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The huge wealth transition happening in Asia has only started to happen, and it is only the tip of the iceberg. A lot of business assets are slowly being passed to the next generation, and the second generation is also stepping in to build family offices, so you can see the trend is there and a wave is about to come. We are well-equipped to support clients in that transition process.

That outlook does not change from the perspective of the clients and their demands. The transition process is not going to change because of the virus outbreak. In fact, it has brought it clearer to the forefront and it might happen sooner than you think.

«Some of the new habits that we are adopting today may need to continue, and it could be for the better too»

I think the urgency today is an opportunity for families that are living in comfortable jurisdictions like Singapore and Hong Kong, where there are well developed financial and legal infrastructures. Coming out of the crisis, there is an opportunity for us to discuss more intimately with clients on issues they should be looking at, but have not actually paid that much attention. I also think that as a result of this crisis, a consciousness will probably develop among businesses and individuals in relation to expenses as well as carbon footprint. I have a feeling that the way we deliver our businesses will change, and the way that we engage with our clients will also change. Some of the new habits that we are adopting today may need to continue, and it could be for the better too. 

What are your unit's key priorities and biggest challenges moving on from the crisis?

In a blessed sort of way, my unit has been pretty busy during this period. We are making sure our clients are well served and kept engaged, particularly the ones who require us to review existing structures for them. 

We are also encouraging clients, while they have some time at home now, to reflect and think about their universe today and the place of private capital to support the economy and the less fortunate. You need suitable content to challenge them to rethink their universe, and the responsible thing to do – which will also build greater trust and longevity in the relationship – is to think about what is relevant in their space and understand their constraints and needs, and then lead by provoking them, so they can reinvent themselves and go on that journey.

And do you see any opportunities or lessons learned from this crisis period?

The opportunity is in how you can use the lessons of today to engage with more people. By integrating new engagement practices with the old way of doing things, I could potentially service way more clients and families, while reaching the level of intimacy they are used to. This could be an opportunity to bring the whole family services and wealth planning space to the next frontier.

«I think the crisis brings a lot of issues, which were at their nascency, into reality»

In relation to the discussions within the families, I think there is an awareness now not just the importance of ownership and succession issues, but also governance aspects in relation to understanding the value system as a family and the need for conversations within the family, so that they have a clearer understanding of our code of conduct, ability to share assets, make decisions together. I think the crisis brings a lot of these issues, which were at their nascency, into reality.

I feel we will be able to initiate a lot more of those dialogues with families and facilitate some of that togetherness that we hope will support family transitions in the future.

Lee Wong is Head of Family Services, Asia at Lombard Odier. She is responsible for leading Lombard Odier’s wealth planning and family services proposition, which is a key component of the Bank’s growth strategy in the region. Before joining Lombard Odier, Lee amassed over 18 years of experience in the wealth management industry. She joined from Union Bancaire Privée in Singapore, where she was Head of Wealth Planning for South Asia and was responsible for leading a team advising high net worth clients on their family wealth transition, family governance, as well as philanthropic aspirations.