HNW INSURANCE SUMMIT - Singapore 2023
The Glasshouse, Andaz Hotel，Singapore
We were delighted to have held our Hubbis HNW Insurance Summit in Singapore for 2023, and are pleased to report it was a resounding success!
The 2023 HNW Insurance Summit held in Singapore provided a comprehensive platform for discussing the indispensable role of life insurance in High-Net-Worth (HNW) and Ultra-High-Net-Worth (UHNW) wealth management. The summit emphasized life insurance's value in safeguarding wealth across generations, offering liquidity during unforeseen events, and navigating global regulations and taxation.
Many thanks to our sponsors:
- Platinum: 1291 Group, Knighthead Annuity & Life Assurance Company, Lombard International Assurance;
- Gold: Henley & Partners, Ocorian, Transamerica Life (Bermuda);
- Silver: Butler Snow, GoUpscale, Wealtra;
- Bronze: Deloitte Private.
We hope you enjoy the below content curated from the event, gathered from what was a very successful forum.
CLICK HERE to view the photos from the forum. And CLICK HERE to view the testimonials we received from this event.
And CLICK HERE to view the Content Summary produced for this forum.
Panel Discussions On Demand
HNW Insurance – Updates and Trends
During the insightful panel discussion on HNW Insurance, industry luminaries delved into the evolving landscape of life insurance solutions, highlighting both global advancements and specific trends emerging in Asia. They explored the shifting regulatory impacts on HNW Insurance policies and underscored the intricate bond between HNW Insurance and Tax planning. The panelists adeptly addressed cross-border considerations impacting clients' choices and shed light on recent developments concerning tax reporting and transparency. A focal point was the introduction of Taiwan's CFC rules and their implications, alongside other regional tax nuances. The dialogue further spanned the strategic use of trust structures in insurance solutions and the integral role of HNW Insurance in comprehensive wealth and legacy planning. Migration trends of affluent clients and the subsequent repercussions for HNW Insurance were also dissected. Lastly, the panel delved into the intricacies of policy benefit assignment, emphasizing variances across different jurisdictions.
The conversation was expertly chaired by John Shoemaker, Registered Foreign Lawyer at Butler Snow, who was joined by Peter Triggs, Partner, 1291 Group; Zac Lucas, Partner – International Private Wealth, Spencer West; and Michael Velten, Senior Partner, Deloitte Private.
CLICK HERE to watch this panel On Demand.
Family Offices - Succession Challenges and Insurance
During the engaging panel on Private Placement Life Insurance (PPLI) for Wealthy Private Clients, experts delved into the multifaceted aspects of PPLI as an asset-holding structure. The discussion shed light on the types of assets a PPLI policy could encompass and reiterated its inherent benefits as a robust asset holding framework. Panelists explored the myriad advantages of PPLI, ranging from tax optimisation and overseas asset management to its pivotal role in inter-generational planning and seamlessly navigating global regulations like AEOI, CRS, and FATCA. The dialogue also touched upon PPLI's compatibility with other financial structures like trusts and foundations. Emphasis was placed on PPLI's adaptability to meet distinct client needs, its target demographic, and its growing presence in the Asian market. The discourse also sought to clarify the collaborative potential between PPLI and institutions like private banks and IAMs.
Chaired by Peter Triggs, Partner, 1291 Group, and comprised of Lee Woon Shiu, Managing Director & Group Head of Wealth Planning, Family Office & Insurance Solutions, DBS Private Bank; Sze Kuan Sim, Of Counsel, RHTLaw Asia LLP; Philipp Piaz, Partner, Finaport; and Rohit Ganguli, Head of Wealth Planning Asia, EFG. Bank
CLICK HERE to watch this panel On Demand.
Or CLICK HERE to view the write-up of this discussion.
What are the HNW Life Insurance Options?
