11月12日，中诚信托在北京总部为成都客户举办"保险金信托"专场分享活动，数十名来自人保寿险四川 省分公司的高净值客户及业务骨干受邀参会。这场从成都到北京跨越千里的客户活动，让成都客户真 正"走进受托人"，近距离了解保险金信托在家族财富管理与传承中的独特功能。 当前，外部经济环境复杂多变，国内经济稳中有进，成都作为西部经济核心引擎，民营经济活跃，家族 财富积累进入"代际传承"关键期。如何让居民辛苦积累的财富既能抵御市场风险，又能精准传递给下一 代，既保障子女教育、父母养老等民生需求，又规避债务等潜在风险？ 基于成都高净值家庭的共同关切，中诚信托养老金融部家族信托二部负责人以"守富时代家族财富传承 与规划"为主题，从宏观经济趋势出发，结合成都本土财富特征，为参会客户进行了一场有针对性的深 度解析。 信托与保险作为普惠金融体系的重要组成，是满足居民长周期资产配置需求的核心工具。保险金信托这 一"保险+信托"的创新融合产物，更是将人寿保险的风险保障属性与信托灵活的受托管理职责精准对接 ——既能通过保险杠杆为家庭筑牢风险"防护网"，又能依托信托制度优势，实现财富在子女教育、创业 支持、养老保障等民生关键节点的精准分配 ...

瑭明家族办公室联合创始人、香港家族办公室协会副主席郭兴业谈到，以前，中国式接班、传承缺乏系 统化经验，以后的行业发展中需要花更多的力气来推动系统化和制度化。 对于家族接班与传承，郭兴业认为，企一代对企业的认知更多来自于产业链、政策，是偏向保守的，而 企二代是接触web3.0成长起来的，更多接受来自互联网、论坛、峰会上的信息，代表着创新阵营，二者 看似水火不容，但是如果更早、更科学化的启动家族财富传承的工程，反而会更加容易。 21世纪经济报道记者张晓慧深圳报道 "往往企一代选择求稳，不会过早放权，企二代们处于被动等待的状态，二者都在等待合适的时机来进 行一次性接班。"郭兴业谈到，家族财富接班与传承是一个浩荡的工程，企一代也要考虑给下一代更多 容错的空间和机会，而非一次性训练。 11月20日，2025湾区财富大会在深圳会展中心举办，大会由21世纪经济报道、深圳金博会运营发展有限 公司联合主办。来自深圳、香港等地的大湾区顶尖金融机构齐聚深圳，聚焦全球资产配置、跨境财富管 理、财富管理与传承等关注度较高的议题进行探讨。 家族财富传承并不是一个短线动作，需要长期系统化操作，郭兴业也提出一个值得企业家家族与家族传 承服务 ...

Core Viewpoint - Yunnan's "Medicine King" Ruan Hongxian is in the spotlight following Yixin Hall's announcement of a share transfer to his daughters, amidst the company's ongoing performance decline and strategic transformation efforts [1][10]. Company Overview - Yixin Hall, founded by Ruan Hongxian, has grown to operate 11,372 pharmacies, establishing itself as a leading player in the southwestern Chinese pharmaceutical retail market [1][9]. - The company reported a revenue decline of 4.33% year-on-year to 13 billion yuan and a net profit drop of 8.17% to 269 million yuan for the first three quarters of 2025 [1]. Historical Background - Ruan Hongxian began his career in the pharmaceutical industry at the age of 14, eventually founding Yixin Hall in 2006 after years of building a reputation for quality [3][4]. - The company went public in 2014, marking a significant milestone in its expansion journey, with revenues reaching 17.43 billion yuan and net profits hitting 1.01 billion yuan by 2022 [4]. Strategic Challenges and Responses - The company has faced challenges such as declining gross margins due to policy changes and market competition, prompting Ruan to initiate a strategic transformation [7][8]. - A dual-track transformation strategy has been proposed, with plans to convert 70% of stores to multi-category health stores and 30% to professional pharmacies, enhancing the medical attributes of nearly one-third of the stores [8][9]. Family Succession and Future Outlook - Ruan Hongxian is transferring shares to his daughters as part of a family wealth succession plan, with the total value of the shares amounting to approximately 157 million yuan [1][10]. - The involvement of the next generation, particularly Ruan Aixiang as vice president, is seen as crucial for the company's innovative development amid ongoing transformation efforts [2][11].

