While the wealthy have excelled in accumulating and managing their assets, many still struggle with the complexities of passing them on. The urgency of succession planning was underscored by an HSBC Trustee survey in 2023, which found that 85% of global families are actively preparing successors for their business empires. This aligns with forecasts that about $18.3 trillion will change hands among high net-worth families by 2030.
HSBC has developed a robust reputation for succession planning in Asia, leveraging over 158 years of experience and an advisory team of over 210 specialists in the region. The bank's prowess is backed by a strong trustee platform and a tailored wealth-planning and advisory strategy.
HSBC Trustee has demonstrated robust performance, overseeing more than 2,900 trust structures worldwide, with assets under administration (AuM) totalling $228 billion – over half of which is in the Asia-Pacific region and experiencing 8% year-on-year growth.
Complementing its trustee services, HSBC has seen a 35% surge in insurance revenue, thanks to uptake of inhouse insurance products, now comprising 30% of total insurance revenue.