In the panel discussion, experts dissected the myriad of High Net Worth (HNW) Life Insurance options available, such as Whole Life, Term Life, UL, VUL, IUL, and PPLI. They grappled with the challenges of the burgeoning product choices, aiming to elucidate how best to present suitable opportunities to clients. Significant attention was given to common errors clients make during the selection process. The panelists compared the distinct needs of European and Asian clientele. A pivotal theme was the industry's product-centric approach, questioning its alignment with clients' genuine requirements and emphasizing the need for change. They addressed the engagement process with private clients and navigated the intricate dynamics of working with specialist distributors. Furthermore, the discussion honed in on the proficiency level of private bankers and EAM RMs/advisors regarding these life products. They contemplated the necessary steps to enhance their understanding, engagement, and active participation.
Led by panel chair Roger Chi, Managing Partner at 1291 Group, and featured Benjamin Szeto, Partner, 1291 Group; Nicholas Kourteff, Insurance Industry Consultant, NicAl; Robert Chan, Vice President, Business Development, Knighthead Annuity & Life Assurance Company; and Eddy Goh, Head, Brokerage Sales & Distribution, Transamerica Life (Bermuda)
CLICK HERE to watch this panel On Demand.
Private Placement Life Insurance (PPLI) for Wealthy Private Clients – What? Why? How?
Private Placement Life Insurance (PPLI) gained traction, especially among affluent clients. But why did it emerge as a preferred asset holding structure? This panel delved deep into the intricacies of PPLI — from the assets it could hold to its unmatched benefits in tax optimization, overseas assets management, and inter-generational planning. Additionally, it addressed PPLI's role in seamlessly navigating the maze of AEOI, CRS, FATCA, and other regulations. The discussion shed light on how PPLI harmonized with other entities like trusts and foundations. Questions around its flexibility, ideal clientele, its then-rising prominence in Asia, and the synergies with private banks and IAMs were also tackled.
Chaired by Roger Chi, Managing Partner, 1291 Group, this discussion featured Lee Sleight, Head of Business Development, Asia, Lombard International Assurance; Nicholas Kourteff, Insurance Industry Consultant, NicAl; and Peter Triggs, Partner, 1291 Group
CLICK HERE to watch this panel On Demand.
Or CLICK HERE to view the write-up of this discussion.
View the write-ups of the Panel Discussion from this event
The Role of Life Insurance Solutions for Family Offices in Expediting Wealth & Legacy Planning
Family offices are growing in number and often in scale in both Hong Kong and Singapore, with both centres fighting hard (but fair) to appeal to UHNW families from the region as well as globally who are considering where to establish their Single-Family Office (SFO). The Hubbis HNW Insurance Forum in Singapore on September 6 opened with a panel of experts debating the role of family offices in consolidating control, coordinating family wealth and planning, and expediting more robust family and family business governance. This panel discussion was not focused on the nitty gritty of the policies and structures themselves, but more on contextualising insurance within this big-picture perspective on family offices. The mission was more around the experts highlighting the value of life solutions as part of a robust estate and legacy planning approach and as a core product that aligns with the family’s missions and the technical aspects of 360-degree structuring. Insurance in any of its guises needs to be seen as a risk management and risk mitigation solution for these families, which are often immensely complex and very global in their businesses, assets, investments, residences, and outlooks. The panel also touched on the best approaches for the private banks and wealth managers to discuss these issues with clients, and how they can work with the leading insurance brokerages, with preferred lawyers, accountants and fiduciary services experts to help deliver life solutions that ideally tailor into the client’s personal and family estate & succession structuring.
CLICK HERE to read on.
RHTLaw Asia LLP’s Sze Kuan Sim on Navigating Business and Family Dynamics
At the recent Hubbis HNW Insurance Summit 2023 held in Singapore, we had an enlightening panel discussion which delved into the evolving landscape of family offices in Asia. Family offices, a well-established concept in the West, have recently gained more traction in Asia as tools for ultra-wealthy families to manage their assets in a structured manner. Yet, beyond mere asset management, the real essence of these entities lies in the balance they strike between managing businesses and navigating intricate family relationships. Sze Kuan Sim, Of Counsel at RHTLaw Asia LLP, discussed the growing trend of family offices in Asia. He emphasized their dual role in managing family businesses and navigating family dynamics. While families often handle business matters with ease, they face challenges in internal relations. Sze Kuan highlighted the need for advisers to adopt a holistic approach to provide a comprehensive strategy that integrates business and family governance. He also touched on the importance of family governance, challenges with traditional advisory fee structures, and the rising significance of insurance products in Asia.