Core Insights - The Chen Dongsheng family, founder of Taikang Insurance Group, has a wealth value of 67 billion yuan in the 2025 Hurun Rich List, showing no growth compared to 2024, and their ranking dropped from 50th to 78th [1][3] Group 1: Company Performance - Taikang Group's total assets reached 1.67 trillion yuan by the end of 2023, with managed assets exceeding 2.7 trillion yuan, indicating a solid financial foundation [3] - The core businesses, including insurance and Taikang's medical and nursing communities, continue to contribute stable revenues [3] - The family governance structure is evolving, with Chen Dongsheng's eldest son, Chen Yilun, taking a key role as CEO of Taikang Asset Management (Hong Kong), supporting both business growth and family legacy [3] Group 2: Market Position and Trends - The wealth trajectory of the Chen Dongsheng family reflects the "growth temperature difference" between traditional finance and emerging industries, with traditional sectors like insurance providing stable returns but not rapid growth [3] - The "insurance + medical care" model pioneered by Chen Dongsheng aligns well with the aging population trend, providing a unique value proposition and long-term support through physical assets like Tongji Rehabilitation Hospital [3] - Despite a significant drop in short-term rankings due to market cycles, Taikang Group's large asset scale and mature business model create a solid wealth foundation, with potential for long-term value release as the medical and nursing industry develops further [3]

Core Insights - Offshore family trusts have become a topic of discussion, with many older entrepreneurs and founders being unaware or only partially aware of the implications for their estate planning [1][2] - Recent cases of wealthy individuals facing legal and tax disputes due to poorly structured offshore family trusts highlight the risks of relying solely on trusts for asset protection [1][2] - The importance of comprehensive family wealth management planning is emphasized, as many wealthy families have lost significant assets due to lack of planning and oversight [3][4] Group 1: Offshore Family Trusts - Offshore family trusts are commonly used by high-net-worth individuals for wealth planning, but many have encountered issues due to key pitfalls such as retaining control, neglecting tax compliance, and unclear asset sources [2][3] - Successful execution of trust arrangements is critical, as the design of the trust structure is only a small part of the overall process [2] Group 2: Wealth Management and Family Offices - The lack of a structured wealth management mechanism has led to rapid wealth loss among families, particularly in industries like coal where founders did not establish proper governance [3][4] - Family offices are increasingly seen as essential for high-net-worth families to protect assets, ensure business continuity, and manage family affairs effectively [4][6] Group 3: Hong Kong as a Family Office Hub - Hong Kong is positioned as a leading international financial center, offering a comprehensive range of services for family offices, including asset allocation, trust structuring, and tax planning [6][7] - The city boasts a robust financial infrastructure, with active capital markets and a variety of investment vehicles, making it an attractive location for family offices [7] Group 4: Education and Next-Generation Leadership - Education is becoming a critical factor in wealth transfer, with many families prioritizing the cultivation of financial responsibility and leadership skills in their children [10][11] - Hong Kong's educational resources and international school systems provide a conducive environment for the next generation to develop skills necessary for managing family wealth [11][12] Group 5: Multi-Dimensional Legacy - The concept of family offices in Hong Kong encompasses not just financial management but also the transmission of family values and cultural heritage, integrating investment philosophy with cultural continuity [12][13] - Family offices serve as neutral entities to mediate family disputes regarding wealth distribution and management, thereby fostering harmony within the family [13]

Core Viewpoint - The article emphasizes the importance of early and reasonable planning for family wealth management, particularly in the context of offshore family trusts, which have seen numerous failures due to poor design and execution [1][2][3]. Group 1: Offshore Family Trusts - Offshore family trusts are commonly used by high-net-worth individuals for wealth planning, but many have encountered significant issues due to factors such as retaining actual control, neglecting tax compliance, unclear asset sources, incorrect timing, and unprofessional trust terms [2][3]. - The execution of trust arrangements is critical, as it involves strict adherence to the trust's design and compliance management, rather than just the initial setup [2]. Group 2: Overall Wealth Management - Poor wealth management has led to significant losses for families, particularly among early coal industry entrepreneurs who failed to establish a family wealth management mechanism, resulting in rapid wealth depletion due to lack of long-term planning and institutional management [3][4]. - Family businesses often face wealth loss due to marriage disputes, especially when ownership is concentrated in one individual's name without proper arrangements [4]. Group 3: Importance of Family Offices - Family offices are increasingly seen as essential for high-net-worth families, serving to protect assets, ensure business succession, and manage family affairs effectively [4]. - The establishment of family offices is crucial for systematic planning and avoiding fragmented decision-making, especially as significant wealth transfer is expected in the Asia-Pacific region [4]. Group 4: Advantages of Hong Kong for Family Offices - Hong Kong is highlighted as a leading international financial center with a comprehensive range of services for family offices, including asset allocation, trust structuring, and tax arrangements [6][7]. - The presence of top-tier law firms and accounting firms in Hong Kong provides essential support for complex family structures and cross-border compliance [7][8]. Group 5: Education and Next Generation - Education for the next generation is becoming a critical consideration, with many families now opting for education in Hong Kong due to its rich educational resources and international school systems [11][12]. - Family offices can facilitate financial and non-financial education for heirs, preparing them for future management of family affairs and fostering a sense of social responsibility [12]. Group 6: Multidimensional Inheritance - Hong Kong's family wealth management has a long history, integrating cultural values with international wealth governance and philanthropy [13][14]. - Family offices in Hong Kong serve as a vehicle for transmitting family values, ensuring a comprehensive inheritance of wealth, family business, and values [14].

