and sustaining family wealth over the longer term. Attendees are typically aged from their mid-20s to mid-30s and are developing their careers either within or outside of their family business. This is a key difference from other similar programmes which primarily target younger participants studying at universities or those without much experience in running a business.
International experts from business and academia spoke at the three day programme, which covered topics including succession planning and family governance, responsibilities of family wealth, family philanthropy, market trends and corporate finance. Parents were also invited to attend a tailor-made session to understand what was discussed on the programme and how to continue the conversation at home.
Bernard Rennell (HSBC), Chief Executive Officer, North Asia, Global Private Banking, and Global Head of Private Wealth Solution, HSBC Private Bank, says: “The challenges of managing and protecting wealth are often more immediate than some next generation family members might realise. Very often, we find that there is a disconnect between the expectations of parents and the aspirations of the next generation with respect to family enterprises or wealth. The Legacy Programme is designed to help families bridge that gap.
“At HSBC Private Bank, we aim to help our customers build their legacy over the longer term – not just the next 10 years, but the next 30-50, or even 100 years. It is therefore important for the next generation to understand the challenges and responsibilities of managing family wealth and issues around intergenerational wealth transfer. The programme also helps them extend their international network.”
Legacy Programme, a flagship programme of HSBC Private Bank, has been globally well received by participants for its quality and relevance. The programme has been held in different regions, including Hong Kong since 2004.