CLICK HERE to read on.
Tracking Major Trends in HNW Insurance Globally and Key Developments and Approaches in Asia
The Hubbis HNW Insurance Summit in Singapore on September 6 brought together a lot of expertise on the life insurance solutions market and how it fits within the wealth management universe and enhances personal estate & legacy planning for individual clients and their families. A panel of experts sat down to consider the key developments taking place around the world, and more specifically what is happening in Asia, and the outlook ahead. They articulated how life policies if correctly structured, can help families overcome many personal, familial, estate and regulatory challenges. Peter Triggs, Partner at Swiss-headquartered specialist high-end international insurance brokerage 1291, offered his invaluable insights into some of the key issues, advising the wealth management community to see HNW Insurance as part of robust planning solutions, not as a standalone product. And he conveyed his view that advisors must be cognisant of the numerous technical and regulator nuances amongst the many jurisdictions around the world. What might work as a structure in France, for example, might not satisfy the UK authorities.
CLICK HERE to read on.
View the write-ups of the Presentations and Workshops from this event
Both regionally and internationally, there are more first-generation entrepreneurs than ever before, according to Scott Moore, Managing Director and Head of the Indonesia and Philippines offices at investment migration firm Henley & Partners. He told delegates at the Hubbis HNW Insurance Summit in Singapore in early September that these individuals and their families are increasingly seeking out avenues of greater self-governance, with domicile diversification becoming essentially a crucial insurance policy for wealthy individuals and their families against economic, political, climate, geopolitical and financial volatility around the world. Moreover, for wealthy families of all types and from all regions, there are numerous fiscal, education, lifestyle, healthcare and other advantages to overseas residence or citizenship by investment options. Scott offered delegates a lively and entertaining talk explaining about how Henley & Partners can help deliver a variety of services to wealthy Asian families seeking greater global flexibility.
CLICK HERE to read on.
John Shoemaker is a Singapore-based Registered Foreign Lawyer with leading international law firm Butler Snow. He gave a lively and entertaining talk about the potential role of life insurance and annuities in US pre-immigration planning. His core message was that wealth management advisors need to be aware of the generalities around the US tax treatment of insurance such as PPLI and VUL, largely due to US-specific rules around the level of control – or rather distance – of the policyholder from the assets vested in the policies, albeit that those assets are legally held by the insurers. He cautioned that too close a degree of control will scupper the potential income tax and estate tax advantages that clients might be seeking through their use of those structures. He appealed to the advisors to bring in genuine experts to help their clients on these complex matters to help achieve the optimal outcomes.
CLICK HERE to read on.
The Rising Appeals of Annuities in Today’s World for Wealthy Private Clients
Two specialists from Cayman Island-headquartered Knighthead Annuity & Life Assurance Company (Knighthead) told delegates at the Hubbis HNW Insurance Summit on May 3 why Annuities are of considerable and rising value for wealthy private clients in a higher interest rate world, and explained why they should consider working with their firm to structure such deals for private clients. The two specialists were Robert Chan, Vice President of Business Development, and John Harrell, Executive Vice President and Head of Sales. This is a snapshot of their lively and informative talks.
CLICK HERE to read on.
