BNP Paribas Wealth Management is expanding its next generation reach in Asia with its latest event targeting individuals as young as 18 years old in Asia.
BNP Paribas Wealth Management has concluded its inaugural programme designed specifically for the younger generation of business and wealth-owning families across Asia with participants aged 18 to 25.
According to a statement, the four-day event was held in Hong Kong from August 11 to 14 with more than 60 participants from Hong Kong, Indonesia, mainland China, Malaysia, Singapore, Taiwan, and Thailand. A wide variery of topics were covered including macroeconomics, investing in major asset classes, luxury, and art. There were also specialised sessions on legacy planning and personal branding.
“Succession structures are increasingly in place among Asian families, but preparedness is less consistent,” said Lemuel Lee, head of wealth management, Hong Kong, BNP Paribas.
“Our Asia-Pacific Family Office Report shows that among APAC family offices without a formalised succession plan, 44% cite the next generation as not yet sufficiently qualified and 38% say they are simply too young. Peak Week is designed for precisely that interval: the years before a next-generation member is expected to hold a view at the family table.”
The French private bank has extended its next generation efforts to younger individuals in addition an existing programme targeting those aged 25 to 40.
Asia is undergoing a historic wealth transfer and this marks a major opportunity for private banks that wish to retain heirs as multi-generational clients. According to McKinsey, an estimated USD5.8 trillion is expected to exchange hands from one generation to the next by 2030 among high net worth and ultra-high net worth individuals in the region.
