Insights into private wealth: trends and rewards in Hong Kong's dynamic financial sector
In this article, Winnie Cheuk, a senior manager in our business development team based in Hong Kong SAR, gives her insights on the latest trends and rewards of working in private wealth.
How do you stay updated with industry changes?
The sector is constantly evolving, with regulations and rules being updated to align with client needs, laws and other developments such as the impact of geopolitics. Regularly attending webinars and seminars hosted by professional firms and the industry’s global professional body, STEP, is a great way of staying informed and up to date with these changes. In-person events not only maintain our professional standards but are also a great way to connect with our peers, and there is an active and thriving industry community in the region. Having completed the STEP Certificate in International Trust Management in 2023, I am currently studying towards my STEP qualification, which further enriches my knowledge and enables me to demonstrate my insight and expertise.
What is the most rewarding part of the job?
As a private wealth and corporate services business development practitioner, a large part of my role at Praxis is client-facing. I interact with our clients and their advisers to help them find the best solution for their needs. Working with multi-generational families, particularly traditional Chinese families where there can be a disconnect between the old way of running a family business and the younger generation, who want to do things differently, is challenging but rewarding.
Successfully setting a platform for family members to communicate is one of the most rewarding elements of my job. Family members are able to share the common values at the heart of the family success and set guidelines to overcome potential conflicts of interest.
Are there any new trends in the private client space that are of particular interest to you?
In this post-Covid era, a trend we are seeing more and more is the need for family trusts. During the pandemic, families had more time to stay home and consider their succession planning. This led to many people’s mindsets changing, and we’ve seen a rise in wealth transfers into family trusts to be kept for the next generation.
On the other hand, the global economic situation has led to many business owners struggling to continue their enterprise as usual. This has increased the need for experienced service providers like Praxis to support them. The diversification of their business and long term generated wealth (old money) is what they are focusing on.
What is it like to live and work in private wealth and corporate fiduciary services?
Living and working in private wealth and corporate fiduciary services in Hong Kong SAR is dynamic and fast-paced, driven by the city's status as a global financial hub. In this sector, professionals navigate complex regulatory landscapes while managing high-value client portfolios, often coordinating with a wide array of intermediaries such as private bankers, tax advisers, accountants and lawyers. The collaborative nature of the work requires strong interpersonal skills and the ability to build trusted relationships with clients and partners alike. Due to the rapid pace of transactions and regulatory changes in Hong Kong, adaptability, precision and a deep understanding of both local and international financial laws are essential.
Hong Kong’s financial services sector is known for its quick turnaround times, which adds to the pressure but also brings rewarding opportunities. The fast-paced environment means deadlines are tight, and efficiency is key, which cultivates a culture of efficiency and cooperation among professionals in the industry.
How do you try and achieve a work/life balance?
Typically, after work, I enjoy spending time with my family. We normally go hiking and visit museums. I also enjoy spending “me” time doing sports. My current favourites are swimming and playing tennis at the weekend.
To find out more about how Praxis can support your corporate services and succession planning needs, contact Winnie or visit our private wealth or corporate services.
Please note that this article is intended to provide a general overview of the matters to which it relates. It is not intended as professional advice and should not be relied upon as such. Any engagement in respect of our professional services is subject to our standard terms and conditions of business and the provision of all necessary due diligence. © Praxis 2023