Trust Expert Sharon Yam on Sustaining Successful Family Enterprises for the Future Generations
Sharon Yam is the Regional Head for APAC and leads the Private Client and Corporate Services businesses at corporate administration and trust and fiduciary services provider Ocorian. She gave an insightful presentation to delegates at the Hubbis HNW Insurance Solutions Forum in Singapore on September 6. She highlighted some of the key challenges and considerations for wealthy families seeking to transition their businesses to the next or future generations. She explained that families must first identify who from within the family has the intent and/or capability to take the reins of power effectively in the future. They must manage the communication and ‘softer’ elements within the family to ensure a smooth business asserts and control transition later. They must then work out how to manage the business succession planning and structuring legally and technically, as well as comply with prevailing regulations, often across borders. Throughout the process, it is vital that, they demonstrate sensitivity and empathy to ensure the family units stick together and that everyone who needs to be comes on board and stays for the journey. If these issues and goals are all navigated successfully, the family businesses, family assets and family m cohesion all stand a much better chance of success and harmony for many decades to come.
CLICK HERE to read on.
Lombard International Assurance’s Lee Sleight on Wealth & Succession Planning in an Uncertain World
Lee Sleight, Head of Business Development, Asia for Lombard International Assurance, offered delegates at the Hubbis HNW Insurance Summit in Singapore some valuable insights into the role that unit linked life insurance can play in robust, well-devised succession and wealth planning, especially in an increasingly uncertain world. He highlighted how family dynamics and life events can evolve, and that wealthy individuals and families turn to solutions that are flexible and can support their need for mobility, and he pointed to the need for smart thinking and early planning.
CLICK HERE to read on.
Deloitte Private’s Junwei Han Provides Update on Key HNW & UHNW Tax Issues in Greater China
Junwei Han is a Director at Deloitte Private and specialises in tax matters. Junwei was a speaker at the Hubbis HNW Insurance Summit in Singapore on September 6 and offered delegates a detailed Workshop reviewing tax developments in the Greater China markets. This short review serves as a brief introduction to some of the central points that Junwei highlighted around tax-related developments in China, Taiwan, Hong Kong and all set with reference to the current HNW- and UHNW-specific wealth management and family office environment in Singapore.
CLICK HERE to read on.
Taking a 360-Degree Look at Moving to Higher Tax Countries, Smart Tax Planning and Life Solutions
In a novel twist on the typical Hubbis live event Workshop, Peter Triggs, Partner of life insurance specialist 1291 Group and Scott Moore, Managing Director at investment migration firm Henley & Partners, tag-teamed to give delegates some useful advice around planning for HNW and UHNW clients moving to higher tax countries. The objective was to help wealth managers at the event consider some of the issues their clients face in making these major decisions for themselves and family members, and to proffer some preliminary guidance on the right approaches for specific countries, such as the US, Canada and Australia. This is a short summary of some of the information, ideas and advice they shared.
CLICK HERE to read on.
Should high-value life insurance policies be included as part of a robust, multi-faceted approach to wealth planning for HNW and UHNW clients, and do they add value to estate & legacy structuring? Roger Chi, Managing Partner of the high-end and specialist life insurance solutions brokerage 1291 Group, and Benjamin Szeto, a 1291 Partner, certainly believe so. They made their case to delegates in a detailed Workshop at the Hubbis HNW Insurance Summit in Singapore on September 6. They articulated the many appeals of key life insurance structures, especially Private Placement Life Insurance (PPLI) and Variable Universal Life (VUL). They focused on the value of PPLI as a core asset holding structure that also offers many advantages around privacy, asset protection, tax optimisation, and that can be a very valuable addition to estate & succession planning. And they explained why VUL is still so attractive to clients seeking liquidity protection at challenging times, especially for clients who have abundant assets but whose cash resources might be low. These two life structures, they reported, have in recent years been growing in prominence. And they outlined why 1291 works so closely with the wealth management community on these concepts and products, which can significantly enhance private client relationships as well as safeguard AUM and also boost revenues.
CLICK HERE to read on.
Many thanks to our over 300 delegates, who's attendence made for a lively and engaging atmosphere. And we look forward to welcoming you at our 2024 Singapore HNW Insurance Summit on Wednesday 4th September next year! Be sure to save the date.
Get in touch at [email protected] to find out more about our 2024 events!
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