You can pass on financial wealth between generations but you can also pass on your company or the knowledge that are important to you as well.
When preparing to pass on your financial wealth to your loved ones, the key to success is anticipation: it is not a foolish idea to think about succession planning when you are in your forties, or even earlier. Our experienced wealth planners conduct thousands of wealth assessments each year, and work with your private banker to prepare and adjust your wealth strategy over time according to the changes in your situation and your goals.
PASSING ON A COMPANY
Passing on a company means resolving beforehand fundamental questions such as ”Should my company remain a family business?” or “ Can I imagine one of my children replacing me at the head of my company?” Once these goals are defined, one must decide what wealth strategy to implement: “How should I structure my wealth? How can I pass on the company progressively while remaining at the helm? How can I pass it on today without jeopardising my future lifestyle?” Our wealth planners will provide very useful views in dealing with these questions, which are at the heart of their activity.
Another unexpected area where your private banker can also help is in passing on the knowledge linked to wealth. It is important for younger generations to progressively learn about the management of their financial assets. Furthermore, to ensure that the solutions offered are perfectly consistent and coherent, clients that all belong to the same family are advised by the same private banker. The bank has also set up a programme, “Next Generation Days”, which is meant for our clients’ adult children and organises 1 or 2-day sessions to introduce financial and wealth management techniques. It is also an opportunity to discuss current topics and common issues with their peers.
Passing on wealth and values is very personal and you remain in charge. Your private banker and relevant private banking experts are there to confidentially provide you with informed and insightful views on your life projects.