Core Insights - Family trusts are not an infallible wealth "safe haven" and can become "wealth traps" if misused or misunderstood [2][13] - The case of Xu Jiayin's family trust illustrates the potential pitfalls and legal vulnerabilities associated with family trusts [3][13] Group 1: Family Trust Functions - Family trusts serve three main functions: wealth transfer and planning, risk isolation and asset protection, and tax planning and privacy protection [1] - They are designed to clarify asset distribution rules, protect family wealth from disputes, and optimize cross-border tax costs [1] Group 2: Xu Jiayin's Family Trust Case - Xu Jiayin established a $2.3 billion family trust before the Evergrande debt crisis, which was seen as a key strategy for wealth preservation [3] - The trust was funded by over 50 billion RMB in dividends from Evergrande between 2009 and 2022, with the intention of ensuring long-term family wealth stability [3] Group 3: Legal Vulnerabilities - The Hong Kong High Court ruled that the family trust was invalid due to fraudulent asset transfer aimed at evading creditors [4] - The court found that the trust was established under suspicious motives, particularly to avoid debt obligations, which led to its legal nullification [4] Group 4: Key Legal Principles - The legitimacy of a family trust relies on the lawful source of its assets; if the funds are deemed illegitimate, the trust can be invalidated [5][8] - The independence of the trust is crucial; if the grantor retains control over the assets, the trust's protective function is compromised [6][7] Group 5: Risks Associated with Family Trusts - Five major risks associated with family trusts include: 1. Legitimacy of fund sources [8] 2. Lack of independence [9] 3. Illegitimate motives for establishment [10] 4. Cross-jurisdictional legal conflicts [11] 5. Risks from third-party management [12] Group 6: Conclusion and Recommendations - The Xu Jiayin case highlights that the protective functions of family trusts are relative and can be undermined by flaws in motivation, funding sources, or independence [13] - Effective family wealth management should focus on legal compliance and sound institutional frameworks rather than solely relying on trust structures [13]

Group 1 - The total number of A-share investors in China has surpassed 240 million as of June 2025, indicating that one in six Chinese individuals is now a stock market participant [2] - By the end of 2024, individual investors accounted for over 99.76% of the total investor base, with 99.63% of new accounts in the first half of 2025 being individual investors [2] - The influx of personal investors reflects strong confidence in the A-share market and a growing demand for wealth management amid economic transitions and structural adjustments in China [2] Group 2 - The family trust market in China is projected to exceed 900 billion yuan by the end of 2024, with expectations to enter the "trillion era" in 2025 [2] - An estimated 20 trillion yuan of wealth is expected to be passed down to the next generation over the next decade, highlighting the urgency of addressing family wealth inheritance issues [3][18] Group 3 - The investment landscape is shifting as individuals seek effective asset allocation strategies beyond traditional real estate investments, particularly in the context of a changing economic cycle [3] - Young investors exhibit diverse attitudes towards wealth management, with some being overly conservative and others seeking high-risk, high-reward opportunities [7][9] Group 4 - Quantitative investment strategies are gaining traction among retail investors, offering a systematic approach to decision-making that can mitigate emotional biases in trading [11][12] - Basic quantitative methods focus on fundamental analysis, allowing investors to make informed decisions based on company performance rather than market trends [12] Group 5 - Effective wealth management requires a clear understanding of individual financial goals and risk tolerance, which can significantly influence investment strategies [13][14] - A layered approach to wealth management, separating funds for daily living expenses from those intended for long-term growth, can alleviate anxiety related to investment losses [17] Group 6 - The concept of wealth management should evolve from viewing oneself as the "owner" of wealth to acting as a "steward," emphasizing responsible management and long-term value creation [20][21] - Wealth should be viewed through a moral lens, ensuring that its use benefits society and enhances overall well-being rather than merely serving personal interests [22]

