At HSBC Private Bank, we understand these complexities and recognise that our clients require a tailored and specialised approach to wealth management. Not only should the tax, inheritance and wealth transfer implications of citizenship be considered, but so too must the regulations and laws of jurisdictions in which family members invest, work and reside.
International wealth planning
Not surprisingly, as family situations have increased in complexity, so too have our solutions. A significant component of HSBC Private Bank’s service offering is now cross-border, international wealth management and advice. However, while trusts remain an integral part of long-term planning, they are no longer the only arrangement for holding or transferring wealth. "Integrated global solutions have become a core response to the increased diversity of client assets," explains Mary Duke, Head of Wealth Advisory Services. "Today, a solution will more often be found in a combination of structures ensuring total wealth planning customised to the family’s needs."
Tailored solutions
In a field where so many complexities are driven by changing laws, it can be difficult to advise a client comprehensively without specialising in international estate planning day-to-day. At HSBC Private Bank, we provide an opportunity for lawyers, accountants and other private client advisers to discuss their clients’ wealth management concerns with our specialists, initially on a no-name basis, if required. We offer direct access to a complete array of services, ranging from will writing and estate administration, insurance and tax planning through to the most sophisticated structures, which can include trusts, private trust companies, and philanthropic causes. We also provide access to an independent family office service dedicated to advising clients in the transgenerational issues of wealth and family governance.
Most importantly, we consider it imperative to tailor our solutions to the long-term needs of individuals and their families. "We keep an open mind about a client’s individual situation, aims or aspirations," says Mary Duke. "This way, we build a relationship with clients and their advisers based on mutual understanding and trust."