Core Insights - The accumulation of wealth in Asia is leading to a critical period for family wealth succession planning over the next 20 to 30 years, with families increasingly prioritizing wealth management and legacy planning [1] - Family succession is not just about preserving assets but also about ensuring the growth of the family business and maintaining family unity, which requires strategic planning and rigor [4] Group 1: Importance of Planning - Succession planning is an ongoing process rather than a one-time event, and initiating plans early helps avoid rushed decisions and ensures a smooth transition [5] - Effective communication is essential for strong family succession, with regular family meetings and the establishment of a "family charter" playing a significant role in aligning family members' opinions [5] Group 2: Guidance and Philanthropy - Effective succession planning involves guidance rather than control, fostering a high-performance family culture that encourages communication, trust, and resilience among family members [6] - Engaging in philanthropy is a powerful way to instill values and unite generations within a family, with many new wealth creators in Asia considering charitable endeavors early in their wealth accumulation [6] Group 3: Empowering the Next Generation - Supporting the next generation is a top priority, with Goldman Sachs being recognized as Asia's Best for Next-Gen services by Euromoney for its commitment to tailored education and innovative digital tools [6][7] - Goldman Sachs offers unique opportunities such as the "Next Gen Summer Series" and events like "Rising Leaders" to foster financial literacy and engagement among young clients, ensuring they are integrated into the firm's ecosystem for lasting legacy [7]

Core Insights - Family offices have evolved from small, private institutions serving individual family needs to mature organizations with numerous top global professionals [1] - The unique characteristics of family offices make it challenging to obtain benchmark compensation data, as they require a distinct skill set compared to other work environments [1] Key Data from the Report - 24% of ultimate beneficial owners (UBOs) supervise family office operations through a board; 25% hold CEO positions; 13% do not participate in actual operations [2] - 28% of respondents manage wealth for one generation; 43% for two generations; 23% for three generations; 6% for four generations or more [2] - Most family offices have fewer than five employees (38%); 19% have 20 or more employees [2] Team Dynamics and Compensation - 35% of family offices are expanding their teams; 57% are maintaining the same size; 8% are reducing their teams [5] - The gender distribution in family offices is 76% male and 22% female [5] - 62% of respondents expect salary increases in the 2024/25 fiscal year; 37% expect salaries to remain unchanged; 1% expect salary decreases [5] - 65% of respondents received discretionary bonuses; 28% received formulaic bonuses; 16% did not receive any performance bonuses [5] Operational Costs - The most common operational cost range for family offices is 0.6%–1% of assets under management (AUM) [6] - 36% of respondents reported costs in the range of 0.6%–1% of AUM, which is an increase from 2023 [6] Regional Insights - Asia remains one of the fastest-growing regions for family offices, driven by the rapid rise of first-generation entrepreneurial wealth [9] - The U.S. family offices are typically large and mature, with a focus on wealth preservation, innovation, and long-term planning [12] - In the UK, family office CEOs earn between £198,001 and £264,000, with 15% being family members [16] - European family office CEOs earn between €198,001 and €264,000, with 24% being family members [18] - In the Americas, family office CEOs typically earn between $500,001 and $625,000, with 12% being family members [20] - Australia is emerging as a significant center for family offices, with CEO salaries ranging from AUD 500,000 to AUD 625,000 [22] - The Middle East, particularly the UAE, is rapidly becoming a key family office hub due to private wealth growth and government incentives [23] Trends in Family Offices - Family offices are increasingly professionalized, with many now established as independent legal entities [30] - The focus of family offices has shifted from wealth management to wealth preservation, reflecting a more strategic, long-term mindset [31] - The majority of family offices manage wealth for two generations, indicating a shift in intergenerational wealth management [32] - There is a trend towards smaller teams in family offices, with many reporting fewer than five professionals [34] - Family offices are adopting more conservative hiring and compensation strategies, with a focus on cost control and operational efficiency [35] - The work culture in family offices is shifting towards more in-person collaboration, moving away from remote work [36] - Gender representation in family offices has slightly declined in most regions, indicating a potential challenge in maintaining diversity [37] Global Expansion - The global footprint of family offices is expanding, with 44% reporting a second office location, up from 30% in 2023 [39] - Tax considerations are a significant factor driving family offices to relocate, highlighting their sensitivity to wealth taxation [39] Conclusion - The findings indicate a maturing industry that is becoming more professionalized, forward-looking, and internationalized, shaping the future of global wealth transfer in a more rational and systematic manner [40]